HomeMy WebLinkAboutR-3803-2-21 RESOLUTION NO. 3803-2-21(R)
A RESOLUTION approving and authorizing publication and posting of notice of
intention to issue certificates of obligation and declaring expectation to
reimburse expenditures with proceeds of future debt.
WHEREAS, the City Council of the City of Allen, Texas (the "City"), has determined that
certificates of obligation should be issued under and pursuant to the provisions of Texas Local
Government Code, Subchapter C of Chapter 271 (the"Act")for the purpose of paying contractual
obligations to be incurred for(i)the construction of public works,to wit: (a)designing, constructing,
improving and equipping the new Stephen G. Terrell Recreation Center and the acquisition of
land and rights-of-way therefor, and (b) designing, constructing, acquiring, and improving public
infrastructure within the City, including streets, storm sewer, sanitary sewer, water, detention,
irrigation, landscaping, walking trails, and the acquisition of land and rights-of-way therefor
(collectively, the "Projects"), and (ii) professional services rendered in relation to such projects
and the financing thereof; and
WHEREAS, the City further intends to make certain capital expenditures with respect to
the Projects and currently desires and expects to reimburse the capital expenditures with
proceeds of-the certificates of obligation; and
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such reimbursement
with proceeds of tax-exempt obligations, the City must declare its expectation to make such
reimbursement; and
WHEREAS, prior to the issuance of such certificates,the City Council is required to publish
notice of its intention to issue the same in accordance with the provisions of the Act; now,
therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, TEXAS:
SECTION 1: The City reasonably expects to reimburse capital expenditures with respect
to the Projects with proceeds of debt hereafter to be incurred by the City, and this resolution shall
constitute a declaration of official intent under the Regulation.
SECTION 2: The City Secretary is hereby authorized and directed to cause notice to be
published of the City Council's intention to issue certificates of obligation, in one or more series,
in a principal amount not to exceed $33,900,000 for the purpose of paying contractual obligations
to be incurred for(i)the construction of public works, to wit: (a)designing, constructing, improving
and equipping the new Stephen G. Terrell Recreation Center and the acquisition of land and
rights-of-way therefor, and (b) designing, constructing, acquiring, and improving public
infrastructure within the City, including streets, storm sewer, sanitary sewer, water, detention,
irrigation, landscaping, walking trails and the acquisition of land and rights-of-way therefor, and
(ii) professional services rendered in relation to such projects and the financing thereof, and
payable from ad valorem taxes and a limited pledge of the net revenues of the City's combined
Waterworks and Sewer System. The notice hereby approved and authorized to be published
shall read substantially in the form and content of Exhibit A hereto attached and incorporated
herein by reference as a part of this resolution for all purposes.
SECTION 3: The City Secretary shall cause the aforesaid notice to be published (i) in a
newspaper of general circulation in the City, once a week for two consecutive weeks, the date of
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the first publication to be at least forty-six(46) days prior to the date stated therein for the passage
of the ordinance authorizing the issuance of the certificates of obligation and (ii) continuously on
the City's website for at least forty-five (45)days before the date stated therein for the passage of
the ordinance authorizing the issuance of the certificates of obligation.
SECTION 4: 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 Texas Government Code, Chapter 551, as amended.
SECTION 5: This Resolution shall be in force and effect from and after its passage on
the date shown below.
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PASSED AND ADOPTED, this February 23, 2021.
CITY OF LLEN, TEXAS
r
E NETH M. FUL
Mayor
ATTEST:
SHELL Y B. GEORL1
TRMC, City Secretary
(City Seal)
101783326.2/1001155990 [signature page of Resolution]
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CITY OF
ALLEN, TEXAS CERTIFICATES OF OBLIGATION
TAKE NOTICE that the City Council of the City of Allen, Texas, shall convene at 7:00
o'clock P.M. on the 27th day of April, 2021, in the Council Chambers of City Hall, 305 Century
Parkway, Allen, Texas, and, during such meeting, the City Council will consider the passage of
one or more ordinances authorizing the issuance of one or more series of certificates of obligation
in an amount not to exceed $33,900,000 for the purpose of paying contractual obligations to be
incurred for(i) the construction of public works, to wit: (a) designing, constructing, improving and
equipping the new Stephen G. Terrell Recreation Center and the acquisition of land and rights-
of-way therefor, and (b) designing, constructing, acquiring, and improving public infrastructure
within the City, including streets, storm sewer, sanitary sewer, water, detention, irrigation,
landscaping, and walking trails and the acquisition of land and rights-of-way therefor, and (ii)
professional services rendered in relation to such projects and the financing thereof; such
certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the
City's combined Waterworks and Sewer System. In accordance with Texas Local Government
Code Section 271.049, (i) the current principal amount of all of the City's outstanding public
securities secured by and payable from ad valorem taxes is$93,315,000; (ii)the current combined
principal and interest required to pay all of the City's outstanding public securities secured by and
payable from ad valorem taxes on time and in full is $115,924,764; (iii) the estimated combined
principal and interest required to pay the certificates of obligation to be authorized on time and in
full is $41,134,988; (iv) the maximum interest rate for the certificates may not exceed the
maximum legal interest rate;and(v)the maximum maturity date of the certificates to be authorized
is August 15, 2041. The certificates are to be issued, and this notice is given, under and pursuant
to the provisions of Texas Local Government Code, Subchapter C of Chapter 271.
Shelley George
City Secretary
City of Allen, Texas
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