Title
Approving a Resolution Directing the Publication of Notice of Intention to Issue City of Pflugerville, Texas, Combination Tax and Revenue Certificates of Obligation, and Other Matters Related Thereto.
Summary
This is the first step in the process of issuing debt to finance projects approved by the City Council. The City Council has discussed the need for Impact Way, an interior roadway in the 130 Commerce Center aka Pflugerville Renewable Energy Park. The proposed certificates of obligation will be used to design and construct the roadway, sidewalk, dry utilities and wet utility infrastructure (water/wastewater) for Impact Way. There is an item on this evening's agenda to approve the Pflugerville Community Development Corporation (PCDC) acceptance of the bid proposal for this project. The total amount of certificates of obligation issued will not exceed $5,300,000, and includes all project and bond issuance costs.
Mr. Terrell Palmer and Mr. Troy Madres of First Southwest will be working with the City as the financial advisor for this transaction, and Mr. Richard Donoghue will be working with the City as bond counsel. Mr. Donoghue has drafted the attached resolution, which has also been reviewed by Mr. George Hyde, City Attorney. Mr. Donoghue and Mr. Madres will be at the City Council meeting to answer any questions you may have.
Deadline for City Council Action
In order to close on the bonds and receive the funds by February 20, 2014, this resolution must be approved on November 26.
Projected Future City Council Action
The next action to be taken by the City Council will be on January 14, 2014, to approve the preliminary official statement. On January 28, 2014, at its regular meeting, Council will conduct a public hearing and award the sale of the certificates. A tentative financing schedule is attached to this agenda item.
Fiscal Impact
There is no fiscal impact to the city resulting from this debt issuance. This agenda includes consider...
Click here for full text