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 2013; 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 complete funding for the expansion of the Pflugerville Community Library. Voters approved the issuance of $7M in bonds for this project. In fiscal year 2009 $3M of the $7M was issued. In fiscal year 2011 an additional $2M bond issue was issued. This fiscal year 2013 issuance will provide funding to complete the project. The pricing terms of the obligations will be finalized and incorporated into the attached ordinance on January 8th after the obligations have been priced. 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 2013 was initiated on November 13, 2012, with Council's approval of a Notice of Intent Resolution. At the December 11, 2012, regular meeting Council approved the printing and distribution of the preliminary official statement.
Deadline for City Council Action
Action on this ordinance should be made on January 8, 2013, in order to follow the schedule to issue bonds and receive funds by February 6, 2013.
Fiscal Impact
The debt service for this issue is included in the fiscal year 2013 budget.
Staff Recommendation
Conduct the public hearing and consider the ordinance on first reading.
Drafter
Lauri Gillam
Assistant City Manager