Title
Conduct a public hearing and consider approving an ordinance on first reading with caption reading: ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PFLUGERVILLE, TEXAS LIMITED TAX REFUNDING BONDS, SERIES 2010; AUTHORIZING THE LEVY OF AN AD VALOREM TAX IN SUPPORT OF THE BONDS; APPROVING AN OFFICIAL STATEMENT, A PURCHASE AGREEMENT, AN ESCROW AGREEMENT AND A PAYING AGENT/REGISTRAR AGREEMENT; CALLING CERTAIN OBLIGATIONS FOR REDEMPTION; AND AUTHORIZING OTHER MATTERS RELATED TO THE BONDS.
Summary
The issuance of this debt is dependent upon market conditions on the day of sale. If there is not a significant savings in interest costs, the debt will not be issued. The bond issues being considered for the refunding are the 1999 General Obligation Bonds (Justice Center, roads, parks); the 2001 Combination Tax and Revenue Certificates of Obligation (Justice Center, roads, parks); and the 2002 Combination Tax and Revenue Certificates of Obligation (roads, parks, Colorado River Project). The City's financial advisor and bond counsel will be in attendance to answer any questions the City Council may have. This ordinance only requires one reading.
Prior City Council Action
The process of issuing debt for fiscal year 2011 was initiated on September 28, 2010, with Council's approval of a Notice of Intent Resolution. At the October 26, 2010, Regular City Council Meeting, the Council approved the printing and distribution of the preliminary official statement.
Deadline for City Council Action
November 9, 2010, in order to follow the schedule to issue bonds and receive funds by December 8, 2010.
Projected Future City Council Action
This action is the final step in the debt issuance process. The funds will be delivered to the City on December 8, 2010.
Fiscal Impact
The debt service for this issue until the call dates of the certificates will be escrowed funds established with the debt issuance.
Staff Recommendation
Conduct the public hearing and consider the ordinance on first reading.
Drafter
Beth C. Davis, Finance Director