Title
Conduct a public hearing regarding the issuance of City of Pflugerville, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2020 and consideration and action on first and final reading with respect to an ordinance with the caption reading: Ordinance Authorizing the Issuance of City of Pflugerville, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2020; 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
This public hearing and ordinance is the final 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 street projects in the amount of $11,500,000, water projects in the amount of $24,880,000 and wastewater projects in the amount of $15,120,000 as outlined on the capital improvement program schedules which are attached to this agenda item By approving this ordinance, the City is authorizing the issuance of certificates of obligation in an amount not to exceed $51,500,000, including all project and bond issuance costs.
Authorization of this item is necessary to complete the construction of the projects listed on the attachment.
The attached ordinance has been prepared by bond counsel. The pricing terms of the certificates were finalized and incorporated into the ordinance today, September 22, 2020. Moody's has maintained the City's Aa1 rating. The first interest payment is scheduled for February 1, 2021 and interest and principal for August 1, 2021.
Mr. Dusty Traylor and Bob Henderson, financial advisors and Mr. Richard Donoghue, bond counsel, will be at the City Council meeting to answer any questions you may have.
Prior City Council Action
At the July 28, 2020 Council meeting, the Notice of Intent to Issue (NOI) was approved to begin the process for issuing the Combination Tax and Limited Revenue Certificates of Obligation, Series 2020.
Deadline for City Council Action
The ordinance authorizing the issuance must be adopted on September 22, 2020 to complete the process of selling the certificates priced the same day.
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: $ 51.5 million certificate of obligation________
1295 Form Required? Yes _X_ No __
Legal Review Required: N/A __ Required _X_ Date Completed: _Prepared by MPH Bond Counsel and received 9/11/2020__________
Supporting documents attached:
Ordinance
Projects for Bond Issuance September 2020
Timetable of Events
Recommended Action
Conduct the public hearing.
Approve the ordinance on first and final reading Authorizing the Issuance of City of Pflugerville, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2020; 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.