HomeMy WebLinkAboutR-2015-13 authorize publication/notice of intent/issue certificates of obligation, distribution of preliminary official statement 2015-13
RESOLUTION NO. 2015-
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE CERTIFICATES OF OBLIGATION; AUTHORIZING
DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT; AND
AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO
STATE OF TEXAS §
COUNTY OF HARRIS §
CITY OF LA PORTE §
WHEREAS, the City Council (the "City Council") of the City of LaPorte, 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
$8,000,000 styled "City of LaPorte, Texas Certificates of Obligation, Series 2015" (the
"Certificates")in accordance with the notice hereinafter set forth;
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; 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. 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, in,the form 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 thirty-one (3 1)
days before the date tentatively set in the Notice for the passage of the ordinance authorizing the
issuance of the Certificates.
HOU:3579976.1
Notwithstanding any other!provision of this Resolution,the Mayor and City Manager are
each hereby authorized to make or approve such revisions, additions, deletions, and variations to
the Notice as, in the judgment of,the Mayor and/or,City Manager and in the opinion of Bond
Counsel to the City, may be necessary or convenient to carry out or assist in carrying out the
purposes of this Resolution, or as may be required for approval of the Certificates by the
Attorney General of Texas; provided, however, that any change to the Notice resulting in
material substantive amendments shall be subject to the prior approval of City Council.
Section 3. 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.
Section 4. Authorization of Other Matters Relating Thereto. The Mayor, City
Secretary 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 5. Effective Date. This Resolution shall take effect immediately upon its
passage.
Section 6. Public Meeting. 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.
HOU:3579976.1 2
PASSED AND APPROVED the 24th day of August,2015
CITY OF LA PORTE, TEXAS
Mayor
ATTEST
CQ.
City Secretary
(SEAL)
S-1
HOU:3579976.1
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of LaPorte, 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 September 28, 2015, which is the time and
place tentatively set for the passage of an ordinance and such other action as may be deemed
necessary to authorize the issuance of the City's certificates of obligation, payable from ad
valorem taxation and a limited (in an amount not to exceed $1,000) and subordinate pledge of
certain revenues of the water and sewer system of the City, in the maximum aggregate principal
amount of$8,000,000, bearing interest at any rate or rates, not to exceed the maximum interest
rate now or hereafter authorized by law, as shall be determined within the discretion of the City
Council at the time of issuance and maturing over a period of years not to exceed forty(40)years
from the date thereof, for the purpose of evidencing the indebtedness of the City to pay all or any
part of the contractual obligations to be incurred for the construction of public works, the
purchase of materials, supplies, equipment, machinery, buildings, land and rights-of-way for
authorized needs and purposes, to wit: (i) improvements and extensions to the City's water and
sewer system, (ii) street improvements, (iii) drainage improvements, and (iv) professional
services rendered in connection with the above listed projects.
S-1
HOU:3579976.1
l