HomeMy WebLinkAbout19-1551 09-10-2019 RESOLUTION NO. 19-1551
A RESOLUTION APPROVING AND AUTHORIZING PUBLICATION OF
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION IN
AN AMOUNT NOT TO EXCEED $7,500,000 FOR PUBLIC
IMPROVEMENTS TO FIRE DEPARTMENT FACILITIES.
WHEREAS, the City Council (the "City Council") of the City of Euless, Texas (the
"City"), has determined that certificates of obligation should be issued under and pursuant
to the provisions of Subchapter C of Chapter 271 of the Texas Local Government Code,
as amended (the "Act"), for the purpose of paying contractual obligations to be incurred
for (i) the construction of public works; and/or, (ii) the purchase of materials, supplies,
equipment, machinery, land, and rights-of-way for authorized needs and purposes; and/or
(iii) for professional services, all as specified below; 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 a newspaper of general circulation
in the City in accordance with the provisions of the Act.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS:
SECTION 1.
The City Secretary is hereby authorized and directed to cause notice to be
published of the City Council's intention to issue certificates of obligation in one or more
series in a principal amount not to exceed $7,500,000, for the purpose of paying
contractual obligations to be incurred for (i) the construction of public works, to wit:
acquiring, designing, constructing, improving, expanding and equipping one or more fire
stations (including the demolition of existing Fire Station #1); and (ii) professional services
rendered in relation to such projects and the financing thereof; such certificate to be
payable from ad valorem taxes and a limited pledge of the net revenues derived from the
operation 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 (i) 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 forty-six (46) days prior to the date stated therein
for the passage of the ordinance authorizing the issuance of the certificates of obligation
and (ii) continuously on the City's website for at least forty-five (45) days before the date
stated therein for the passage of the ordinance authorizing the issuance of the certificate
of obligation.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
September 10, 2019, by a vote of 7 &&& ayes, 0 nays, and 0 abstentions.
APPROVED:
Lin rtin, Mayor
ATTEST:
Kim Sutter, TRMC, CMC, City Secretary
Resolution No. 19-1551, Page 2 of 3
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CITY OF EULESS, TEXAS
TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2019A
TAKE NOTICE that the City Council of the City of Euless, Texas, shall convene at
7:00 o'clock P.M. on the 12th day of November, 2019, at its regular meeting place in the
City Hall located at 201 N. Ector Dr., Euless, Texas, and, during such meeting, the City
Council will consider the passage of an ordinance authorizing the issuance of certificates
of obligation, in one or more series, in a principal amount not to exceed SEVEN MILLION
FIVE HUNDRED THOUSAND DOLLARS ($7,500,000), for the purpose of paying
contractual obligations to be incurred for (i) the construction of public works, to wit:
acquiring, designing, constructing, improving, expanding and equipping one or more fire
stations (including the demolition of existing Fire Station #1); and (ii) 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
water and sewer system. In accordance with Texas Local Government Code Section
271.049, (i) the current principal amount of all of the City's outstanding public securities
secured by and payable from ad valorem taxes is $59,300,000; (ii) the current combined
principal and interest required to pay all of the City's outstanding public securities secured
by and payable from ad valorem taxes on time and in full is $77,944,856; (iii)the estimated
combined principal and interest required to pay the certificates of obligation to be
authorized on time and in full is $10,365,820; (iv) the maximum interest rate for the
certificates may not exceed the maximum legal interest rate; and (v) the maximum
maturity date of the certificates to be authorized is February 15, 2044. The certificates are
to be issued, and this notice is given, under and pursuant to the provisions of Texas Local
Government Code, Subchapter C of Chapter 271, as amended.
Kim Sutter, City Secretary
City of Euless, Texas
Resolution No. 19-1551, Page 3 of 3