HomeMy WebLinkAboutCity Council-Agenda Packets-11/15/2004
citY of
Ie
Texas
PUBLIC NOTICE
JOINT
COLLEYVILLE CITY COUNCIL
AND
SH26 ADVISORY COMMITTEE
WORKSESSION AGENDA
NOVEMBER 15, 2004
6:00 P.M.
COLLEYVILLE PUBLIC LIBRARY
SECOND FLOOR
110 MAIN STREET
I. Call to Order
II. Discussion of burying SH26 power lines and financing
III. Adjournment
100 MAIN STREETCOLLEYVILLE, TEXAS 76034 (817) 503-1000
MEMORANDUM
Office of City Manager
TO:
SH26 Advisory Committee
cc: Mayor and City Council
Terry Leake, Finance Director
Ed Esquivel, Bond Counsel
Jim Sabonis, Finance Advisor
Bill Lindley
Discussion of relocation overhead utility lines
November 11, 2004
FROM:
SUBJECT:
DATE:
The City Council has scheduled a meeting Monday, November 15 to discuss with
your Committee the consideration of relocating the overhead utility lines along
SH26. The City Council will consider calling a bond election for February 2005
for various projects at the November 16 City Council meeting. One of the
possible projects includes related costs for relocation of the overhead utility lines
underground along the corridor.
While preparing the bond ballot language, the City's Bond Counsel discussed
with the City Council the ability of a local government to issue long term debt for
this type of project. The crux of the question posed was the ability of the City to
issue debt for improvements owned by a third party to which the City has no
claim of asset ownership. At the request of the City Council, the Bond Attorney
discussed with the State Attorney General's Office (SAGO) the permissibility for
issuing debt for this type of project.
Following further research, the Bond Attorney reviewed and cited court cases to
the SAGO where previous court rulings provide, in their opinion, justification for
the project. The SAGO has verbally advised it would approve the debt issuance.
The SAGO advised that the City cannot rely though on this verbal review as a
formal legal opinion in the event there is any legal challenge by an interested
party in respect to the debt. The Bond Counsel verified the discussion with the
SAGO in a follow up letter.
The City Council would like to discuss with the Committee members views on
proceeding with a bond funding for this project. Your attendance and
participation at this meeting is greatly appreciated by the City Council. Please
feel free to call me at 817.503.1116 or Terry Leake at 817.503-1015, should you
have any questions about the meeting. I look forward to seeing each of you at
the meeting next Monday evening.