Title
Conduct a public hearing and consider approving an ordinance on first reading with the caption reading: ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PFLUGERVILLE, TEXAS LIMITED TAX BONDS, SERIES 2010; AUTHORIZING THE LEVY OF AN AD VALOREM TAX IN SUPPORT OF THE BONDS; APPROVING AN OFFICIAL STATEMENT, A PURCHASE AGREEMENT AND A PAYING AGENT/REGISTRAR AGREEMENT; AND AUTHORIZING OTHER MATTERS RELATED TO THE BONDS.
Summary
The issuance of these bonds is to continue funding the expansion of the Pflugerville Community Library. Voters approved the issuance of $7,000,000 in bonds for this project. In fiscal year 2009, $3,000,000 of the $7,000,000 was issued. This fiscal year 2011, the issuance is for $2,000,000. The remaining $2,000,000 is anticipated to be issued in fiscal year 2012 to complete the 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 in included in the FY 2011 budget.
Staff Recommendation
Conduct the public hearing and consider the ordinance on first reading.
Drafter
Beth C. Davis, Finance Director