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HomeMy WebLinkAboutRes 21-23 Authorizing Publication of Notice of Intent to issue tax and revenue certificates of obligationRESOLUTION NO.21-23 A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAla, TEXAS, AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION; AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT AND NOTICE OF SALE; AND PROVIDING FOR OTHER MATTERS INCIDENTAL THERETO WHEREAS, the Town Council of the Town of Westlake, Texas (the "Town") deems it advisable to issue certificates of obligation (the "Certificates") of the Town in accordance with the notice hereinafter set forth; and WHEREAS, the Town desires to authorize the preparation of a preliminary official statement (the "Preliminary Official Statement") and notice of sale (the "Notice of Sale") in anticipation of its issuance of the Certificates; NOW, THEREFORE B'E, IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS THAT: Section 1. The findings, determinations, definitions and recitations, set out in the preamble to this resolution are found to be true and correct and are hereby adopted by Town Council and made a part hereof for all purposes. Section 2. The Town Secretary is hereby authorized and directed to cause to be published in the manner required by law and in substantially the form attached hereto as Exhibit A. a notice of the Town's intention to issue the Certificates (the "Notice"). Section 3. The Notice shall be published once a week for two (2) consecutive weeks in a newspaper that is of general circulation in the Town, the date of the first publication to be at least forty-six (46) days before the date tentatively set in the Notice for the passage of the ordinance authorizing the issuance of the Certificates. In addition, the Notice shall be posted continuously on the Town's website for at least forty-five (45) days before the date tentatively set in the Notice for the passage of the ordinance authorizing the issuance of the Certificates. Section 4. The Town hereby authorizes the preparation and distribution of a Notice of Sale, if required, and Preliminary Official Statement relating to the Certificates and authorizes the Town Manager or the Director of Finance to approve the contents of and deem final such Preliminary Official Statement within the meaning and for the purposes of paragraph (b)(1) of Rule 15c2-12 under the Securities Exchange Act of 1934. Section 5. For purposes of section 1.150-2(d) of the Treasury Regulations, this Notice serves as the Town's official declaration of intent to reimburse• itself from proceeds of the Certificates in the maximum principal amount and for expenditures paid in connection with the projects, each as set forth in Exhibit A. hereof. Any such reimbursement will only be made (i) for an original expenditure paid no earlier than 60 days prior to the date hereof and (ii) not later than 18 months after the 1r:F,t of (A) the date the original expenditure is paid or (B) the date the project #8073026.1 to which such expenditure relates is placed in service or abandoned, but in to event more than three years after the original expenditure is paid. Section 6. The Town's financial advisor, Hilltop Securities, Inc. and bond counsel, Bracewell LLP, are authorized and directed to proceed with the necessary arrangements for the sale of the Certificates in accordance with the aforesaid Notice of Sale and Preliminary Official Statement. Section 7. The Mayor, Town Manager, Director of Finance, Town Secretary, and other officers and agents of the Town are hereby authorized and directed to do any and all things necessary or desirable to carry out the provisions of this resolution. Section 8. This resolution shall take effect immediately upon its passage. [Execution Page to Follow) 48073026.1 -2- PASSED AND APPROVED on this the 21 st day of June, 2021 by the Town Council of the Town of Westlake, Texas. c Town Secretary Town of Westlake, Texas #8073026.1 A/ M yor Town of Westlake, Texas TOWN OF WESTLAKE NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas (the "Town"), will meet at the Town Council Chambers, 1500 Solana Boulevard Building 7, Suite 7200 Westlake, TX 76262, at 5:00 p.m., on the 23rd day of August, 2021 (unless alternative meeting arrangements are required to address public health concerns, which meeting arrangements will be specified in the notice of such meeting posted in accordance with applicable law), 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 Town's Combination Tax & Revenue Certificates of Obligation, Series 2021 (the "Certificates"), in the maximum aggregate principal amount not to exceed $3,400,000, payable from the levy of a direct and continuing ad valorem tax against all taxable property within the Town sufficient to pay the interest on this series of Certificates as due and to provide for the payment of the principal thereof as the same matures, as authorized by Chapter 271, Subchapter C, Texas Local Government Code, as amended, and from all or a part of the surplus revenues of the Town's water and wastewater revenue system, such pledge of surplus revenues being limited to $1,000, bearing interest at any rate or rates not to exceed the maximum interest rate authorized by law, as shall be determined within the discretion of the Town Council of the Town at the time of issuance of the Certificates, and maturing over a period not to exceed forty (40) years from the date of issuance, for