R-2015-2421 - 4/23/2015 RESOLUTION NO.
RESOLUTION APPROVING A RESOLUTION OF THE ROUND ROCK
TRANSPORTATION AND ECONOMIC DEVELOPMENT CORPORATION
AUTHORIZING THE ISSUANCE OF ROUND ROCK TRANSPORTATION AND
ECONOMIC DEVELOPMENT CORPORATION SENIOR LIEN SALES TAX
REVENUE REFUNDING BOND, SERIES 2015; APPROVING DOCUMENTS
RELATED TO THE SALE OF THE BOND AND OTHER MATTERS RELATED
THERETO
STATE OF TEXAS §
COUNTIES OF WILLIAMSON AND TRAVIS §
CITY OF ROUND ROCK §
WHEREAS, the Round Rock Transportation System Development Corporation was
created under the auspices of the City of Round Rock, Texas ("the City") pursuant to Section 4B
of the Development Corporation Act of 1979, Article 5190.6, V.A.T.C.S., as amended, now
codified as Local Government Code, Title 12, Subtitle C1 particularly Chapters 501 and 505 of
the Local Government Code; and
WHEREAS, at an election held on August 9, 1997, a majority of the citizens of the City
voting at said election authorized the City to levy a sales and use tax on the receipts at retail of
taxable items within the City at a rate of one-half of one percent; and
WHEREAS, on November 8, 2011, a majority of the citizens of the City voting at such
election authorized the existing sales and use tax to be used for additional purposes as provided by
state law; and
WHEREAS,after such election the bylaws and other governing documents were amended
to update certain provisions including the name of the corporation to be "Round Rock
Transportation and Economic Development Corporation" (the "Issuer"); and
WHEREAS,the Issuer has'heretofore issued its Senior Lien Sales Tax Revenue Refunding
Bonds, Series 2006 (the "Refunded Obligations") for qualified projects of the Issuer; and
WHEREAS, the Issuer has determined to issue a refunding bond to refund and redeem a
portion of the Refunded Obligations to achieve a present value savings of$881,551.77 (8.193%)
and a gross savings of$935,313.08; and
WHEREAS, on April 23, 2015, the Board of Directors of the Issuer adopted a resolution,
attached hereto as Exhibit "A", which authorizes the issuance of its Senior Lien Sales Tax
Refunding Revenue Bond, Series 2015 (the 'Bond") to refund and redeem the Refunded
Obligations; and
RRTEDC\SrLienSTRevRefg2015: CityApprovinglssuanceRes
WHEREAS, in accordance with the provisions of the Act,the City shall timely transfer to
the Issuer the proceeds of the aforesaid sales and use tax, in accordance with the terms and
conditions of that certain Sales Tax Remittance Agreement, dated as of May 15, 2001, between
the City and the Issuer and such funds shall be maintained by the Depository of the City and
accounted for separately by the City on behalf of the Issuer; and
WHEREAS, it is deemed necessary and advisable that this Resolution be adopted by the
City Council of the City (hereinafter referred to as the "City Council") in accordance with Section
501.204(a) of the Local Government Code.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ROUND ROCK, TEXAS THAT:
Section 1. Approval of the Bond and the Bond Resolution. The resolution of the Issuer
entitled "RESOLUTION OF THE ROUND ROCK TRANSPORTATION AND ECONOMIC
DEVELOPMENT CORPORATION AUTHORIZING THE ISSUANCE OF ROUND ROCK
TRANSPORTATION AND ECONOMIC DEVELOPMENT CORPORATION SENIOR LIEN
SALES TAX REVENUE REFUNDING BOND, SERIES 2015; APPROVING DOCUMENTS
RELATED TO THE SALE OF THE BOND AND OTHER MATTERS RELATED THERETO,"
in substantially the form and substance as attached to this Resolution as Exhibit "A" and made a
part hereof for all purposes, is hereby approved, and the Bond in the aggregate principal amount
of$10,930,000 may be issued by the Issuer to refund and redeem the Refunded Obligations and
to pay the costs of issuance.
Section 2. Confirmation of Sales Tax Remittance Agreement. The Sales Tax
Remittance Agreement, dated as of May 15, 2001, between the City and the Issuer is hereby
reconfirmed and approved.
Section 3. Execution of Documents; No Liability of the City. The City Council of the
City hereby authorizes the Mayor,the City Manager and the Assistant City Manager to execute on
behalf of the City all documents deemed necessary in connection with the issuance of the Bond
and the agreements approved by this Resolution. The City Clerk is authorized to attest any
documents necessary. The City shall have no liability for the payment of the Bond nor shall any
of its assets be pledged to the payment of the Bond.
Section 4. Incorporation of Recitals. The findings and preambles set forth in this
Resolution are hereby incorporated into this Resolution and made a part hereof for all purposes.
Section 5. Effective Date. This Resolution shall become effective immediately upon
passage.
2
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RESOLVED on this the 23rd day of April, 2015.
CITY OF ROUND ROCK,TEXAS
By: �izm /Ll�
Alan McGraw, Mayor
ATTEST:
By: _gat ,,•(Q
Sara L. White, City Clerk
RRTEDC\SrLienSTRevRefg2015: CityApprovinglssuanceRes Sig Pg
EXHIBIT "A"
A-1
RRTEDC\SrLienSTRevRefg2015: CityApprovingIssuanceRes