From
Tannie Camarata
Title
Resolution Authorizing Publication of Notice of Intent to Issue Certificates of Obligation
Presenter
Diana G. Oritz, Chief Financial Officer
Recommend Action
Approve
Analysis
Staff is currently working on plans to issue Certificates of Obligation (CO's) on January 18, 2011 in accordance to the capital improvement program.
State law requires that in order to issue CO's a notice of intent to issue the debt must be published once a week for two consecutive weeks in a newspaper having general circulation in the city. The first notice of intent must be published at least 31 days prior to the sale date. In this case the notices will be published in the Star Telegram on November 28th and December 5th. The CO's will be issued for the following funds:
1. Fire $1,544,650
2. Streets $4,761,053
3. Lake Parks $1,019,297
Total $7,325,000
The City's bond counsel, Fulbright and Jaworski, prepared the resolution which authorizes the city to issue an amount up to $7,325,000 for City purposes.
Financial Consideration
The City Council was provided information on the capital projects with the proposed budget and reviewed in detail at the Capital Budget Workshop on September 9, 2010. The 2011 CIP plan was approved with the FY2011 budget on September 21, 2010. Funds will be available to pay the debt service on these CO's as follows:
GO debt service fund
Lake Parks operating fund
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS APPROVING AND AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION.
WHEREAS, the City Council of the City of Grand Prairie, 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, as amended, for the purpose of paying contractual obligations to be incurred for (i) acquiring, constructing, improving and equipping fire-fighting facilities, including the acquisition of land therefor, (ii) constructing street improvements, including drainage, landscaping, curbs, gutters, sidewalks, signage, traffic signalization and street noise abatement incidental thereto and the acquisition of land and rights-of-way therefor, (iii) acquiring, constructing, improving and equipping park and recreational facilities, including the acquisition of land therefor and (iv) professional services rendered in connection therewith; 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 a newspaper of general circulation in the City, said notice stating (i) the time and place the City Council tentatively proposes to pass the ordinance authorizing the issuance of the certificates, (ii) the maximum amount proposed to be issued, (iii) the purposes for which the certificates are to be issued and (iv) the manner in which the City Council proposes to pay the certificates; now, therefor,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1: That 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 the principal amount not to exceed SEVEN MILLION THREE HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($7,325,000) for the purpose of paying contractual obligations to be incurred for (i) acquiring, constructing, improving and equipping fire-fighting facilities, including the acquisition of land therefor, (ii) constructing street improvements, including drainage, landscaping, curbs, gutters, sidewalks, signage, traffic signalization and street noise abatement incidental thereto and the acquisition of land and rights-of-way therefor, (iii) acquiring, constructing, improving and equipping park and recreational facilities, including the acquisition of land therefor, and (iv) professional services rendered in connection therewith; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the City’s Water and Wastewater 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 2: That the City Secretary shall cause the notice described above to be published in a newspaper of general circulation in the City, once a week for two consecutive weeks, the date of the first publication to be at least thirty-one (31) days prior to the date stated therein for the passage of the ordinance authorizing the issuance of the certificates of obligation.
PASSED AND ADOPTED, THIS THE 16TH DAY OF NOVEMBER, 2010.
(City Seal)
EXHIBIT A
NOTICE OF INTENTION TO ISSUE
CITY OF GRAND PRAIRIE, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
TAKE NOTICE that the City Council of the City of Grand Prairie, Texas, shall convene at 6:30 p.m. on the 18th day of January, 2011, at the City Council chambers located at 317 West College, Grand Prairie, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation, in one or more series, in an amount not to exceed SEVEN MILLION THREE HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($7,325,000) for the purpose of paying contractual obligations to be incurred for (i) acquiring, constructing, improving and equipping fire-fighting facilities, including the acquisition of land therefor, (ii) constructing street improvements, including drainage, landscaping, curbs, gutters, sidewalks, signage, traffic signalization and street noise abatement incidental thereto and the acquisition of land and rights-of-way therefor, (iii) acquiring, constructing, improving and equipping park and recreational facilities, including the acquisition of land therefor, and (iv) professional services rendered in connection therewith, such certificates to