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HomeMy WebLinkAboutItem 04 - Certificates of ObligationMEMO TO: FROM: MEETING DATE SUBJECT: RECOMMENDATION: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL BRUNO RUMBELOW, ACTING CITY MANAGER 13Z JULY 5, 2005 RESOLUTION DIRECTING PUBLICATION OF A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION City Council to consider approving a Resolution directing publication of a Notice of Intention to issue Certificates of Obligation in the amount of $2,070,000. FUNDING SOURCE: Future issue of Certificates of Obligation for the purposes of improvements to Lake Parks capitalized interest and issuance costs. BACKGROUND: This item is placed on the agenda pursuant to direction from Bond Counsel in order to meet necessary requirements for selling Certificates of Obligation. Funding from the sale of the Certificates will be used as follows: Lake Parks Improvements Construction Engineering & Design Capitalized Interest (2 years) Issuance Costs (estimate) Total $1,638,472 207,028 184,500 40,000 $2,070,000 The sale date for the Certificates of Obligation is scheduled for August 16, 2005. If approved by the Council, the required notices will be published July 20, 2005 and July 27, 2005. A copy of the proposed notice is attached. Staff recommends approval. WAG/cjc H:AGMNoticeoflntent7-5-2005 June 30, 2005 (9:44AM) SILVER LAKE CAMPGROUND RENOVATIONS The City Council approved a 25 -year lease with the Corps of Engineers for approximately 770 acres of parkland at Lake Grapevine at the September 21, 2004 Council meeting. At the same meeting, the City Council also approved resolutions approving the Five-year Development Plan and Guiding Principles for the management of the improvements outlined in the Five-year Development Plan. The City Council approved a professional service contract with Carter & Burgess at the November 4, 2004 meeting for the preparation of a business plan of the lake parks as the design and preparation of construction documents for improvements to the Silver Lake Campground. Included in the improvement renovation to Silver Lake Campground are: • Addition of 13 new RV camping sites • Installation of 5 cabins • Installation of 10 courtesy docks • Demolition of existing laundry room • Demolition of existing restroom/shower facilities (2) and replacement of 2 news facilities to include a new laundry room • Installation of new 50 amp electrical service to all RV camping sites • Installation of new water service to all RV camping sites • Installation of new sanitary sewer service to all cabins and at least 13 RV camping sites • Demolition of all existing picnic shelters and addition of new picnic shelters • Relocation of 7 tent sites • Leveling of all RV camping sites NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2005A NOTICE IS HEREBY GIVEN that on August 16, 2005, the City Council of the City of Grapevine, Texas, at 7:30 p.m. at a regular meeting of the City Council to be held at the City Hall, 200 Main Street, Grapevine, Texas, the regular meeting place of the City Council, intends to pass an ordinance authorizing the issuance of not to exceed $2,070,000 principal amount of Certificates of Obligation for the purpose of paying contractual obligations to be incurred for the following purposes, to wit: (i) acquisition and construction of facilities and improvements for the City's Lake Parks (the "Project"); (ii) payment of interest on the Certificates for a period not to exceed the period of construction of such works and for one year thereafter; and (iii) to pay for professional services of attorneys, financial advisors and other professionals in connection with the Project and the issuance of the Certificates. The Certificates shall bear interest at a rate not to exceed fifteen percent (15%) per annum, and shall have a maximum maturity date of not later than forty (40) years after their date. Said Certificates shall be payable from the levy of a direct and continuing ad valorem tax against all taxable property within the City sufficient to pay the interest on this series of Certificates as due and to provide for the payment of the principal thereof as the same matures, as authorized by Subchapter C, Chapter 271, Texas Local Government Code, as amended, and from the net revenues of the City's lake parks system. THIS NOTICE is given in accordance with law and as directed by the City Council of the City of Grapevine, Texas. GIVEN THIS July 5, 2005. /s/ Linda Huff City Secretary City of Grapevine, Texas" RESOLUTION NO. A RESOLUTION RELATING TO THE GIVING OF NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2005A AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Grapevine, Texas (the "City"), pursuant to Subchapter C, Chapter 271, Texas Local Government Code, as amended, is authorized to issue its certificates of obligation for the purpose of paying contractual obligations to be incurred for the purposes set forth below; and WHEREAS, the City Council of the City has found and determined that a notice of intention to issue certificates of obligation should be published in accordance with the requirements of applicable law. