R-2019-0296 - 7/25/2019 RESOLUTION NO. R-2019-0296
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 BONDS, TAXABLE SERIES
2019; APPROVING A PAYING AGENT/REGISTRAR AGREEMENT, A PROJECT
AGREEMENT AND A BOND PURCHASE AGREEMENT; APPROVING AN
OFFICIAL STATEMENT; AND APPROVING 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 determined to issue bonds to provide funds for designing and
constructing a convention center facility and the costs necessary or incident to the undertaking of
such project (collectively, the "Project"); and
WHEREAS, on July 25, 2019, the Board of Directors of the Issuer adopted a resolution,
attached hereto as Exhibit "A" (the "Bond Resolution"), which authorizes the issuance of
$ ,000 in principal amount of Senior Lien Sales Tax Revenue Bonds, Taxable Series 2019
(the "Bonds"), to pay all or a portion of the costs of the Project; and
0112.1902;00427850
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WHEREAS,capitalized terms used in this Resolution but not otherwise defined shall have
the meanings given to such terms in the Bond Resolution; and
WHEREAS, the City and the Issuer shall cooperate with respect to the acquisition and
construction of the Project in accordance with the terms and conditions of that certain Project
Agreement, dated August 22, 2019, between the City and the Issuer, in substantially the form
attached hereto as Exhibit "B"; and
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 Bonds and the Bond Resolution. The resolution of the Issuer
entitled 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 BONDS, TAXABLE SERIES 2019; APPROVING A PAYING
AGENT/REGISTRAR AGREEMENT, A PROJECT AGREEMENT AND A BOND
PURCHASE AGREEMENT; APPROVING AN OFFICIAL STATEMENT;AND APPROVING
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 Bonds in the aggregate principal amount of$ ,000 may be issued by the Issuer for the
purpose of(i) providing fiends for the Costs of the Project, (ii) capitalizing interest on the Bonds
and (iii)paying the costs of issuing the Bonds.
Section 2. Approval of Project ALyreement. The Project Agreement attached hereto in
substantially final form as Exhibit "B" is hereby approved, and the Mayor and City Clerk of the
City are authorized to approve any changes and execute the Project Agreement on behalf of the
City.
Section 3. 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.
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Section 4. 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 Bonds
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 Bonds nor shall any
of its assets be pledged to the payment of the Bonds.
Section 5. 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 6. Effective Date. This Resolution shall become effective immediately upon
passage.
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RESOLVED on this the 25th day of July, 2019.
CITY OF RO ND ROCK, TEXAS
By: ff� m /
Craig M rgan, or
ATTEST:
By:
Sara L. White, City Clerk
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EXHIBIT "A"
BOND RESOLUTION
A-1
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EXHIBIT "B"
PROJECT AGREEMENT
A-1
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