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R-97-03-27-11A - 3/27/1997,e47- D3- :1 -11 / RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE NOT TO EXCEED $5,200,000 CITY OF ROUND ROCK, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1997 AND OTHER MATTERS RELATED THERETO THE STATE OF TEXAS § CITY OF ROUND ROCK § WHEREAS, the City Council (the "Council ") of the City of Round Rock, Texas (the "City") finds that the payment in whole or in part of contractual obligations incurred or to be incurred for: (1) construction, acquisition, improvement and extension to the City's road, street and bridge system including acquisition of any necessary right -of -way, utility relocation, drainage, parking, sidewalk and related infrastructure and development of the master and general transportation plans, (2) construction, improvement, expansion and equipment of police building expansion and (3) the payment of professional services in connection therewith including legal, fiscal, and engineering fees and the costs of issuance in connection with the certificates described below (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 certificates of obligation in a maximum principal amount not to exceed $5,200,000 (the "Certificates ") 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 once a week for two consecutive weeks in a newspaper of general circulation in the City with the first publication to be at least 14 days before the date tentatively set for passage of the Ordinance authorizing the Certificates, the notice stating: (i) the time and place tentatively set for the passage of the ordinance authorizing the issuance of the Certificates, (ii) the maximum amount and purpose of the Certificates to be authorized, and (iii) the manner in which the Certificates will be paid; 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. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ROUND ROCK, TEXAS: 1. Attached hereto is a form of the Notice of Intention to issue the Certificates, the form and substance of which is hereby adopted and approved. MUCILLM,. NOTICE; RD LIMO 2. The City Secretary or other authorized representatives of the City, shall cause the notice to be published in substantially the form attached hereto, in a newspaper of general circulation in the City, once a week on the same day in each of two consecutive weeks, the date of the first publication to be at least 14 days prior to the time set for the ordinance authorizing issuance of the Certificates as shown in the notice. 3. This Resolution shall become effective immediately upon adoption. The Mayor and City Secretary are hereby authorized and directed to execute the certificate to which this Resolution is attached on behalf of the City and to do any and all things proper and necessary to carry out the intent of this Resolution. MOLICK1717.HOTICHLRE.1 VITA, 2 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 entitled "City of Round Rock, Texas Combination Tax and Revenue Certificates of Obligation, Series 1997," for the purpose of paying contractual obligations incurred or to be incurred by the City for (1) construction, acquisition, improvement and extension to the City's road, street and bridge system including acquisition of any necessary right -of -way, utility relocation, drainage, parking, sidewalk and related infrastructure and development of the master and general transportation plans, (2) construction, improvement, expansion and equipment of police building expansion and (3) the payment of professional services in connection therewith including legal, fiscal, and engineering fees and the costs of issuance in connection with the Certificates. The City Council tentatively proposes to authorize the issuance of such Certificates of Obligation at its regular meeting place in the City Hall, 221 E. Main Street, Round Rock, Texas 78664, at a meeting to commence at 7 o'clock, p.m., on the .,)'t day of 4, 1-.1, 1997. The maximum amount of Certificates of Obligation that may be authorized for such purpose is $5,200,000. The City Council presently proposes to provide for the payment of such Certificates of Obligation from the levy of ad valorem taxes and from a limited pledge of surplus revenues derived from the operation of the City's combined waterworks and sewer system. NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION 3 CITY OF ROUND ROCK, TEXAS /s/ Charles Culpepper Mayor THE STATE OF TEXAS § COUNTIES OF WILLIAMSON AND TRAVIS § CITY OF ROUND ROCK § We, the undersigned officers and members of the City of Round Rock, Texas (the "City"), hereby certify as follows: 1. The City Council of the City convened in REGULAR MEETING ON THE 27TH DAY OF MARCH, 1997, at the City Hall (the "Meeting "), and the roll was called of the duly constituted officers and members of the City, to -wit: and all of the persons were present, except the following absentees: , thus constituting a quorum. Whereupon, among other business, the following was transacted at the Meeting: a written was duly introduced for the consideration of the City Council. It was then duly moved and seconded that the Resolution be passed on first reading; and, after due discussion, said motion carrying with it the passage of the Resolution, prevailed and carried by the following vote: AYES: I NOES: Charles Culpepper, Mayor Earl Palmer - Mayor Pro -Tem Place 4 Robert Stulka - Councilmember Place 1 Rod Morgan - Councilmember Place 2 Rick Stewart - Councilmember Place 3 Martha A. Chavez - Councilmember Place 5 Jimmy Joseph - Councilmember Place 6 RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE NOT TO EXCEED $5,200,000 CITY OF ROUND ROCK, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1997 AND OTHER MATTERS RELATED THERETO 0 CERTIFICATE FOR RESOLUTION 2. A true, full and correct copy of the Resolution passed at the Meetings described in the above and foregoing paragraphs is attached to and follows this Certificate; that the Resolution has been duly recorded in the City Council's minutes of the Meetings; that the above and foregoing paragraphs are a true, full and correct excerpt from the City Council's minutes of the Meeting pertaining to the passage of the Resolution; that the persons named in the above and foregoing paragraphs are the duly chosen, qualified and acting officers and members of the City Council as indicated therein; that each of the officers and members of the City Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the Meetings, and that the Resolution would be introduced and considered for passage at the Meetings, and each of the officers and members consented, in advance, to the holding of the Meetings for such purpose, and that the Meetings were 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. 3. The Mayor of the City has approved and hereby approves the Resolution; that the Mayor and the City Secretary of the City have duly signed the Resolution; and that the Mayor and the City Secretary of the City hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of the Resolution for all purposes. SIGNED AND SEALED the a7 0� A ti1w:zit.; ) '747 sY City Secretary [CITY SEAL] 'Y'aAtLmt 1g44„ DATE: March 25, 1997 SUBJECT: City Council Meeting, March 27, 1997 ITEM: 11. A. Consider a "Resolution Directing the Publication of Notice of Intention to Issue Not to Exceed $5,200,000 City of Round Rock, Texas Combination Tax and Revenue Certificates of Obligation, Series 1997." STAFF RESOURCE PERSON: David Kautz This resolution begins the official process associated with the issuance of Certificates of Obligation. These Certificates are to be issued for the purposes of streets and road improvements and finish -out of Police Department Building "B" (approximately $250,000 for Building "B "). The Certificates will be repaid through a levy on property taxes. Preliminary property value figures for the 1997 tax year provided by the Williamson County Appraisal District indicate substantial growth in assessed value. In consideration of this new value along with continued future growth, the overall property tax rate will not exceed 41 cents per $100 if the Certificates are issued.