Title
Discuss and consider action to approve a resolution with the caption reading: "Resolution authorizing the publication of Notice of Intention to Issue City of Pflugerville, Texas Combination Tax and Limited Revenue Certificates of Obligation and other matters related thereto" (Water, Wastewater, and Transportation capital improvement projects)
Summary
This is the first step in the process of issuing debt to finance projects approved by the City Council. The proposed certificates of obligation will be used to fund capital improvement projects for transportation ($11.5 million), water ($24.88 million), and wastewater ($15.12 million). A summarized list of all projects is attached. The transportation projects include funding necessary to complete the projects authorized by voters in the 2018 Bond election (particularly Kelly Lane) due to increased cost estimates. Numerous capital improvement projects are included in this issuance to enhance and expand both the water system and wastewater system. These water and wastewater projects are proposed as part of the capital improvement program contained in the FY21 proposed budget.
The certificates of obligation will be issued in conjunction with the general obligation (limited tax) bonds authorized by voters on November 6, 2018. At this election the voters authorized the City to issue a total of $21.1 million for transportation projects, of which $5,225,000 was issued in January 2019. This issuance would include the remaining $15.8 million authorized for issuance. In addition, the financial advisor believes that market conditions are favorable to refund or partially refund several outstanding obligations. The financial advisor is continuing to evaluating those opportunities and no Council action is needed at this time on a potential refunding issuance.
By approving this resolution, the City is not bound to the issuance of certificates of obligation. However, if issued, the total amount cannot exceed $51...
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