the purposes of evidencing the indebtedness of the Town for all or any part of the costs associated with (i) designing, developing, constructing and acquiring drainage improvements and facilities within the Town, including the acquisition of land therefor; (ii) designing, developing, constructing, improving and renovating Town parks; trails and recreation facilities, including the acquisition of land therefor, (iii) designing, developing, constructing, improving, extending, and expanding streets, thoroughfares, sidewalks, bridges, and other public ways of the Town, including streetscaping, signage, streetlighting, right-of-way protection, utility relocation, and related storm drainage improvements; and acquiring rights -of -way in connection therewith, (iv) designing, developing, constructing, and renovating Town cemetery improvements; and (v) professional services incurred in connection with items (i) through (iv) and to pay the costs incurred in connection with the issuance of the Certificates. The estimated combined principal and interest required to pay the Certificates on time and in full is $4,405,706. Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate of approximately 2.75%. Market conditions affecting interest rates vary based on a number of factors beyond the control of the Town, and the Town cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax -supported debt obligations of the Town is $31,684,000. Based on the Town'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 Town on time and in full is $43,511,990. WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 21 st day of June, 2021. Todd Wood O.' Town Secretary Town of Westlake, Texas vn2-49076671.1 P�,ts CERTIFICATE FOR RESOLUTION STATE OF TEXAS TOWN OF WESTLAKE I, the undersigned officer of the Town Council of the Town of Westlake, Texas, hereby certify as follows: 1. The Town Council of the Town of Westlake, Texas, convened in a regular meeting on the 21 s' day of June, 2021, at the regular meeting place of the Town Council, and the roll was called of the duly constituted officers and members of said Town Council, to wit: Laura Wheat Mayor Carol Langdon Mayor Pro Tern Alesa Belvedere Council Member Chandrika Dasgupta Council Member Rajiv Trivedi Council Member Anna White Council Member and all of said persons were present, except the following absentee(s): ItIDy+e thus constituting a quorum. Whereupon, among other b1.lsiness, the following was transacted at said meeting: a written RESOLUTION NO. 21-23 A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION; AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT AND NOTICE OF SALE; AND PROVIDING FOR OTHER MATTERS INCIDENTAL THERETO was duly introduced for the consideration of said Town Council. It was then duly moved and seconded that said resolution be adopted; and, after due discussion, said motion, carrying with it the adoption of said resolution, prevailed and carried by the following vote: S Member(s) of Town Council shown present voted "Aye." Mernber(s) of Town Council shown present voted "No." 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 said resolution has been duly recorded in said Town Council's minutes of said meeting; that the above #8073026.1 and foregoing paragraph is a true, full and correct excerpt from said Town Council's minutes of said meeting pertaining to the adoption of said resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said Town Council as indicated therein; that each of the officers and members of said Town Council was duly and sufficiently notified officially and personally, in advance, of the date, hour, place and purpose of the aforesaid meeting, and that said resolution would be introduced and considered for adoption at said meeting, and each of said officers and members consented, in advance, to the holding of said meeting for such purpose; that said meeting was open to the public as required by law; and that public notice of the date, hour, place and subject of said meeting was given as required by Chapter 551, Texas Government Code. SIGNED AND SEALED this 21 5* day of Jane , 2021. ev� * Tod Wood Town Secretary Town of Westlake. Texas [SEAL] _ TEXAS #8073026.1 -2- EXHIBIT A DESCRIPTION OF PROJECT Purpose/Project Amount (i) designing, developing, constructing and acquiring drainage $3,400,000 improvements and facilities within the Town, including the acquisition of land therefor; (ii) designing, developing, constructing, improving and renovating Town parks, trails and recreation facilities, including the acquisition of land therefor, (iii) designing, developing, constructing, improving, extending, and expanding streets, thoroughfares, sidewalks, bridges, and other public ways of the Towii, including streetscaping, signage, streetlighting, right-of-way protection, utility relocation, and related storm drainage improvements; and acquiring rights -of - way in connection therewith, (iv) designing, developing, constructing, and renovating Town cemetery improvements. 