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HomeMy WebLinkAboutO-2006-2879 9 REQUEST FOR CITY COUNCIL AGENDA ITEM Requested By: C nthia Alexander Asst Cit Department: FINANCE Appropriation Agenda Date Requested: March 24, 2006 Source of Funds: NtA Account Number: Nt A Report: Resolution: Ordinance: xx Amount Budgeted: Amount Requested: N/A Exhibits: Budgeted Item: Exhibits: SUMMARY & RECOMMENDATION At this time, we would like to issue Certificates of Obligation Bonds for the following projects: Police Headquarters Sports Complex Trunk Sewer Main Water and Sewer Improvements Total 2,800,000 2,000,000 650,000 350,000 $5,800,000 :-- We are requesting consideration and approval of an ordinance authorizing the issuance of City of La Porte Texas Certificates of Obligations, Series 2006. Action Required bv Council: Approve Ordinance authorizing the sale of $5.8 million in Certificates of Obligation Approved for City Council Agenda L/ -' (q-(J& Date ~g 10, ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 2006; AND CONTAINING OTHER MATTERS INCIDENT THERETO BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: ARTICLE I FINDINGS AND DETERMINATIONS Section 1.1: Findings and Determinations. The City Council hereby officially finds and determines that: (a) The City of La Porte, Texas (the "City"), acting through its City Council, is authorized pursuant to and in accordance with the provisions of Texas Local Government Code, Chapter 271, Subchapter C, as amended (the "Act"), to issue certificates of obligation to provide all or part of the funds to pay contractual obligations to be incurred for the construction of public works and 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, to wit (i) construction of a Police Headquarters located at 23rd Street and Spencer Highway in the City, (ii) construction of a new Sports Complex located on the south side of Spencer Highway and the eastside of Spring Creek Gulley in the City, (iii) construction of a trunk sewer main on Weens Boulevard, (iv) various additional water and sewer improvements within the City, and (v) professional services rendered in connection with the above listed projects. (b) The City Council authorized the publication of a notice of intention to issue City of La Porte, Texas, Certificates of Obligation, Series 2006 (the "Certificates") to the effect that the City Council was tentatively scheduled to meet at 6:00 p.m. on April 24, 2006 at its regular meeting place to adopt an ordinance authorizing the issuance of the Certificates to be payable from (i) an ad valorem tax levied, within the limits prescribed by law, on the taxable property located within the City, and (ii) the revenues to be derived from the City's water and sewer system (the "System") after the payment of all operation and maintenance expenses thereof (the "Net Revenues") in an amount not to exceed $1,000, to the extent that ad valorem taxes are ever insufficient or unavailable for such purposes, provided that the pledge of Net Revenues is and shall be junior and subordinate in all respects to the pledge of Net Revenues to the payment of any obligation of the City, whether authorized heretofore or hereafter, which the City designates as having a pledge senior to the pledge of the Net Revenues to the payment of the Certificates. (c) Such notice was published at the times and in the manner required by the Act. (d) No petition signed by at least five percent (5%) of the qualified voters of the City has been filed with or presented to any official of the City protesting the issuance of such Certificates on or before the date of passage of this Ordinance. 1 (e) The City has determined that it is in the best interests of the City and that it is otherwise desirable to issue the Certificates to provide all or part of the funds to pay contractual obligations to be incurred for the purposes authorized by the Act. ARTICLE II DEFINITIONS AND INTERPRETATIONS Section 2.1: Definitions. As used herein, the following terms shall have the meanings specified, unless the context clearly indicates otherwise: "Act" shall mean Texas Local Government Code, Chapter 271, Subchapter C, as amended. "Attorney General" shall mean the Attorney General of the State of Texas. "Certificate" or "Certificates" shall mean any or all of the City of La Porte, Texas, Certificates of Obligation, Series 2006, authorized by this Ordinance. "City" shall mean the City of La Porte, Texas, and, where appropriate, its City Council. "City Council" shall mean the governing body of the City. "Code" shall mean the Internal Revenue Code of 1986, as amended. "Comptroller" shall mean the Comptroller of Public Accounts of the State of Texas. "Debt Service Fund" shall mean the fund by that name created pursuant to Section 5.2 hereof. "Fiscal Year" shall mean the City's then designated fiscal year, which currently is the twelve-month period beginning on the first day of October of a calendar year and ending on the last day of September of the next succeeding calendar year and each such period may be designated with the number of the calendar year in which such period ends. "Interest Payment Date," when used in connection with any Certificate, shall mean March 15, 2007, and each March 15 and September 15 thereafter until maturity or earlier redemption of such Certificate. "Issuance Date" shall mean the date on which the Certificates are delivered to and paid for by the Underwriters. "Ordinance" shall mean this Ordinance and all amendments hereof and supplements hereto. "Outstanding," when used with reference to the Certificates, shall mean, as of a particular date, all Certificates theretofore and thereupon delivered pursuant to this Ordinance except: (a) any Certificates canceled by or on behalf of the City at or before such date; (b) any Certificates 2 CERTIFICATE FOR ORDINANCE THE STATE OF TEXAS COUNT Y OF HARRIS CITY OF LA PORTE ~ ~ ~ We, the undersigned officers of the City of La Porte, Texas (the "City"), hereby certify as follows: 1. The City Council of the City convened in a regular meeting on April 24, 2006, at the regular meeting place thereof, within the City, and the roll was called of the duly constituted officers and members of the City Council, to wit: Alton E. Porter Mike Mosteit Barry Beasley Mike Clausen Howard Ebow Chuck Engelken Peter Griffiths Tommy C. Moser Louis Rigby Mayor Mayor Pro Tern Council Member Council Member Council Member Council Member Council Member Council Member Council Member and all of such persons were present, thus constituting a quorum. Whereupon, among other business. the following was transacted at said meeting: a written ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 2006; AND CONTAINING OTHER MA TIERS INCIDENT THERETO (the "Ordinance") was duly introduced for the consideration of the City Council. It was then duly moved and seconded that the Ordinance be adopted; and, after due discussion, such motion, carrying with it the adoption ofthe Ordinance, prevailed and carried by the following vote: AYES: 2. NAYS: Q ABSTENTIONS: Q 2. That a true, full and correct copy of the Ordinance adopted at the meeting described in the above and foregoing paragraph is attached to and follows this certificate; that the Ordinance has been duly recorded in the City Council's minutes of such meeting; that the above and foregoing paragraph is a true, full and correct excerpt from the City Council's minutes of such meeting pertaining to the adoptip),n of the Ordinance; that the persons named in the above and foregoing paragraph are the duly chosen,'~~~alified and acting officers and members of the City Council as indicated therein; that each of the officers and members of the City Council was duly and sufficiently notified officially and personally, in advance, of the date, hour, place and subject of the aforesaid meeting, and that the Ordinance wopld be introduced and considered for adoption at such meeting, and each of such officers and members consented, in advance, to the holding of such meeting for such purpose; that such meeting was open to the public as required by law; and that public notice of the date, hour, place and subject of such meeting was given as required by the Open Meetings Law, Chapter 551, Texas Government Code. HOU:2570085.1 PASSED AJ'lD ADOPTED tbis April 24.2006. ATTEST: .: (SEAL) ~ CITY OF LA PORTE, TEXAS ~~X~ M.ayor S*l ------~---- - ~--~->'-- ."A \ ~ ~fl HOU:648931.1 CITY OF LA PORTE, TEXAS CERTIFICATES OF OBLIGATION SERIES 2006 TRANSCRIPT OF PROCEEDINGS Andrews Kurth LLP 600 Travis, Suite 4200 Houston, Texas 77002 (713) 220-4200