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 COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2010; AUTHORIZING THE LEVY OF AN AD VALOREM TAX AND THE PLEDGE OF CERTAIN NET REVENUES IN SUPPORT OF THE CERTIFICATES; APPROVING AN OFFICIAL STATEMENT, A PURCHASE AGREEMENT AND A PAYING AGENT/REGISTRAR AGREEMENT; AND AUTHORIZING OTHER MATTERS RELATED TO THE CERTIFICATES.
Summary
The issuance of these bonds will fund the purchase of infrastructure constructed in the Stone Hill commercial development. In accordance with the NewQuest Properties agreement, a $4,000,000 payment is to be made on December 15, 2010. 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