HomeMy WebLinkAboutRes 2022-09 Notice of Intent to Issue COsRESOLUTION NO. 2022- 09
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2022, 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 2022, in one or more series, in an aggregate principal amount not to exceed $61,120,000
(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
4152-4078-9303.4
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 -Supporting 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 551, as amended.
[signature page follows]
4152-4078-9303.4 2
PASSED AND APPROVED this 25th day of July, 2022.
CITY OF WEST UNIVERSITY PLACE, TEXAS
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City Secretary
RECOMMENDED BY:
City Manager
APPROVED AS TO FORM:
City Attorney f * q-pI� IZI
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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 261h day of
September, 2022, 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, as well as a limited
pledge of $1,000 of the surplus revenues of the City's water and sewer system, in the maximum
aggregate principal amount of $61,120,000, 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) the planning and construction of a public works facility, (ii)
improvements and repairs to City's street, road and stormwater drainage system, including Buffalo
Speedway, (iii) improvements and repairs to the City's water, sanitary sewer and wastewater
system, including repairs and improvements to the City's wastewater treatment plant, and (iv)
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 $96,466,643. Such estimate is
provided for illustrative purposes only and is based on an assumed interest rate of 4.25%. 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 $38,650,000, 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 $55,956,031. /-,
WITNESS MY HAND, this 25
TEXAS
4152-4078-9303.4
of West University Place, Texas