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HomeMy WebLinkAboutRes 2020-09 Authorizing Publication of Notice of Intention to Issue Certificates of ObligationRESOLUTION NO. 2020-09 RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2020, FOR THE DESIGN, ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF CERTAIN PUBLIC WORKS, AND AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO STATE OF TEXAS § COUNTY OF HARRIS § CITY OF WEST UNIVERSITY PLACE, TEXAS § WHEREAS, the City Council (the "City Council") of the City of West University Place, Texas (the "City"), is authorized to issue certificates of obligation to pay contractual obligations to be incurred for the construction of street improvements, for the purchase of materials, supplies, equipment, machinery, land and rights-of-way for authorized needs and purposes, and for the payment of contractual obligations for professional services pursuant to Subchapter C of Chapter 271, Texas Local Government Code, as amended; WHEREAS, the City Council has determined that it is in the best interests of the City and otherwise desirable to issue the City of West University Place, Texas Certificates of Obligation, Series 2020, in one or more series, in an aggregate principal amount not to exceed $27,000,000 (the "Certificates") for the design, engineering, acquisition and construction of certain public works and the purchase of certain equipment for authorized needs and purposes; WHEREAS, in connection with the Certificates, the City Council intends to publish notice of intent to issue the Certificates (the "Notice") in a newspaper of general circulation in the City: and WHEREAS, the City Council has been presented with and has examined the proposed form of Notice and finds that the form and substance thereof is satisfactory, and that the recitals and findings contained therein are true, correct and complete. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS: Section 1. Preamble. The facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct. Section 2. Authorization of Notice. The City Secretary is hereby authorized and directed to execute and deliver the Notice set forth in Exhibit A hereto and to publish such Notice on behalf of the City once a week for two (2) consecutive weeks in a newspaper which is of general circulation in the City, the date of the first publication of the Notice to be at least forty-six (46) days before the date tentatively set in the Notice for the passage of the ordinance authorizing the issuance of the Certificates. In addition, the Notice shall be posted continuously on the City's 4149-8399-2614 4 website for at least forty-five (45) days before the date tentatively set in the Notice for the passage of the ordinance authorizing the issuance of the Certificates. Section 3. No Self-Suivorting Securities. For the purposes of the Notice, the City hereby confirms that it does not designate any ad valorem tax debt service as self-supporting and payable from sources other than ad valorem tax collections. Section 4. Authorization of Preliminary Official Statement. The City hereby authorizes the preparation and distribution of a Preliminary Official Statement relating to the Certificates and authorizes the City Manager to approve the final form of and deem final such Preliminary Official Statement within the meaning and for the purposes of paragraph (b)(1) of Rule 15c2-12 of the United States Securities and Exchange Commission. Section 5. Authorization of Other_ Matters Relating Thereto. The Mayor, City Secretary and other officers and agents of the City are hereby authorized and directed to do any and all things necessary or desirable to carry out the provisions of this Resolution. Section 6. Effective Date. This Resolution shall take effect immediately upon passage. Section 7. Public Meeting. It is officially found, determined and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered at such meeting, including this Resolution, was given all as required by the Texas Government Code, Chapter 55 I, as amended. [signature page follows] 4149-8399-2614 4 EXHIBIT A NOTICE OF INTENTION TO ISSUE CERTIFICATES NOTICE IS HEREBY GIVEN that the City Council of the City of West University Place, Texas (the "City") will meet at its regular meeting place in the Municipal Building, 3800 University Boulevard, West University Place, Texas 77005 at 6:30 p.m. on the 5th day of October, 2020, which is the time and place tentatively set for the passage of an ordinance and such other action as may be deemed necessary to authorize the issuance of the City's certificates of obligation in one or more series, payable from an annual ad valorem tax, in the maximum aggregate principal amount of $27,000,000, bearing interest at any rate or rates, not to exceed the maximum interest rate authorized by law, as shall be determined within the discretion of the City Council at the time of issuance and maturing over a period of years not to exceed thirty (30) years from the date thereof, for the purposes of evidencing the indebtedness of the City for all or any part of the costs associated with (i) City-wide street, drainage and water system improvements, including street, drainage and water system improvements to Buffalo Speedway, (ii) the purchase of land for the West University Place Community BuildingiSenior Center, and (ii) costs of professional services incurred in connection therewith. The estimated combined principal and interest required to pay the Certificates on time and in full is $40,655,877. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 2.75°,0. Market conditions affecting interest rates vary based on a number of factors beyond the control of the City, and the City cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the City has no outstanding public securities secured by an ad valorem tax but designated by the City as self-supporting. As of the date of this notice, the aggregate principal amount outstanding of tax -supported debt obligations of the City is $25,955,000, and based on the City's expectations, as of the date of this notice the combined principal and interest required to pay all of the outstanding tax -supported debt obligations of the City on time and in full is $29,678,935. WITNESS MY HAND, this 10`h day of Ai A a. 4xAS / 4149-8399-2614 4 City Secretary City of West University Place, Texas PASSED AND APPROVED this 10" day of August 2020. Bob Higley, Ky City of West Uni Wiliam, City Secretary City of West University Place, Texas S -I 4149-8399-2694.4 Place, Texas