R-2005-12 (see sticky note/resolution was on 7/25/05 agenda) authorizing sale of $1.8 million in certificates of obligation

Browse Search

..' . o~ RESOLUTION NO. 2005-12 RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION IN A PRINCIPAL AMOUNT NOT TO EXCEED $1.8 MILLION FOR THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF CERTAIN PUBLIC WORKS PROJECTS AND AN AERIAL TRUCK; AUTHORIZING DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT RELATING TO SUCH CERTIFICATES; AND AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO STATE OF TEXAS COUNTY OF HARRISS CITY OF LA PORTE ~ ~ ~ WHEREAS, the City Council (the "City Council") of the City of La Porte, Texas (the "City"), is authorized to issue certificates of obligation to pay contractual obligations to be incurred for the construction of public works, for the purchase of materials, supplies, equipment, machinery, buildings, land and rights-of-way for authorized needs and purposes, and for the payment of contractual obligations for professional services pursuant to Subchapter C of Chapter 271, Texas Local Government Code, as amended; WHEREAS, the City Council has determined that it is in the best interests of the City and otherwise desirable to issue certificates of obligation in a principal amount not to exceed $1,8 million styled "City of La Porte, Texas, Certificates of Obligation, Series 2005" (the "Certificates") for the design, engineering, acquisition and construction of certain public works and the purchase of certain equipment for authorized needs and purposes and for the payment of contractual obligations for professional services; WHEREAS, in connection with the Certificates, the City Council intends to publish notice of its intent to issue the Certificates (the "Notice") in a newspaper of general circulation in the City; WHEREAS, for purposes of providing for the sale of the Certificates, the City Council intends to authorize the preparation of a Preliminary Official Statement (the "Preliminary Official Statement") to be used in the public offering of the Certificates; and WHEREAS, the City Council has been presented with and has examined the proposed form of Notice and finds that the form and substance thereof are satisfactory. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: Section I. Preamble. The facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct. Section 2. Authorization of Notice. The City Secretary is hereby authorized and directed to deliver the Notice set forth in Exhibit A hereto and to publish such Notice on behalf of the City once a week for two (2) consecutive weeks in a newspaper which is of general circulation in the City, the date of the first publication to be at least fifteen (15) days before the date tentatively set in the Notice for the passage of the ordinance authorizing the issuance of the Certificates. Section 3. Engagement of Professionals, This City Council hereby approves the engagement of Andrews Kurth LLP, as bond counsel ("Bond Counsel") in connection with the issuance of bonds and other debt obligations of the City, including the Certificates. Section 4. Authorization of a Preliminary Official Statement. This City Council hereby approves the preparation and distribution by the City's financial advisor to prospective purchasers of the Certificates of the Preliminary Official Statement, as the same may be completed, modified, or supplemented with the approval of the Mayor or other authorized officers and agents of the City.