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HomeMy WebLinkAboutR-2996-3-11RESOLUTION NO. 2996-3-II(R) ' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, APPROVING A DATE FOR THE SALE OF GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, AUTHORIZING APPROPRIATE PERSONNEL AND CONSULTANTS TO PROCEED WITH ARRANGEMENTS AND THE PREPARATION OF DOCUMENTS FOR THE ISSUANCE AND SALE OF SUCH BONDS AND RESOLVING OTHER MATTERS INCIDENT AND RELATED THERETO WHEREAS, based on capital improvement projects currently planned and authorized to be undertaken, staff of the City has requested approval and authorization to proceed with the issuance and sale of such bonds to finance the costs thereof on or about May 10, 2011; and WHEREAS, in addition to the general obligation bonds to finance capital improvements, the City Council has been presented with information demonstrating that in today's market the refunding of certain outstanding debt obligations of the City will result in a net present value savings of at least 3% and staff of the City has requested approval and authorization to proceed with the issuance and sale of general obligation refunding bonds to accomplish such refunding; and WHEREAS, the City Council hereby finds and determines such approval and authorization to proceed with the sale of such general obligation refunding and improvement bonds to finance capital improvements and to refinance certain outstanding debt obligations of the City should be given; now, therefore, ' BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, TEXAS: SECTION 1. The Finance Director of the City, together with the City's financial advisor, Estrada Hinojosa & Company, Inc. and bond counsel, Fulbright and Jaworski L.L.P., are hereby authorized and directed on behalf of the City to proceed with, and make arrangements for, the offering and sale of general obligation refunding and improvement bonds. The Finance Director and other appropriate officials of the City are hereby authorized and directed to assist and furnish said consultants with information and data, including the amount of bonds ultimately to be offered for sale, necessary for the preparation of an official statement and other documents for a sale of such bonds to occur and be approved by the City Council at a meeting to be held on or about May 10, 2011. SECTION 2. 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 considered at said meeting, including this Resolution, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. SECTION 3. This Resolution shall be in force and effect from and after its passage on the date shown below. 1 PASSED AND ADOPTED, this March 22, 2011. Cl Y OF ALLEN, TEXAS STE N TERRELL, Mayor SAT"TTEES`TT:: p p SHELLEY B. GE46RIGE City Secretary (City Seal) 1 E Resolution No. 29%-3-11(R), Page 2