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R-2022-059 - 2/24/2022 RESOLUTION NO. R-2022-059 WHEREAS, on February 24, 2022, the Board of Directors (the "Board") of the Round Rock Transportation and Economic Development Corporation (the "Corporation") adopted a resolution (the "Corporation Resolution") authorizing an application requesting a loan from the State Infrastructure Bank in an amount not exceed $27,000,000 to be used for improvements to the City of Round Rock's ("City") transportation system related to widening Gattis School Road from an existing four lane roadway to a six-lane divided major arterial with pedestrian, bicycle, median, and turn lane improvements between Windy Creek and Double Creek Drive; and WHEREAS, the City Council of the City of Round Rock (the "City Council") hereby deems it proper and in the best interests of the City that the application described in the Corporation Resolution be filed and that the City and Corporation are each 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 Corporation Resolution is attached hereto as Exhibit "A", and the Corporation 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 City Council. As contemplated by the Corporation Resolution,the City may act on behalf of the Corporation in obtaining the loan under the application. Section 2. The submission of the application by the President of the Corporation under the Corporation Resolution is hereby approved and ratified in all respects as though submitted by the City. The Mayor of the City Council 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 Corporation and the City, 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 City 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 City Council 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. 0112.20222;4870-1027-9695 RESOLVED on this the 24th day cif` ebruary, '022. CITY OF ROUND ROCIK, "I"ERAS By: Crary 't�g aayor A°C.`f°E'ST: By: :. Mea;an Spiro s, City C-leek 2 EXHIBIT A CORPORATION RESOLUTION 3 Form1960 STATE INFRASTRUCTURE BANI.,,..,, (Ftev.12121)i LOAN APPLICATION page 1 of 3: . ................................. SECTION I-Applicant Information Applicant Name: Round Rock Transportation&EDC Application Type:PC-Non-TxDOT Project(Off-System) — --------------- .............. __.__......__v_ Primary Contact: Erica SolisTaxpayer FEIN: — ­-------- Contact's Title: Budget&Accounting Manager Email Address: esolGs@roLndrocktexas.gov ----- Street Address: 221 E.Main Street Phone Number: 512,218,5400 City: Round Rock County: Williamson .............. Zip: 78664 Urbanized Area: .......... ........... ............. TxDOT District:AUS- 14-Austin ............... "T"xDOT(District Engineer: Phone Number: Tucker Ferguson 5118323000 ............ ­ �.......... ...................... TxD0T District Contact Name: Phone Number: Sarae Same .............. Financial Advisor Information,if applicable: Name: Garry Kimball, Specialized Public Finance,Inc, Phone: 512,275,7301 .. .....­.................... Address: 248 Addie Roy Rd_Ste,8-10:3,Austin 78746 Email: garry@SpfMLini.coni .......... .......... Bond Counsel Information,if applicable- Nance: Richard Donoghue,McCall Parkhurt&Horton Phone: 512.478.3805 ............. ......... Address: 600 Congress Ave,,Ste,2150,Austin 78701 Email: rclonoghue@mphlegal.corn ................................__... ................. SECTION It-Financial Information Requested amount of financial assistance(Must be rounded to tl)e nearest thousand): $27,000,000 at approximately 1.32%. Three year grace on initiation of repayment. Zero interest for(3)years from funding. Requested terms: Years: 20 Deferment of first payment: F-] No L,�_I Yes,nurnberof years: 3 Preferred debt service payment date(s): rA Yes: August 15;February 15 EJ No,start from disbursement Preferred disbursement date(s): TBD Breakdown of use of funds(must equal application amount): Use Amount Roadway Construction $21,886,100,00 ROW Acquisition $2,500,000M ..... ........... ...... Utility Relocation $2,500,000,00 Financial Advisory Fees $113,9,00,00 ............. .......... ............................ .............. .........- ............... Total $27,000,000.00 .............................. Proposed pledge of source of repayment and priority claim to those sources: Sales Tax of the City's Type B Transportation&Economic 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 authority to incur the proposed debt and 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: Widen Gattis School Rd from an existing 4-lane roadway to a 6-lane divided major arterial between Windy Creek&Double Creek. Total Cost of Entire Project:(i.e.right of way,construction,utilities,etc.) The attached cost estimate is for right-of-way costs,utility relocation,and construction.$27,000,000.00 CS1 Number(s): Is the project in the Statewide Transportation Improvement Program(STIP)? if no,when will it be added or provide justiflication for not adding FlYes ®No Is the project environmentally cleared? ®Yes nNo Anticipated Clearance Date: Functional Classification:Minor Arterial Is the requested financial assistance a local match?If yes,is it required or voluntary? n Yes: ® No Is the project joint bid? F]Yes ®No Describe need and anticipated public benefits of the project: Widening of a highly congested major east-west arterial roadway is on the City's Transportation Master Plan. 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): Anticipated to reduce congestion and improve mobility for Round Rock travelers. 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 F� No List of all other outstanding financial agreements with TX DOT,for example toll equity,SIB loans,pass-through tolls,etc. (Please attach documentation) Please submit the following documents with your application,if applicable. Copy of Advanced Funding Agreement,Utility Relocation or other agreement with TxDOT,if applicable ® Bond rating letters from Moody's,Standard&Poor's,or Fitch,if any. ® Resolution from governing board authorizing the application. ® Financial feasibility study. ® 5 years of audited financial statements related to the source of repayment. ® Copy of the most recent budget. Preliminary design study which 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 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 TexasSIB@txdot.gov or by mail to: TxDOT Project Finance,Debt,and Strategic Contracts Division State Infrastructure Bank(SIB) 125 East 11th St. Austin,TX 78701-2483 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,and will comply with all applicable state and federal regulations and requirements. To the best of my knowledge,all information contained in this application is valid and accurate and the governing body of the undersigned jurisdiction has authorized the submission of this application. 2/2412022 Signature of authorized official Date Craig Morgan Mayor-City of Round Rock Printed Name Title,Jurisdiction The Texas Department of Transportation maintains the information collected through this form.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.