HomeMy WebLinkAboutRes 2022-06-1202 Notice of Intent to Issue Combination Tax and Revenue Certificates of ObligationRESOLUTION NO. 2022-06JRvol
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION TO PROVIDE FUNDS FOR SEWER PROJECTS; AND
RESOLVING OTHER MATTERS RELATING TO THE SUBJECT
WHEREAS, this City Council deems it advisable to authorize publication of notice
of intent to issue certificates of obligation for the purposes hereinafter set forth; and
WHEREAS, the City of Anna (the "City") expects to pay expenditures in
connection with the projects described in "Exhibit A" to this Resolution prior to the
issuance of the certificates of obligation hereinafter described;
WHEREAS, this 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
iMention, 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;
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 said 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
ANNA, TEXAS:
Section 1. Attached hereto and marked "Exhibit A" is a form of notice, the form
and substance %J which are hereby passed and approved.
Section 2. The City Secretary shall cause said notice to be published in
substantially the form attached hereto, in a newspaper, as defined by Subchapter C,
Chapter 2051, Texas Government Code, of general circulation in the area of said City,
once a week for two consecutive weeks, with the date of the first publication to be
before the 45th day before the date tentatively set for the passage of the ordinance
authorizing the issuance of the certificates, and, if the City maintains an Internet
website, continuously on the City's website for at least 45 days before the date
tentatively set for the passage of the ordinance authorizing the issuance of the
certificates.
Section 3. All costs to be reimbursed pursuant hereto 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 4. This Resolution shall be effective immediately upon adoption.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS,
this 28th day of June, 2022,
ATTEST:
e L. Land, City Secretary
Nate Pike, Mayor
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[CITY SEAL]
EXHIBIT A
CITY OF ANNA, TEXAS
NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION
TO PROVIDE FUNDS FOR SEWER PROJECTS
NOTICE IS HEREBY GIVEN that the
meeting to commence at 6:30 P.M. on
201 E. 7th Street Anna, Texas, tentatK
the issuance of interest bearing certific
amount not to exceed $66,325,000 for
obligations incurred in connection w
equipping additions, improvements, e)
system, including wastewater treatmen
and the acquisition of land and interes
fiscal and engineering fees in connec
authorize an authorized officer of the
certificates of obligation on a date sub
maximum interest rate for the certificat
City Council of the City of Anna, Texas, at its
august 23, 2022, at the Anna ISD Board Room,
ply proposes to adopt an ordinance authorizing
�tes of obligation, in one or more series, in an
paying all or a portion of the City's contractual
th (i) acquiring, constructing, installing, and
tensions, and equipment for the City's sewer
plant and related infrastructure improvements
s in land as necessary therefor; and (ii) legal,
lion with such projects. The ordinance may
City to effect the sale and delivery of the
equent to the adoption of the ordinance. The
'.S may not exrppd the maxim) im lanal intaract
rate. The maximum maturity date for the certificates is February 15, 2047. The
estimated combined principal and interest required to pay the certificates to be
authorized on time and in full is $123,380,308. The current principal of all outstanding
debt obligations of the City is $52,593,000. The current combined principal and interest
required to pay all outstanding debt obligations of the City on time and in full is
$79,760,969. The City proposes to provide for the payment of such certificates of
obligation from the levy and collection of ad valorem taxes in the City as provided by law
and from a pledge of surplus revenues of the City's waterworks and sewer system,
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 and sewer system. The
certificates of obligation are to be issued, and this notice is given, under and pursuant to
the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271.
CITY OF ANNA, TEXAS