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HomeMy WebLinkAbout05-23-24-9.2 - Resolution - 05/23/2024CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION We, the undersigned officers of the City of College Station, Texas (the City), hereby certify as follows: 1. The City Council of the City convened in a special meeting on May 23, 2024 at City Hall, and the roll was called of the duly constituted officers and members of this City Council, as follows: John Nichols, Mayor Mark Smith, Place 1 Councilman William Wright, Place 2 Councilman Linda Harvell, Place 3 Councilwoman Elizabeth Cunha; Place 4 Councilwoman Bob Yancy, Place 5 Councilman Dennis Maloney, Place 6 Councilman and all of the persons were present except the following absent Councilmembers _______________________, thus constituting a quorum. Whereupon, among other business, the following was transacted at the meeting: a written A RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, AND PROVIDING AN EFFECTIVE DATE was duly introduced for the consideration of this City Council. It was then duly moved and seconded that the resolution (the Resolution) be approved, and, after discussion, the motion prevailed and carried by the following vote: 2. A true, full and correct copy of the Resolution is attached to and follows this certificate and the Resolution has been duly recorded in the City Council's minutes of the Meeting. The above paragraph is a true, full and correct excerpt from the City Council's minutes of the meeting at which the Resolution was approved. The persons named above are the duly chosen, qualified and acting officers and members of the City Council. Each of the officers and members of the City Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the meeting, and that the Resolution would be introduced and considered at the meeting, and each of the officers and members consented, in advance, to the holding of the meeting for such purpose, and that the meeting was open to the public and public notice of the time, place and purpose of the meeting was given, all as required by Chapter 551, Texas Government Code. AYES: NOES: 07 (no absences) City of College Station Resolution Directing Publication of Notice of Intention to Issue Certificates of Obligation, Series 2024 3. The Mayor of the City has approved and hereby approves the Resolution, and the Mayor and the City Secretary of the City have duly signed the Resolution, and the Mayor and the City Secretary of the City hereby declare that their signing of this certificate shall constitute the signing of the attached and following copy of the Resolution for all purposes. PASSED AND APPROVED ON MAY 23, 2024. ________________________________ Tanya D. Smith City Secretary ________________________________ John Nichols Mayor (City Seal) RESOLUTION NO. 05-23-24-9.2 A RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of College Station (the City) expects to pay expenditures in connection with the design, planning, acquisition and construction of the projects described in "Exhibit A" to this Resolution prior to the issuance of the Certificates of Obligation hereinafter described; and WHEREAS, the City Council hereby finds, considers and declares that the reimbursement of the payment by the City of such expenditures will be appropriate and consistent with the lawful objectives of the City and, as such, chooses to declare its intention, in accordance with the provisions of Section 1.150-2 of the U.S. Treasury Regulations, to reimburse itself for such payments at such time as it issues the hereinafter described Certificates of Obligation; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was considered was open to the public, and public notice of the time, place and purpose of the meeting was given, all as required by Chapter 551, Texas Government Code. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: Section 1. That attached hereto and marked "Exhibit A" is a form of notice (the “Notice”), the form and substance of which are hereby passed and approved. Section 2. That the City Secretary shall cause the Notice to be published, in the form attached hereto, in the "Bryan-College Station Eagle", a newspaper of general circulation in the City, for two consecutive weeks, the date of the first publication to be before the 45th day before the day tentatively proposed for authorizing the issuance of the Certificates of Obligation as shown in the Notice. Additionally, the Notice shall be posted continuously on the City’s website for at least forty-five days before the date tentatively set for final passage of the ordinance or ordinances authorizing the issuance of the Certificates of Obligation. Section 3. That the facilities and improvements to be financed with proceeds from the proposed Certificates of Obligation are to be used for the purposes described in "Exhibit A" hereto. Section 4. That all costs to be reimbursed pursuant to this Resolution will be capital expenditures; the proposed Certificates of Obligation shall be issued within 18 months of the later of (i) the date the expenditures are paid or (ii) the date on which the property, with respect to which such expenditures were made, is placed in service; and the foregoing notwithstanding, the Certificates of Obligation will not be issued pursuant to this Resolution on a date that is more than three years after the date any expenditure which is to be reimbursed is paid. Section 5. That this Resolution shall be effective immediately upon passage and adoption. City of College Station Resolution Directing Publication of Notice of Intention to Issue Certificates of Obligation, Series 2024 PASSED AND APPROVED ON MAY 23, 2024. ____________________________________ John Nichols, Mayor ATTEST: ____________________________________ Tanya D. Smith, City Secretary (City Seal) EXHIBIT A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION The City Council of the City of College Station will consider the passage of an ordinance or ordinances authorizing the issuance of one or more series of interest bearing certificates of obligation (the “Certificates”) in the principal amount not to exceed $43,300,000 for paying all or a portion of the City's contractual obligations to be incurred in connection with constructing, improving, acquiring and equipping the following projects: (i) streets and roads including related drainage, landscaping, signalization, lighting, pedestrian improvements and signage related thereto; (ii) fiber optic transmission materials; (iii) parks and recreational facilities (except those submitted to voters in Propositions C and E in the November 8, 2022 election); (iv) administrative office and departmental space for governmental functions of the city including the public works department, utility department, municipal court, fire department, and cemetery department; (v) improvements and extensions to the City's combined waterworks, sewer and electric systems including distribution, transmission, system lines, lift stations, pumps, outfall, storage tanks, metering, wells, plant improvements, and acquisition of interests in land for such purposes; and (vi) the payment of fiscal, engineering and legal fees incurred in connection therewith. The City proposes to provide for the payment of such Certificates from the levy and collection of ad valorem taxes in the City as provided by law, and from a limited pledge (not to exceed $1,000) of the surplus revenues of the City's waterworks, sewer and electric systems, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve, and other requirements in connection with all of the City's revenue bonds or other obligations (now or hereafter outstanding), which are payable from all or any part of the net revenues of the City's waterworks, sewer and electric systems. The Certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Chapter 271, Subchapter C. The City Council tentatively proposes to adopt the ordinance(s) authorizing the Certificates at a meeting to be held at 7:00 P.M. on July 25, 2024 to be held at City Hall, 1101 Texas Avenue, College Station, TX 77840. The ordinance(s) may authorize an authorized officer of the City to effect the sale and delivery of the Certificates on a date or dates subsequent to the adoption of the ordinance(s). The following information is provided to comply with Tex. H.B. 477, 86 Leg., R.S. (2019). The current principal of all outstanding debt obligations of the City is $399,700,000. The current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full, is $522,198,069. The maximum principal amount of the Certificates to be authorized is $43,300,000 and the estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $60,328,767. The maximum interest rate for the Certificates may not exceed the maximum legal interest rate. The maximum maturity date of the Certificates to be authorized is February 15, 2044. The above information does not exclude any debt obligations the City has designated as self-supporting and which the City reasonably expects to pay from revenue sources other than ad valorem taxes. Information regarding this may be obtained by contacting the Director of Fiscal Services at 1101 Texas Avenue, College Station, TX 77840 and by phone at 979-764-3645.