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 $26,500,000; AND OTHER MATTERS RELATED THERETO.
Summary
Upon recommendation from the City's financial advisor, Mr. Terrell Palmer, First Southwest, the City has decided to delay the issuance of the 2015 Certificates of Obligation and General Obligation (Limited Tax) Bonds. The attached resolution outlines the revision to move the ordinance authorizing the issuance of Certificates of Obligation and associated public hearing to April 28, 2015. No action is needed to delay the General Obligation (Limited Tax) Bonds. Attached to this agenda item is a revised Tentative Financing Schedule for this issuance moving the Award Sale of Certificates from March 10 to April 28, 2015 and the funding date from April 7 to May 27, 2015.
Prior City Council Action
On January 27, 2015, the City Council approved a Notice of Intent Resolution for this bond issue and on February 24, 2015, City Council approved a Preliminary Official Statement (POS).
Projected Future City Council Action
On March 24, the Council will consider parameters for issuing refunding bonds.
On April 14, 2015, the Council will consider approval of a revised Preliminary Official Statement (POS).
On April 28, the Council will hold a public hearing and consider an Ordinance to Award the Sale of the Certificates.
Fiscal Impact
The bonds have been structured with no payments due until February 2016 which will allow for funding as part of the 2016 budget. Although decisions regarding the distribution of the ad valorem tax revenues will be made during the budget process, based on FY15 information, the annual debt service on the general obligation bonds would equate to 2.3? on the ad valorem tax rate and the roadway and parks portion of the debt service on the certificates of obligatio...
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