R-2020-0052 - 2/27/2020 RESOLUTION NO. R-2020-0052
RESOLUTION AUTHORIZING THE PUBLICATION OF NOTICE OF INTENTION TO
ISSUE CITY OF ROUND ROCK,TEXAS COMBINATION TAX AND LIMITED
REVENUE CERTIFICATES OF OBLIGATION, SERIES 2020B AND OTHER MATTERS
RELATED THERETO
THE STATE OF TEXAS '
COUNTIES OF TRAVIS AND WILLIAMSON '
CITY OF ROUND ROCK '
WHEREAS, the City Council(the"Council")ofthe City of Round Rock, Texas(the"City")
has determined that it is in the best interest of the City to proceed with the issuance of certificates
of obligation ("Certificates") to implement certain projects; and
WHEREAS, the City Council of the City finds that the payment in whole or in part
of contractual obligations incurred or to be incurred for the purposes set forth in Exhibit "A"
attached hereto (the "Contractual Obligations") would be beneficial to the inhabitants of the
City and are needed to perform essential City functions; and
WHEREAS, the Council has deemed it advisable to give notice of intention to issue the
Certificates in a maximum principal amount not to exceed $30,000,000 pursuant to the provisions
of the Certificate of Obligation Act of 1971, Section 271.041 et seq.;Local Government Code (the
"Act") for the purpose of financing the Contractual Obligations; and
WHEREAS, prior to the issuance of the Certificates, the City is required under the Act to
publish notice of its intention to issue the Certificates in a newspaper of general circulation in the
City and continuously on the City's website,the notice stating: (i)the time and place tentatively set
for the passage of the ordinance authorizing the issuance of the Certificates, (ii)the purpose of the
Certificates, (iii)the manner in which the Certificates will be paid, (iv)the then-current principal of
all outstanding debt obligations of the City; (v) the then-current combined principal and interest
required to pay all outstanding debt obligations of the City on time and in full; (vi) the maximum
principal amount of the Certificates; (vii)the estimated combined principal and interest required to
pay the Certificates on time and in full; (viii) the estimated interest rate for the Certificates or that
the maximum interest rate for the Certificates may not exceed the maximum legal interest rate; and
(ix)the maximum maturity date of the Certificates; and
WHEREAS, the meeting at which this Resolution is adopted was.open to the public and
public notice of the time, place and purpose of the meeting was given, all as required by Chapter
551,Texas Government Code, as amended.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ROUND ROCK,TEXAS:
0112.20202;00439651
Round Rock\CO\2020B: Notice Res
1. Attached hereto as Exhibit "A" is a form of the Notice of Intention to issue the
Certificates, the form and substance of which is hereby adopted and approved.
2. Bond Counsel to the City shall cause the notice to be published in substantially the
form attached hereto, in a newspaper (as defined by Subchapter C, Chapter 2051, Government Code)
that is of general circulation in the City, for two consecutive weeks, the date of the first publication to
be at least 46 days before the date tentatively set for passage of the ordinance authorizing the issuance
of the Certificates.
3. The City Secretary shall cause the notice to be continuously published in substantially
the form attached hereto on the City's website for at least 45 days before the date tentatively set for the
passage of the ordinance authorizing the issuance of the Certificates.
4. The City's Chief Financial Officer and the City's Deputy Chief Financial Officer
along with the City's financial advisor, Specialized Public Finance Inc., and bond counsel are
authorized to proceed with preparing the necessary bond and offering documents to effectuate
the sale ofthe Certificates and any other public securities of the City anticipated to be sold at or near
the time of the Certificates, including making application to appropriate rating agencies and bond
insurers, if applicable.
