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