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Item 4E1.1LY Ul 3OULUIUKU, 1CXUS MEMORANDUM TO: Shana Yelverton, City Manager FROM: Sharen Elam, Director of Finance Ext. 8042 SUBJECT: Resolution No. 07 -447, Approving and authorizing publication of notice of intention to issue certification of obligation for parking structure, park, street and drainage improvements. Action Requested: Approval of Resolution No. 07 -047 as initial step to issue certificates of obligation for capital improvement projects. Background Information: Approval of this resolution is the first step in issuing certificates of obligation. Once this Resolution is approved, the City may issue less than that amount, but cannot exceed it. The Resolution authorizes the publication of a notice in the newspaper of the City's intent to issue certificates of obligation. The certificates are issued and approved by the adoption of an ordinance; approval is scheduled for October 2, 2007. The City would receive the funds early November. On November 16, 2004, City Council approved Resolution No. 04 -074 approving the 380 and developer agreements for Grand Avenue. The proceeds from the bonds will be used for the purchase of public infrastructure located in Grand Avenue Phase of Town Square as outlined in the agreements. Financial Considerations: The debt will be repaid through TIF tax revenues generated from the Grand Avenue Citizen Input/ Board Review: The Resolution is the first step in issuing certificates of obligation. Citizen input is not a requirement of the Resolution; however, the Public Hearing for the bond issue is October 2, 2007, Legal Review: Robert Dransfield with the law firm Fulbright and Jaworski serves as the City's bond counsel, and as such has prepared the Resolution. Alternatives: Deny resolution Supporting Documents: Resolution No. 07 -047 Staff Recommendation: Approval of Resolution No. 07 -047 RESOLUTION NO. 07 -Dg_q A RESOLUTION approving and authorizing publication of notice of intention to issue certificates of obligation. WHEREAS, the City Council of the City of Southlake, Texas, has determined that certificates of obligation should be issued under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271 (the "Act "), for the purpose of paying contractual obligations to be incurred for (i) the construction of public works, to wit: (a) constructing, acquiring, improving and equipping municipal parking facilities, (b) constructing, improving and equipping park improvements, including the acquisition of land therefor, (c) improvements and extensions to the City's combined Waterworks and Sewer System, and (il) professional services rendered in relation to such projects and the financing thereof; 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 accordance with the provisions of the Act; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS: SECTION 1 : The City Secretary is hereby authorized and directed to cause notice to be published of the Council's intention to issue certificates of obligation during a meeting scheduled to begin at 6:00 P.M. on the 2 " day of October, 2007, which certificates of obligation shall be issued in a principal amount not to exceed $7,000,000 for the purpose of paying contractual obligations to be incurred for (i) the construction of public works, to wit: (a) constructing, acquiring, improving and equipping municipal parking facilities, (b) constructing, improving and equipping park improvements, including the acquisition of land therefor, (c) improvements and extensions to the City's combined Waterworks and Sewer System, and (ii) professional services rendered in relation to such projects and the financing thereof, and shall be payable from ad valorem taxes and a limited pledge of the net revenues of the City's combined Waterworks and Sewer 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 : The City Secretary shall cause the aforesaid notice 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. SECTION 3 : It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. SECTION 4 : This Resolution shall be in force and effect from and after its passage on the date shown below. 4,5950527.1/10711989 PASSED AND ADOPTED, this August 21, 2007. ATTEST: City Secretary (City Seal) CITY OF SOUTHLAKE, TEXAS Mayor 45950527.1/107119B9 EXHIBIT A NOTICE OF INTENTION TO ISSUE CITY OF SOUTHLAKE, TEXAS, CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of Southlake, Texas, shall convene at 6 :00 P.M. on the 2 " day of October, 2007, at the City Hall, 1400 Main Street, Southlake, Texas, and, during such meeting, the City Council will consider the passage of one or more ordinances authorizing the issuance of certificates of obligation in an amount not to exceed $7,000,000 for the purpose of paying contractual obligations to be incurred for (i) the construction of public works, to wit: (a) constructing, acquiring, improving and equipping municipal parking facilities, (b) constructing, improving and equipping park improvements, including the acquisition of land therefor, (c) improvements and extensions to the City's combined Waterworks and Sewer System, and (il) professional services rendered in relation to such projects and the financing thereof; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the City's combined Waterworks and Sewer System. The certificates 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. Lori Payne City Secretary City of Southlake, Texas 45950527.1/10711989