Title
Approving an ordinance on first and final reading with caption reading: ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PFLUGERVILLE, TEXAS COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2014; 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 be used for constructing, improving, extending, expanding, upgrading and/or developing City streets, intersections, drainage, sidewalk and other traffic improvement projects and related costs and purchasing any necessary right-of-way, including improvements to Impact Way; and constructing, improving and extending the City's waterworks and sewer system including the system in conjunction with Impact Way. The total amount of certificates of obligation issued, including issuance costs, will not exceed $5,300,000. The pricing terms of the certificates will be finalized and incorporated into the attached ordinance on Tuesday, February 25th after the obligations have been priced. The City's financial advisor and bond counsel will be in attendance to answer any questions that City Council may have.
Prior City Council Action
On November 26, 2013, the City Council approved a Notice of Intent Resolution for this bond issue.
On January 28, 2014, the City Council held a public hearing, approved the Preliminary Official Statement and delayed consideration of the ordinance to Award Sale of the Certificates until February 25, 2014.
Deadline for City Council Action
Awarding the Sale of the Certificates on February 25, 2014 provides for funding to transfer to the City on March 20, 2014.
Fiscal Impact
There is no fiscal impact to the city resulting from this debt issuance. On November 26, 2013 Council approved an agreement between the City and th...
Click here for full text