Title
Consideration and action with respect to "RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF PFLUGERVILLE, TEXAS COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2019 AND OTHER MATTERS RELATED THERETO." (Wastewater and Transportation capital improvements projects)
Summary
This is the first step in the process of issuing debt to finance projects approved by the City Council. The proposed certificates of obligation will be used to fund transportation capital improvement projects of $7.4 million and wastewater capital improvement projects of $12.53 million. At the August 14, 2018 City Council meeting, the Council finalized the list of transportation projects and directed staff to proceed with preparing the notice of intent for $7.4 million of projects as included on the attached schedule. The wastewater projects were approved as part of the FY19 budget on September 25, 2018, see attached.
By approving this resolution, the City is not bound to the issuance of certificates of obligation. However, if issued, the total amount cannot exceed $19,930,000, as stated in the attached resolution, prepared by Richard Donoghue, bond counsel. This amount includes all project and bond issuance costs. At this meeting, City Council will also be requested to approve a resolution "Expressing Official Intent to Reimburse Certain Expenditures" related to this issuance. A tentative financing schedule is attached to this agenda item.
The certificates of obligation will be issued in conjunction with general obligation bonds. As approved by voters on November 6, 2018, the City is authorized to issue a total of $21.1 million for transportation projects, of which $5,225,000 will be issued in FY19.
Mr. Terrell Palmer, of Post Oak Municipal Advisors, will be working with the City as the financial advisor for this transaction. Mr. Richard Donoghue, of McCall, Parkhurst, and Horton, will be working with the City as bond counsel. ...
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