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HomeMy WebLinkAboutResolution 2025-16_Certificates of ObligationCERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTY OF HARRIS CITY OF LA PORTE We, the undersigned officers of the City Council (the "City Council') of the City of La Porte, Texas (the "City"), hereby certify as follows: 1. The City Council convened in a regular meeting on June 9, 2025, 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: Rick Helton Mayor Brandon Lunsford Council Member, At -Large A Brent McCaulley Council Member, At -Large B Mandi Williams Council Member, District 1 Chuck Engelkan Council Member, District 2 Bill Bentley Council Member, District 3 Robert Guerra Council Member, District 4 Jay Martin Council Member, District 5 Robbie McLarrin Council Member, District 6 and all of such persons were present except the following absentee(s): N/A , thus constituting a quorum. Whereupon, among other business, the following was transacted at such meeting: a written RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENT TO ISSUE CERTIFICATES OF OBLIGATION AND OTHER RELATED MATTERS was duly introduced for the consideration of such City Council and read in full. It was then duly moved and seconded that such Resolution be adopted; and, after due discussion, such motion, carrying with it the adoption of such Resolution, prevailed and carried by the following vote: AYES: a NAYS: �? ABSTENTIONS: C� 2. A true, full and correct copy of the aforesaid Resolution adopted at the meeting described in the above and foregoing paragraph is attached to and follows this certificate; that such Resolution 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 adoption of such Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified 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 purpose of the aforesaid meeting, and that the Resolution would 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 a11U ",M1WIL1.101 that public notice of the date, hour, place and subject of such meeting was given as required by Chapter 551, Texas Government Code, as amended. SIGNED AND SEALED this 9's day of June, 2025. City of LaPorte, Texas 'Citj ecDoll lary of La Porte, Texas 011782a00gg1 DW 3512W481v1 RESOLUTION NO. 2025- A to RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENT TO ISSUE CERTIFICATES OF OBLIGATION AND OTHER RELATED MATTERS STATE OF TEXAS § COUNTY OF HARRIS § 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, City Council has determined that it is in the best interests of the City to issue certificates of obligation in a principal amount not to exceed $13,500,000 (the "Certificates") pursuant Subchapter C of Chapter 271, Texas Local Government Code, in accordance with the notice hereinafter set forth; WHEREAS, in connection with the Certificates, the City intends to publish notice of its intent to issue the Certificates (the "Notice") in a newspaper of general circulation in the City; and 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; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: Section 1. The facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct. Section 2. The City Secretary is hereby authorized and directed to prepare and cause to be published the Notice in substantially the form attached hereto as Exhibit A. The Notice shall be published once a week for two (2) consecutive weeks in a newspaper of general circulation in the City, the date of the first publication to be at least forty-six (46) days before the date tentatively set in said Notice for the passage of the ordinance authorizing the issuance of the Certificates. In addition, the Notice shall be posted continuously on the City's internet website for at least forty- five (45) days before the date tentatively set for the passage of the order or ordinance authorizing the issuance of the Certificates. 011782,0000004 DMS 351297481v1 Section 3. For purposes of the Notice, the City hereby designates as self-supporting those public securities listed in the attached Exhibit B, the debt service on which the City currently pays from sources other than ad valorem tax collections. Section 4. 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, City Manager, Director of Finance or other authorized officers and agents of the City. Section S. The Mayor, City Secretary, City Manager, Director of Finance and other officers and agents of the City are hereby authorized and directed to do any and all things necessary or desirable to carry out the provisions of this Resolution. Section 6. This Resolution shall take effect immediately upon its passage. Section 7. 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 the Texas Government Code, Chapter 551, as amended. 011782.0000004 DMS 351297481v1 PASSED AND APPROVED the 9th day of June, 2025. CITY OF LA PORTS, T)�XAS Mayor ATTEST: S-1 011782.00000N DMS35129748NI EXHIBIT A NOTICE OF INTENT TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the City Council of the City of La Porte, Texas (the "City") will meet at its regular meeting place at City Council Chambers, City Hall, 604 West Fairmont Parkway, La Porte, Texas at 6:00 p.m. on July 28, 2025, which is the time and place tentatively set for the passage of an ordinance authorizing the issuance of the City's certificates of obligation (the "Certificates") in the maximum aggregate principal amount of $13,500,000 to pay contractual obligations incurred for (i) the planning, acquisition, design and construction of a public works facility and (ii) payment of professional services rendered in connection therewith. The Certificates will be payable from ad valorem taxes and a limited pledge of surplus net revenues of the City's water and sewer system, will bear interest at any rate or rates, not to exceed the maximum interest rate authorized by law, as determined within the discretion of the City Council at the time of issuance, and will mature over a period of years not to exceed thirty (30) years from their date. It is estimated that the combined principal and interest required to pay the Certificates is $19,694,917. Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate of 5.00%. Such amounts are derived from projections obtained from the City's financial advisor based upon current market conditions, and are provided by the City without assurance that such projections will be realized. The City cannot guarantee that such conditions will continue through the date of the sale of the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax -supported debt obligations of the City is $35,620,000, and, based on the City's expectations, as of the date of this notice the combined principal and interest required to pay all of the outstanding tax -supported debt obligations of the City on time and in full is $43,224,809 (in each case excluding public securities secured by an ad valorem tax but designated by the City as self-supporting pursuant to a resolution adopted by the City Council on June 9, 2025, which resolution is available from the City upon request). CITY OF LA PORTE, TEXAS A-1 011782.0000004 DMS 35129748M EXHIBIT B SELF-SUPPORTING DEBT Outstanding Percentage Principal Amount Designated as Designated as Self Series Designation Self -Supporting Supporting General Obligation Refunding Bonds, Series 2016 1000/0 $2,010,000 Total Principal Amount Designated as Self $2,010,000 Supporting 011782.0000004 DMS 351297481v1