HomeMy WebLinkAboutItem 09 - Combination Tax and Revenue Certificates of Obligation Grapevine Main Station MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER a�
MEETING DATE: MARCH 6, 2018
SUBJECT: RESOLUTION PROVIDING NOTICE OF INTENT TO ISSUE CITY
OF GRAPEVINE, TEXAS COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION
RECOMMENDATION:
City Council to consider a resolution providing notice of intent to issue City of Grapevine,
Texas combination tax and revenue Certificates of Obligation for the Grapevine Main
Station.
BACKGROUND:
Approval of this action will provide formal notice of intent to issue bonds for the purpose of
developing the Grapevine Main Station and parking facility. On November 21, 2017, staff
presented the Grapevine Main Station and funding strategy to the City Council. During that
meeting, the City Council approved a reimbursement resolution and appropriated full
funding for the project. This action is the next step to fulfill the project's funding.
Staff will return on April 17, 2018 for City Council approval for the sale of the obligation.
Staff recommends approval.
JB/gj
RESOLUTION NO. 2018-024
A RESOLUTION RELATING TO THE GIVING OF NOTICE
OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION; DECLARING INTENT TO REIMBURSE
CERTAIN PRIOR CAPITAL COSTS; AND APPROVING
OTHER MATTERS RELATED THERETO
WHEREAS, the City of Grapevine, Texas (the "City"), pursuant to Chapter 271,
Subchapter C, Texas Local Government Code, as amended, is authorized to issue its
certificates of obligation (the "Certificates") 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; and
WHEREAS, it is hereby found and determined that the meeting at which this
resolution is considered is open to the public as required by law, and public notice of the
time, place and purpose of said meeting was given as required by Chapter 551, Texas
Government Code; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS, THAT:
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 is hereby authorized and directed to cause to be
published in the manner required by law and in substantially the form attached hereto
as Exhibit A, a notice of the City's intention to issues the Certificates (the "Notice").
Section 3. The Notice shall be published once a week for two consecutive
weeks, the date of the first publication being not less than thirty-one (31) days prior to
the date set forth in the Notice for passage of the ordinance authorizing the Certificates.
Such notice shall be published in a newspaper of general circulation in the area of the
City of Grapevine, Texas.
Section 4. The Mayor, City Manager, City Secretary, and other officers and
agents of the City are hereby authorized and directed to do any and all things necessary
or desirable to carry out the provisions of this resolution.
Section 5. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 6th day of March, 2018.
APPROVED:
William D. Tate
Mayor
ATTEST:
Tara Brooks
City Secretary
APPROVED AS TO FORM:
City Attorney
Resolution No. 2014-024 2
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS COMBINATION
TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on April 17, 2018, 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 in
the Council Chambers at the City Hall, 200 S. Main St., Grapevine, Texas, the regular
meeting place of the City Council, intends to pass an ordinance authorizing the
issuance of not to exceed $33,780,000 total principal amount of Certificates of
Obligation for the purpose of paying contractual obligations to be incurred for the
following purposes, to wit: (a) planning, developing, constructing, and equipping public
plaza and open space improvements in downtown Grapevine, (b) planning, developing,
constructing and equipping a public observation and viewing tower in downtown
Grapevine, (c) planning, developing, constructing and equipping a public parking garage
in downtown Grapevine, (d) planning, developing, constructing and equipping City
Convention and Visitor Bureau meeting space and offices in downtown Grapevine
(collectively, the "Projects"), and (d) paying professional services of attorneys, financial
advisors and other professionals in connection with the Projects and the issuance of the
Certificates. The Certificates shall be issued in one or more series, shall bear interest at
a rate not to exceed ten percent (10%) per annum, and shall have a maximum maturity
date of not later than twenty-five (25) 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 Chapter 271, Subchapter C, Texas Local Government Code, as
amended, and from all or a part of the surplus revenues of the City's waterworks and
sewer system, such pledge of surplus revenue being limited to $1,000.
THIS NOTICE is given in accordance with law and as directed by the City
Council of the City of Grapevine, Texas.
GIVEN THIS March 6, 2018.
/s/Tara Brooks, City Secretary
City of Grapevine, Texas
Resolution No. 2014-024 3