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R-2021-047 - 2/11/2021RESOLUTION NO. R=2021m047 RESOLUTION REQUESTING FINANCIAL ASSISTANCE FROM THE STATE INFRASTRUCTURE BANK; AUTHORIZING THE FILING OF AN APPLICATION FOR FINANCIAL ASSISTANCE;0 AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH STATE OF TEXAS ' COUNTIES OF WILLIAMSON AND TRAMS ' CITY OF ROUND ROCK ' WHEREAS, the City Council (the "City Council") of the City of Round Rock (the "City") hereby finds and determines that there is a need for the City to construct the improvements to the CiII11111ty IS transportation system described herein; and WHEREAS, the State Infrastructure Bank, operated by the Texas Department of Transportation, is a revolving loan fund; and WHEREAS, the City Council deems i*t proper and in the best interest of the City that an application be filled requesting a loan from the State Infrastructure Bank i*n an amount not to exceed $12 825,000 to be used for improvements to the City's transportation system related to improving Kenney Fort Boulevard; and WHEREAS, the City i*s qualified to apply for and obtain financial assistance from the State Infrastructure Bank for this purpose. THEREFORE, BE, IT RESOLVED B1Y THE CITY COUNCIL OF THE CITY OF ROUND ROCK, TEXAS THAT0 : Section 1. The City Council believes that it is in the best interest of the City to obtain a loan from the State Infrastructure Bank in an amount not to exceed $121918259000 to I e used for improvements to the City's transportation system related to improving Kenney Fort Boulevard. Section 2. The City hereby authorizes the Mayor of the City (the "Authorized Representative") to execute an application for financial assistance from the State Infrastructure Bank and to submit the application, together with all required documentation, to the Texas Department of Transportation for consideration. The Authorized Representative is further authorized to execute all appropriate documents related to obtaining such loan from the State Infrastructure Bank. Such loan may be obtained by the City acting through the Round Rock Transportation and Economic Development Corporation as an instrumentality of the City. Section 3. The form o application to be submitted is attached hereto as Exhibit A and made a part hereof for all purposes with such changes as may be considered appropriate by the Authorized Representative. Section 4. Specialized Public Finance Inc., Financial Advisor to the City, i*s hereby authorized and directed to aid and assist i*n the preparation and submission of such application. Mr. 0112.20212; 00464764 Garry Kimball of Specialized Public Finance Inc. is authorized to appear on behalf of and represent Is the City before any hearing or other communications with the State Infrastructure Bank on such application or loan. 10 Section 5., findings The and preambles set forth in this Resolution are hereby incorporated into this Resolution and made a part hereof for all purposes. Section 6. The City hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. [The Remainder of This Page i*s Intentionally Left Blank] 2 RESOLVED on this the 11 th day of February, 2021. CITY OF ROUND ROCK, TEXAS By: IRI If Craig orga ayor ATTEST: BY: s2Ri jRotb - Sara L. White, City Clerk E..XHIBIT,A APPLICATION -FOR SIB LOAN 4 SECTION I - Applicant Information Applicant Name: City of Round Rock, Texas Application Type: Program Call Loan Primary Contact: Erica Solis Taxpayer FEIN: Contact's Title: Budget & Accounting Manager Email Address. esolis@roundrocktexas.gov Street Address: 221 E. Main Street Phone Number: 512 218-5400 City: Round Rock County: Williamson Zip: 78664 Urbanized Area: TxDOT District: Austin - AUS - 14 TxDOT District Engineer: Phone Number: Tucker Ferguson 512 832-7000 TxDOT DistrictContact Name: Phone Number: Same Same Financial Advisor Information, if applicable: Name: Garry Kimball Specialized Public Finance, Inc.Phone: 512 275-7301 Address: 248 Addie Roy Rd, Ste. B-103, Austin 78746 Email: garry@spfmuni.com Bond Counsel information, if applicable: Name: Richard Donoghue, McCall Parkhurst & Horton Phone: 512 478-3805 Address: 600 Congress Ave, Ste 2150, Austin 78701 Email: rdonoghue@mphtegal.com SECTION II - Financial Information Requested amount of financial assistance: $1278251000 Requested terms: (including interest rate, number of years, etc.) 20-Year Term, 3-years zero interest followed by annual interest calculated at market for AAA credit (approx. 