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. The findings and determinations set forth in the preambles hereto are hereby incorporated by reference for all purposes. Section 2. The City Secretary of the City is hereby authorized and directed to issue a notice of intention to issue certificates of obligation in substantially the following form: NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2005A NOTICE IS HEREBY GIVEN that on August 16, 2005, the City Council of the City of Grapevine, Texas, at 7:30 p.m. at a regular meeting of the City Council to be held at the City Hall, 200 Main Street, Grapevine, Texas, the regular meeting place of the City Council, intends to pass an ordinance authorizing the issuance of not to exceed $2,070,000 principal amount of Certificates of Obligation for the purpose of paying contractual obligations to be incurred for the following purposes, to wit: (i) acquisition and construction of facilities and improvements for the City's Lake Parks (the "Project"); (ii) payment of interest on the Certificates for a period not to exceed the period of construction of such works and for one year thereafter; and (iii) to pay for professional services of attorneys, financial advisors and other professionals in connection with the Project and the issuance of the Certificates. The Certificates shall bear interest at a rate not to exceed fifteen percent (15%) per annum, and shall have a maximum maturity date of not later than forty (40) years after their date. Said Certificates shall be payable from the levy of a direct and continuing ad valorem tax against all taxable property within the City sufficient to pay the interest on this series of Certificates as due and to provide for the payment of the principal thereof as the same matures, as authorized by Subchapter C, Chapter 271, Texas Local Government Code, as amended, and from the net revenues of the City's lake parks system. THIS NOTICE is given in accordance with law and as directed by the City Council of the City of Grapevine, Texas. GIVEN THIS July 5, 2005. /s/ Linda Huff City Secretary City of Grapevine, Texas" Section 3. The foregoing notice shall be published once a week for two consecutive weeks, the date of the first publication being not less than the fourteenth (14th) day prior to the date set forth in the foregoing notice for passage of the ordinance authorizing the Combination Tax and Revenue Certificates of Obligation. Such notice shall be published in a newspaper of general circulation in the area of the City of Grapevine, Texas. Section 4. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 5th day of July, 2005 ATTEST: RES. NO. MINUTES AND CERTIFICATION PERTAINING TO PASSAGE OF A RESOLUTION On July 5, 2005, the City Council of the City of Grapevine, Texas, convened at 7:30 p.m., in a regular meeting at the regular meeting place thereof, the meeting being open to the public and notice of said meeting, giving the date, place and subject thereof, having been posted as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of the duly constituted officers and members of the City Council, which officers and members are as follows: William D. Tate, Mayor C. Shane Wilbanks Ted R. Ware, Mayor Pro Tern Sharron Spencer Members of Clydene Johnson the Council Darlene Freed Roy Stewart and all of said persons were present, thus constituting a quorum. Whereupon, among other business, a written resolution bearing the following caption was introduced: A RESOLUTION RELATING TO THE GIVING OF NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES, 2005A AND PROVIDING AN EFFECTIVE DATE The Resolution, a full, true and correct copy of which is attached hereto, was read and reviewed by the City Council. Thereupon, it was duly moved and seconded that the Resolution be finally passed and adopted. The Presiding Officer put the motion to a vote of the members of the City Council, and the Resolution was finally passed and adopted by the following vote: AYES: NAYS: ABSTENTIONS: MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to correctly reflect the duly constituted officers and members of the City Council of said City, and the attached and following copy of said Resolution is hereby certified to be a true and correct copy of an official copy thereof on file among the official records of the City, all on this July 5, 2005. City Secretary City of Grapevine, Texas [SEAL] -2- GRA325/1 948488-I.DOC