Title
Approving a resolution with a caption reading: RESOLUTION DELAYING ACTION ON AN ORDINANCE AUTHORIZING CITY OF PFLUGERVILLE, TEXAS COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF OBLIGATION IN AN AMOUNT NOT TO EXCEED $5,300,000; AND OTHER MATTERS RELATED THERETO.
Summary
The City's Financial Advisor, Mr. Troy Madres of First Southwest, has recommended a delay in the issuance of the 2014 Certificates of Obligation. We believe this two week delay could provide additional time for the City to obtain a clearer timeline for repayment of the PCDC loan, which could be shared with the rating agencies. Attached to this agenda item is a revised Tentative Financing Schedule for this issuance moving the Award Sale of Certificates from January 28 to February 11, 2014 and the funding date from February 20 to March 6, 2014.
Prior City Council Action
On November 26, 2013, the City Council approved a Notice of Intent Resolution for this bond issue. Earlier in this meeting Council held a public hearing regarding this issue and considered a resolution approving the Preliminary Official Statement.
Projected Future City Council Action
On February 11, 2014, the Council will consider an Ordinance to Award the Sale of the Certificates.
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 PCDC whereby PCDC agreed to pay debt service payments on this debt issuance.
Staff Recommendation
Approve the resolution.
Drafter
Lauri Gillam
Assistant City Manager