4o A -I 94098890.1 CERTIFICATE FOR RESOLUTION STATE OF TEXAS TOWN OF WESTLAKE I, the undersigned officer of the Town Council of the Town of Westlake, Texas, hereby certify as follows: 1. The Town Council of the Town of Westlake, Texas, convened in a regular meeting on the 21'" day of June, 2021, at the regular meeting place of the Town Council, and the roll was called of the duly constituted officers and members of said Town Council, to wit: Laura Wheat Mayor Carol Langdon Mayor Pro Tern Alesa Belvedere Council Member Chandrika Dasgupta Council Member Rajiv Trivedi Council Member Anna White Council Member and all of said persons were present, except the following absentee(s): /Done thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written RESOLUTION NO. 21-23 A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION;. AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT AND NOTICE OF SALE; AND PROVIDING FOR OTHER MATTERS INCIDENTAL THERETO was duly introduced for the consideration of said Town Council. It was then duly moved and seconded that said resolution be adopted; and, after due discussion, said motion, carrying with it the adoption of said resolution, prevailed and carried by the following vote: EST�9r S Member(s) of Town Council shown present voted "Aye." (� Member(s) of Town Council shown present voted "No." rrrx PS, 2. A true, full and correct copy of the aforesaid resolution adopted at the m(�Ptin-`° described in the above and foregoing paragraph is attached to and follows this certificate; that said resolution has been duly recorded in said Town Council's minutes of said meeting; that the above #8073026.1 and foregoing paragraph is a true, full and correct excerpt from said Town Council's minutes of said meeting pertaining to the adoption of said resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said Town Council as indicated therein; that each of the officers and members of said Town Council was duly and sufficiently notified officially and personally, in advance, of the date, hour, place and purpose of the aforesaid meeting, and that said resolution would be introduced and considered for adoption at said meeting, and each of said officers and members consented, in advance, to the holding of said meeting for such purpose; that said meeting was open to the public as required by law; and that public notice of the date, hour, place and subject of said meeting was given as required by Chapter 551, Texas Government Code. SIGNED AND SEALED this 2/*� day of Jvn t 12021. [SEAL] rE X P5 #8073026.1 -2- `r/ Todd ood 4 Town Secretary Town of Westlake, Texas WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 21st day of .Lune, 2021. Todd Wood Town Secretary Town of Westlake, Texas 48073026.1 -2- �e5 z1 -23 TOWN OF WESTLAKE NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas (the "Town"), will meet at the Town Council Chambers, 1500 Solana Boulevard Builduig 7, Suite 7200 Westlake, TX 76262, at 5:00 p.m., on the 23rd day of August, 2021 (unless alternative meeting arrangements are required to address public health concerns, which meeting arrangements will be specified in the notice of such meeting posted in accordance with applicable law), 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 Town's Combination Tax & Revenue Certificates of Obligation, Series 2021 (the "Certificates"), in the maximum aggregate principal amount not to exceed $3,400,000, payable from the levy of a direct and continuing ad valorem tax against all taxable property within the Town sufficient to pay the interest on this series of Certificates as due and to provide for the payment of the principal thereof as the same matures, as authorized by Chapter 271, Subchapter C, Texas Local Government Code, as amended, and from all or a part of the surplus revenues of the Town's water and wastewater revenue system, such pledge of surplus revenues being limited to $1,000, bearing interest at any rate or rates not to exceed the maximum interest rate authorized by law, as shall be determined within the discretion of the Town Council of the Town at the time of issuance of the Certificates, and maturing over a period not to exceed forty (40) years from the date of issuance, for the purposes of evidencing the indebtedness of the Town for all or any part of the costs associated with (i) designing, developing, constructing and acquiring drainage improvements and facilities within the Town, including the acquisition of land therefor; (ii) designing, developing, constructing, improving and renovating Town parks, trails and recreation facilities, including the acquisition of land therefor, (iii) designing, developing, constructing, improving, extending, and expanding streets, thoroughfares, sidewalks, bridges, and other public ways of the Town, including streetscaping, signage, streetlighting, right-of-way protection, utility relocation, and related storm drainage improvements; and acquiring rights -of -way in connection therewith, (iv) designing, developing, constructing, and renovating Town cemetery improvements; and (v) professional services incurred in connection with items (i) through (iv) and. to pay the costs incurred in connection with the issuance of the Certificates. The estimated combined principal and interest required to pay the Certificates on time and in full is $4,405,706. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of approximately 2.75%. Market conditions affecting interest rates vary based on a number of factors beyond the control of the Town, and the Town cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax -supported debt obligations of the Town is $31,684,000. Based on the Town'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 Town on time and in full is $43,511,990. WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 21st day of June, 2021. Ae Z41I.—L Todd Wood Town Secretary Town of Westlake, Texas O� rW ES �_o TEC' DM-#8076671.1