HomeMy WebLinkAboutCity Council Resolutions (Resolution R-22-4770)-09/20/2022RESOLUTION R-22-4770
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS, APPROVING AND AUTHORIZING
PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES
OF OBLIGATION; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council of the City of Colleyville, Texas (the "City"),
has determined that certificates of obligation (the
"Certificates") should be issued under and pursuant to the
provisions of Subchapter C of Chapter 271, Texas Local
Government Code, as amended, for the purpose of paying
contractual obligations to be incurred for (i) constructing,
improving, renovating, and equipping park and recreation
facilities, including the acquisition of land therefor, and
(ii) professional services rendered in connection thereof; and
WHEREAS, prior to the issuance of such Certificates, the City Council is
required to publish notice of its intention to issue the same in
a newspaper of general circulation in the City, said notice
stating (i) the time and place the Council tentatively proposes
to pass the ordinance authorizing the issuance of the
Certificates, (ii) the maximum amount proposed to be issued,
(iii) the purposes for which the Certificates are to be issued
and (iv) the manner in which the Council proposes to pay the
Certificates.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS:
Sec.1 THAT the City Secretary is hereby authorized and directed to
cause notice to be published of the Council's intention to issue
certificates of obligation, in one or more series, in a principal
amount not to exceed $10,300,000 for the purpose of paying
contractual obligations to be incurred for (i) constructing,
improving, renovating, and equipping park and recreation
facilities, including the acquisition of land therefor, and
(ii) professional services rendered in connection thereof; such
Certificates to be payable from ad valorem taxes and a limited
pledge of the net revenues of the City's waterworks and sewer
system. The notice hereby approved and authorized to be
published shall read substantially in the form and content of
Exhibit "A" hereto attached and incorporated herein by
reference as a part of this resolution for all purposes.
Resolution R-22-4770
Page 2 of 2
Sec. 2. THAT the City Secretary shall cause the aforesaid notice to be
(i) published in a newspaper of general circulation in the City,
once a week for two consecutive weeks, the date of the first
publication to be at least forty-six (46) days prior to the date
stated therein for the passage of the ordinance authorizing the
issuance of the Certificates and (ii) posted continuously on the
City's website for at least forty-five (45) days before the date
stated therein for the passage of the ordinance authorizing the
issuance of the Certificates.
Sec. 3. THAT it is officially found, determined, and declared that the
meeting at which this Resolution is adopted was open to the
public and public notice of the time, place, and subject matter
of the public business to be considered at such meeting,
including this Resolution, was given, all as required by Texas
Government Code, Chapter 551, as amended.
Sec 4. THAT this Resolution shall be in force and effect from and after
its passage and approval on the date shown below.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF 7 AYES, 0 NAYS, ON THIS THE 20TH DAY OF
SEPTEMBER 2022.
Mayor Bobby Lindamood Aye Mayor Pro Tem Kathy Wheat Aye
Brandi Elder, Place 1 Aye George Bond, Place 2 Aye
George Dodson, Place 4 Aye Chuck Kelley, Place 5 Aye
Callie Rigney, Place 6 Aye
ATTEST:
Christine Loven, TRMC
City Secretary
CITY OF COLLEYVILLE
Bobby Li amood
Mayor
EXHIBIT "A"
NOTICE OF INTENTION TO ISSUE CITY OF COLLEYVILLE, TEXAS
CERTIFICATES OF OBLIGATION
TAKE NOTICE the City Council of the City of Colleyville, Texas, shall convene at
7:00 o'clock p.m. on November 15, 2022, at its regular meeting place in the Colleyville City Hall,
100 Main Street, Texas, and, during such meeting, the City Council will consider the passage of
an ordinance authorizing the issuance of certificates of obligation, in one or more series, in a
principal amount not to exceed $10,300,000 for the purpose of paying contractual obligations to
be incurred for (i) constructing, improving, renovating, and equipping park and recreation
facilities, including the acquisition of land therefor, and (ii) professional services rendered in
connection thereof; and such certificates are to be payable from ad valorem taxes and a limited
pledge of the net revenues of the City's waterworks and sewer system. In accordance with Texas
Local Government Code Section 271.049, (i) the current principal amount of all of the City's
outstanding public securities secured by and payable from ad valorem taxes is $2,914,922; (ii) the
current combined principal and interest required to pay all of the City's outstanding public
securities secured by and payable from ad valorem taxes on time and in full is $3,068,965; (iii) the
estimated combined principal and interest required to pay the certificates of obligation to be
authorized on time and in full is $18,348,547; (iv) the maximum interest rate for the certificates
may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the
certificates to be authorized is February 15, 2047. The certificates are to be issued, and this notice
is given, under and pursuant to the provisions of Texas Local Government Code, Subchapter C of
Chapter 271.
City Secretary
City of Colleyville, Texas