1.25%). Preferred debt service payment date(s): F-1 Yes: August 15; February 15 FNo Preferred disbursementdate(s): TBD Breakdown of use of funds (must equal application amount): Use T Amount Construction Funding (6 Lane Urban Roadway) $1217477000 Bond Counsel & Financial Advisory Fees $ 78,000 Total $12,825,000 Proposed pledge of source of repayment and priority claim to those sources: Sales Taxes of the City's 4B Transportation Development Corporation List any other existing debt payable from the same revenue source (Please attach documentation.) Texas Municipal Report (attached) Current credit rating(s), if applicable: City of Round Rock, Texas is rated AAA by Standard & Poor's Provide the applicant's legal authoritytoincur the proposed debtand the borrower's proposed pledge of source of repayment: Chapters 501 & 505 Texas Local Government Code SECTION III - Project Information Brief Description of the Project: Construct 6 lane urban segment of Kenney Fort Blvd from Joe DiMaggio Blvd north to Old Settlers Blvd Total Cost of Entire Project: (i.e. right of way, construction, utilities, etc.) Construction Funding (6 Lane Urban Roadway): $12,747,000 CSJ Number(s) Is the project joint bid? ❑Yes F-]No Energy Sector Corridor Roadway? Yes F�No Direct or indirect effect on a Top 100 Congested Roadway? Yes; Rank: No Functional Classification: Is the requested financial assistance a local match? If yes, is it required or voluntary? Yes: [_x] No Describe need and anticipated public benefits of the project: Major north/south arterial roadway in Transportation Master Plan. Will improve mobility in NE Round Rock What type of construction contract will be used on the project (DB, DBB, etc.)? Standard Design Bid Build Contract Additional Information (Attach additional pages if needed): NA SECTION IV - Required Documentation Does entity have home rule charter? If Yes, please submit a copy of the charter, or provide link if a charter is posted online. ® Yes F1 No List ofal I otheroutstandingfi nanc ial agreementswith TXDOT, forexam pie toll equity, SIB loans, pass -through tolls, etc. (Please attach documentation) None. Please submit the following documents with your application, if applicable. Lj Copy of Advanced Funding Agreement, Utility Relocation or other agreement with TxDOT [j] Bond rating letters from Moody's, Standard & Poor's, or Fitch, if any. Dx Resolution from governing board authorizingtheapplication. x] Financial feasibilitVStUdy. x� 5 years of audited financial statements related tothe source of repayment. [x:] Copy of the most recent budget. Preliminary design studywhich includes: • An initial route and potential alignments. • The project's logical terminiand independent utility. • The location of all right-of-way, facilities and equipment required to make the project functional. • Revisions or changes to state highway system facilities necessitated by the project. • An Environmental Review of the project if available. • Legal or letter size map of the project. All application information and materials can be submitted electronically to Texas SIt dot. ovv or by mail to: TxDOT Project Finance, Debt, and Strategic Contracts Division State Infrastructure Bank (SIB) 125 East 11 th St. Austin, TX78701-2483 Section V - Acknowledgment and Certification I certify that: I have the authority to request and incur the debt described in this application, and upon award, will enter into contract for repayment of any financial assistance granted by the Texas Department of Transportation's State Infrastructure Bank (SIB). I have completed the preliminary requirements, andwill comply with all applicable stateandfederal regulations and requirements. To the best of my knowledge, all information contained inthis application is valid and accurate and the governing bodyofthe undersigned jurisdiction has authorized the submission of this application. Signature of authorized official Printed Name Date Title, Jurisdiction The Texas Department of Transportation maintains the information collected through this f orm. With few exceptions, you are entitled on request to be informed about the information that we collect about you. Under Sections 552.021 and 552.023 of the Government Code, you also are entitled to receive and review this information. Under Section 559.004 of the Government Code, you are also entitled to have us correct information about you that is incorrect.