Title
Conduct a public hearing regarding the Issuance of City of Pflugerville, Texas Combination Tax and Limited Revenue Certificates of Obligation, and approving an Ordinance on first and final reading with the caption reading: Ordinance Authorizing the Issuance of City of Pflugerville, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2025; Levying an Ad Valorem Tax and Pledging Certain Net Revenues in Support of the Certificates; Approving an Official Statement, a Purchase Agreement and other agreements; Establishing procedures for selling and delivering the Certificates and Authorizing Other Matters Related to the Certificates.
Summary
This Ordinance is the official action of the City Council authorizing the issuance of the Certificates of Obligation (COs) as long as the final terms of the COs fall within the parameters established by the Ordinance. The Ordinance delegates the authority to the City Manager and the Assistant City Manager to set the final terms of the COs as long as they: (i) have a principal amount that does not exceed $142,000,000; (ii) mature no later than August 1, 2055, (iii) do not have any maturity that bears interest at a rate greater than 5.5%, and (iv) do not have a purchase price that is less than 90% of their principal amount.
The current amount the City is seeking in funds is $127M for various transportation, water and wastewater projects. A detail of the projects is provided in the attached "Project List" document. All of the projects were included in the FY25 Capital Budget.
This item is supported by the Infrastructure and Services pillars of the Strategic Plan.
Prior City Council Action
February 11, 2025: City Council authorized a Notice of Intent (NOI) to issue Certificates of Obligation for an amount up to $142M
Deadline for City Council Action
April 8, 2025 to align with the day of pricing
Funding Expected: Revenue _X_ Expenditure __ N/A __
Budget Source:
Budgeted Item: Yes _X_ No __ N...
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