Item 9BCity of Southlake, Texas
MEMORANDUM
TO: Billy Campbell, City Manager
FROM: Sharen Elam, Director of Finance Ext. 1713
SUBJECT: Resolution No. 03 -022, Approving and authorizing publication of notice of
intention to issue certifications of obligation for the payment of contractual
obligations incurred for the construction of public works in Reinvestment Zone
Number One, City of Southlake, Texas.
Action Requested: Approval of Resolution No. 03 -022 as initial step to issue certificates of
obligation.
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 April 15, 2003. The City would receive funding Mid May.
The proceeds from the bonds will be used to reimburse the developer for
infrastructure built within the TIF boundaries, in accordance with the
addendum to the Town Square Developer's Agreement approved by Council
on February 4, 2003 in the amount of $3,925,000.
Financial
Considerations: The certificates of obligation will be issued with a dedicated pledge of
accumulated tax increment reinvestment zone revenues, and a backup pledge
of the City's ad valorem tax rate
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 is
scheduled for April 15, 2003.
Legal Review: Ed Esquivel with the law firm Fulbright and Jaworski serves as the City's bond
counsel, and as such has prepared the Resolution.
Alternatives: None
Supporting
Billy Campbell, City Manager
March 11, 2011
Page 2
Documents: Resolution No. 03 -022
Staff
Recommendation: Approval of Resolution No. 03 -022
RESOLUTION NO. 03 -022
A RESOLUTION approving and authorizing publication of notice of intention to
issue certificates of obligation for the payment of contractual obligations
incurred the construction of public works in Reinvestment Zone Number
One, City of Southlake, Texas .
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 purposes of paying
contractual obligations to be incurred for (a) the construction of public works in Reinvestment
Zone Number One, to wit: water and sewer improvements and extensions, and (b) professional
services rendered in relation to such project 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 6:30 P.M. on the 15 day of April, 2003, which certificates of obligation shall be
issued in a principal amount not to exceed $4,050,000 for the purposes of paying contractual
obligations to be incurred for (a) the construction of public works in Reinvestment Zone Number
One, to wit: water and sewer improvements and extensions, and (b) professional services
rendered in relation to such project and the financing thereof. Such certificates shall be payable
from ad valorem taxes and from a lien on and pledge of tax increment revenues on deposit in
the tax increment fund established for Reinvestment Zone Number One, City of Southlake,
Texas. 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 fifteen (15) days prior to the date stated therein for the second
reading and final adoption 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.
PASSED AND ADOPTED, this March 18, 2003.
ATTEST:
City Secretary
CITY OF SOUTHLAKE, TEXAS
Mayor
(City Seal)
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
6:30 o'clock P.M. on the 15 day of April, 2003, at its regular meeting place in the City Hall,
1400 Main Street, Southlake, Texas, and, during such meeting, the City Council will consider
the second reading and final adoption of an ordinance authorizing the issuance of certificates of
obligation in a principal amount not to exceed $4,050,000 for the purposes of paying contractual
obligations to be incurred for (a) the construction of public works in Reinvestment Zone Number
One, to wit: water and sewer improvements and extensions, and (b) professional services
rendered in relation to such project and the financing thereof. Such certificates shall be payable
from ad valorem taxes and from a lien on and pledge of tax increment revenues on deposit in
the tax increment fund established for Reinvestment Zone Number One, City of Southlake,
Texas. 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 Farwell
City Secretary, City of Southlake, Texas