Title
Conduct a public hearing and consider approving an ordinance on first reading with caption reading: ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PFLUGERVILLE, TEXAS, LIMITED TAX REFUNDING BONDS, AUTHORIZING THE LEVY OF AN AD VALOREM TAX IN SUPPORT OF THE BONDS; APPROVING AN OFFICIAL STATEMENT, A PURCHASE AGREEMENT, AN ESCROW AGREEMENT AND A PAYING AGENT/REGISTRAR AGREEMENT; AUTHORIZING CERTAIN OBLIGATIONS TO BE CALLED FOR REDEMPTION; ESTABLISHING PROCEDURES FOR SELLING AND DELIVERING THE BONDS AND AUTHORIZING OTHER MATTERS RELATED TO THE BONDS.
Summary
Current municipal bond market conditions warrant the consideration of issuing refunding bonds to lower future debt service payments. The city is maximizing the refunding opportunities at this time by refunding all bonds that are callable. The bond issues being considered for refunding at this time: 1999 General Obligation Bonds (Justice Center, roads, parks); 2002 Combination Tax and Revenue Certificates of Obligation (streets, parks, Colorado River Project); 2003 Combination Tax and Revenue Certificates of Obligation (police communications, Colorado River Project, wastewater interconnect); 2003-A Combination Tax and Revenue Certificates of Obligation (Colorado River Project, wastewater interconnect); and the 2004 Combination Tax and Revenue Certificates of Obligation (Colorado River Project, wastewater interconnect, Lake Pflugerville park, Wells Branch and Pflugerville Parkway East). The ordinance provides for the following parameters:
* minimum overall net present value debt service savings of 7% of the principal amount of the refunded obligations (net of any City contribution);
* maximum aggregate principal amount of the refunding bonds of $65,000,000;
* maximum maturity date of the refunding bonds of August 1, 2035;
* purchase price of the refunding bonds cannot be less than 90% of their principal amount (excluding the underwriters' discount);
* all outstanding ad valorem tax debt of the Ci...
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