TB-2021-002 - 2/25/2021 RESOLUTION NO. TB-2021-002
THE STATE OF TEXAS §
ROUND ROCK TRANSPORTATION AND ECONOMIC
DEVELOPMENT CORPORATION §
WHEREAS, on February 11, 2021, the City Council of the City of Round Rock adopted
a resolution (the "City Resolution") authorizing an application requesting a loan from the State
Infrastructure Bank in an amount not exceed$12,825,000 to be used for improvements to the City's
transportation system related to improving Kenney Fort Boulevard; and
WHEREAS, the Board of Directors (the "Board") of the Round Rock Transportation and
Economic Development Corporation (the "Corporation") hereby deems it proper and in the best
interests of the Corporation that the application described in the City Resolution be filed and that
the Corporation and City are each qualified to apply for and obtain financial assistance from the
State Infrastructure Bank for this purpose.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE ROUND ROCK TRANSPORTATION AND ECONOMIC DEVELOPMENT
CORPORATION,THAT
Section 1. The City Resolution is attached hereto as Exhibit "A", and the City
Resolution and the application attached thereto are made a part hereof for all purposes and are
hereby approved and ratified in all respects. All findings and authorizations made therein are
adopted hereby as though made and authorized by the Board. As contemplated by the City
Resolution, the Corporation may act on behalf of the City in obtaining the loan under the
application.
Section 2. The submission of the application by the Mayor of the City under the City
Resolution is hereby approved and ratified in all respects as though submitted by the Corporation.
The President of the Corporation's Board is authorized to execute any additional documentation
related to the application, including any additional applications, and any documentation in
conjunction with obtaining such loan from the State Infrastructure Bank.
Section 3. Specialized Public Finance Inc., Financial Advisor to the City and the
Corporation, is hereby authorized and directed to aid and assist in the preparation and submission
of such application and related matters. Mr. Garry Kimball of Specialized Public Finance Inc. is
authorized to appear on behalf of and represent the Corporation before any hearing or other
communications with the State Infrastructure Bank on such application or loan.
Section 4. 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. The Board 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
0112.2021;00465655
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.
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RESOLVED on this the 25th day of February, 2021.
By:
CRAIG ORZN, President
Round ock Tsportation and Economic
Development Corporation
ATTEST:
RICK VILLA"AL, Secretary
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EXHIBIT A
CITY RESOLUTION
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EXHIBIT
"A„
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RESOLUTION NO. R-2021-047
RESOLUTION REQUESTING FINANCIAL ASSISTANCE FROM THE STATE
INFRASTRUCTURE BANK; AUTHORIZING THE FILING OF AN APPLICATION
FOR FINANCIAL ASSISTANCE; AND MAKING CERTAIN FINDINGS IN
CONNECTION THEREWITH
STATE OF TEXAS '
COUNTIES OF WILLIAMSON AND TRAVIS '
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
City's 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 it proper and in the best interest of the City that an
application be filed requesting a loan from the State Infrastructure Bank in 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 is qualified to apply for and obtain financial assistance from the
State Infrastructure Bank for this purpose.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ROUND ROCK, TEXAS THAT:
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 $12,825,000 to be 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 of 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, is hereby
authorized and directed to aid and assist in 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
the City before any hearing or other communications with the State Infrastructure Bank on such
application or loan.
Section 5. 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. 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.
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RESOLVED on this the 1 Ith day of February, 2021.
CITY OF ROUND ROCK,TEXAS
By: _ /�'� R-Z
Craig �oigaeiayor
ATTEST:
s2v
By:
Sara L. White, City Clerk
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EXHIBIT A
APPLICATION FOR SIB LOAN
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LOAN APPLICATION
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 appticabte:
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@mphiegal.com
SECTION II - Financial Information
Requested amount of financial assistance:
$12,825,000
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):
❑ Yes:August 15; February 15 ❑ No
Preferred disbursementdate(s):
TBD
Breakdown of use of funds (must equal application amount):
Use Amount
Construction Funding (6 Lane Urban Roadway) $12,747,000
Bond Counsel & Financial Advisory Fees $ 78,000
Total $12,825,000
In
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 (Rease 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 authorityto incur the proposed debt and the borrower's proposed pledge of source of repayment:
Chapters 501 &505 Texas Local Government Code
SECTION Ill - 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: (Le.right of way, construction,utilities, etc.)
Construction Funding (6 Lane Urban Roadway): $12,747,000
CSJ Number(s):
Is the project joint bid?
Yes ❑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 orvoluntary?
0 Yes: [ 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
t
77777
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 No
List ofall otheroutstandingfinancial agreementswithTXDOT,forexam ple toll equity,SIB loans,pass-through tolls,etc.
(Please attach documentation)
None.
Please submit the following documents with your application,if applicable.
Copy of Advanced Funding Agreement, Utility Relocation or other agreement with TxDOT
Q Bond rating letters from Moody's,Standard&Poor's,orFitch,if any.
[]x Resolution from governing board authorizing the application.
Fx] Financial feasibilitvstudy.
] 5 years of auditedfinancial statements related to the sourceof repayment.
[x] Copy of the most recent budget.
❑ Preliminary design studywhich includes:
• An initial route and potential alignments.
• The project's logical termini and independent utility.
• The location of all right-of-way,facilities and equipment required to make the project functional.
• Revisions orchanges 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 SIBatxdot.Qovor by mail to:
TxDOT Project Finance, Debt, and Strategic Contracts Division
State Infrastructure Bank(SIB)
125 East 11th 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 in this application isvalid and accurate and the governing bodyof the
undersigned jurisdiction has authorized the submission of this application.
Signatureof authorized official Date
Printed Name Title,Jurisdiction
The Texas Department at Transportation maintains the information collected through this form.With few exceptions,you are entitled on request to be informed about the
irformaton that we colled about you.Under Sections%2.021 and,552023 of the Government Code,you also are entitled to receive and review this irformatiori Under
Section 559.004 of the Government Code you are also entitled to have us correct information about you that is incorrect
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