5. The City hereby authorizes the disbursement of a fee equal to the lesser of(i) one-
tenth of one percent of the principal amount of each series of the Certificates being issued or (ii)
$9,500 per series, provided that such fee shall not be less than $750, to the Attorney General of
Texas Public Finance Division for payment of the examination fee charged by the State of Texas
for the Attorney General's review and approval of public securities and credit agreements, as
required by Section 1202.004 of the Texas Government Code. The appropriate member of the City's
staff is hereby instructed to take the necessary measures to make this payment. The City is also
authorized to reimburse the appropriate City funds for such payment from proceeds of the
Certificates.
6. This Resolution shall become effective immediately upon adoption. The Mayor
and City Clerk are hereby authorized and directed to execute the certificate to which this Resolution
is attached on behalf of the City, and the Mayor, City Clerk and City Manager are further authorized
to do any and all things proper and necessary to carry out the intent of this Resolution.
Round Rock\C0\2020B: Notice Res 2
RESOLVED this 27th day of February, 2020.
ATTEST: CITY OF ROUND ROCK, TEXAS
1 /
ul - RM /' //m /
City Clerk Mayor
City of Round Rock, Texas City of ound ck, Texas
APPROVED AS TO FORM:
1
City Attorn
City of Round Rock, Texas
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CITY OF ROUND ROCK, TEXAS
COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2020B
NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of
Round Rock, Texas, to issue. interest bearing Certificates of Obligation of the City (the
"Certificates") for the purpose of paying contractual obligations incurred or to be incurred by the
City for: (1)constructing, improving,extending,expanding,upgrading and/or developing streets,
roads,bridges, sidewalks, intersections,traffic signalization, railroad crossing improvements and
other transportation improvement projects including related waterworks, sewer, drainage and
utility improvements, signage, landscaping, irrigation, purchasing any necessary rights-of-way
and other related transportation costs, including, but not limited to, U.S. Route 79, Harrell
Parkway, Joe DiMaggio Boulevard, Gattis School Road and Kenney Fort Boulevard; (2)
constructing, improving and/or extending the City's waterworks, sewer and drainage system,
including extensions to potable water and reuse transmission lines, including the acquisition of
any necessary easements or land; and (3) professional services including fiscal, engineering,
architectural and legal fees and other such costs incurred in connection therewith including the
costs of issuing the Certificates. The City Council tentatively proposes to consider for first and
final reading at a meeting to commence at 6 o'clock, p.m., on the 23rd day of April, 2020 at City
Hall, 221 East Main Street, Round Rock, Texas, 78664, the passage of an ordinance authorizing
the Certificates. The maximum amount of the Certificates that may be authorized for such purpose
is $30,000,000. The City Council presently proposes to provide for the payment of such
Certificates from the levy and collection of ad valorem taxes in the City as provided by law and
from the surplus revenues of the City's combined waterworks, sewer and drainage utility system
in an amount not to exceed $1,000, remaining after payment of all operation and maintenance
expenses thereof, and all debt service, reserve and other requirements in connection with all of
the City's revenue bonds or other obligations (now or hereafter outstanding) which are payable
from all or any part of the net revenues of such system.
The following information is required pursuant to Texas Local Government Code, Section
271.049: As of February 27, 2020, the aggregate principal amount of all outstanding debt
obligations of the City secured by and payable from ad valorem taxes is $210,275,000. As of
February 27, 2020, the combined principal and interest required to pay all outstanding debt
obligations of the City secured by and payable from ad valorem taxes on time and in full is
$301,525,702. The estimated combined principal and interest required to pay the Certificates on
time and in full is $43,542,908. The estimated interest rate for the Certificates is 2.97%. Such
estimates take into account a number of factors, including the issuance schedule, maturity
schedule and the expected ratings of the proposed Certificates. Such estimated interest rate is
provided as a matter of information, but is not a limitation on the interest rate at which the
Certificates may be sold. The maximum maturity date of the Certificates is August 15, 2045.
Round Rock\CO\2020B: Notice Res A-1
CITY OF ROUND ROCK,TEXAS
Round Rock\CO\2020B: Notice Res A-2