Title
Conduct a public hearing regarding the issuance of City of Pflugerville, Texas Limited Refunding Bonds, Series 2020B 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 Limited Tax Refunding Bonds, Series 2020B; 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; Calling Certain Obligations for Redemption and Authorizing Other Matters Related to the Bonds.
Summary
This public hearing and ordinance is the final step in the process of issuing debt to refinance or refund a portion of the City's currently outstanding obligations in the amount of $16,295,000. By approving this ordinance, the City is authorizing the issuance of limited tax refunding bonds in an amount not to exceed $ 16,295,000, including all project and bond issuance costs. The first interest payment is scheduled for February 1, 2021 and interest and principal payments due August 1, 2021.
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. Present value savings are anticipated to be over $ 2.6 million as a result of this refunding.
Mr. Dusty Traylor and Bob Henderson, financial advisors and Mr. Richard Donoghue, bond counsel, will be at the 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 of issuing the Texas Limited Refunding Bonds, Series 2020B.
Deadline for City Council Action
The ordinance authorizing the issuance must be adopted on September 22, 2020 to complete the process of selling the limited tax refunding bonds priced the same day.
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: __$ 16.295 million limited tax refunding bonds______
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 Limited Tax Refunding Bonds, Series 2020B; 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; Calling Certain Obligations for Redemption and Authorizing Other Matters Related to the Bonds.