15-APPROVE RES DIRECTING CITY CLERK TO PUBLISH NOTICE OF INTENT TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATIONSubmittal Date:
11-14-2012
Council Date:
11-26-2012
CITY COUNCIL AGENDA ITEM BRIEFING SHEET
Originating Department:
Engineering, Planning
& Development
RECOMMENDED MOTION:
Presented By:
Shawn Napier, P.E. Director of
Engineering, Planning &
Agenda Item No.:
I5.
Approve a resolution directing the City Clerk to publish notice of intent to issue Combination Tax and
Surplus Revenue Certificates of Obligation in the maximum amount of $2,900,000 for the purpose of
funding costs of water system improvements.
POLICY ISSUE�S�:
Publication
BACKGROUND:
The City of Paris has received a low interest loan from the Texas Water Development Board for a
Drinking Water State Revolving Fund in the amount of approximately $3.4-million dollars. The loan
will be used to fund I S water line replacement projects from the City's Capital Improvement Project list
(see attached map). The project was qualified as a green project and enabled the City for 15%
($510,317.00) loan forgiveness. This reduced the loan amount to $2,900,000.00.
The City will need to publish the notice in the paper at least twice. An Ordinance adoption for the
Certificates of Obligation is planned for the January 14`h City Council meeting.
The design of the phase I plans has already started so we will be able to bid out projects starting summer
2013.
BOARD�COMMISSION RECOMMENDATION:
EXHIBITS:
Resolution, notice, and project map
AcTioN:
❑ Financial Report
❑ Department Report
❑ Presentation
❑ Public Hearing
FISCAL NOTES:
❑ Minute Order
� Resolution
❑ Ordinance
❑ Other
BUDGET INFO:
Expense $
Budgeted Amt. $
YTD Actual
Acct. Name
Acct. Number
City of Paris �� Revised 2/04/08
CITY OF PARIS, TEXAS
NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE
CERTIFICATES OF OBLIGATION
The City of Paris does hereby give notice of intention to issue one or more series of Combination
Tax and Surplus Revenue Certificates of Obligation, in the maximum principal amount not to
exceed $2,900,000, for paying all or a portion of the City's contractual obligations incurred to
provide funds to pay costs of improving the City's potable water distribution system, to-wit:
water line replacements for the City's potable water distribution system and to pay legal, iiscal,
engineering and architectural fees in connection with such project. The City proposes to adopt
an ordinance that will provide for the Certificates of Obligation to be secured by a pledge of
funds received from the levy and collection of ad valorem taxes in the City, as provided by law,
and from a pledge of the surplus net revenues of the City's water and sewer system (the
"System") that remain after payment of all operation and maintenance expenses thereof, and after
all debt service, reserve, and other requirements in connection with all revenue bonds or other
obligations (now or hereafter outstanding) of the City have been met, to the extent that such
obligations are payable from all or any part of the net revenues of the System. The City Council
intends to consider for passage at a meeting to be held at 5:30 P.M. on January 14, 2013, at the
Paris City Hall, 135 1 st Street SE, Paris, Texas, an ordinance authorizing the issuance of
Combination Tax and Surplus Revenue Certificates of Obligation.
CITY OF PARIS, TEXAS
By: A.J. Hashmi, Ma�
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RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
TEXAS; AUTHORIZING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE TAX AND SURPLUS REVENUE CERTIFICATES OF
OBLIGATION; MAHING OTHER FINDINGS AND PROVISIONS
RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE
DATE.
WHEREAS, the City Council deems it advisable to give notice of intention to issue
certificates of obligation of the City of Paris, Texas, as hereinafter provided; and,
WHEREAS, a public hearing was held before the City Council on November 26, 2012,
and public notice of the time, place and purpose of said hearing and meeting was given, all as
required by Chapter 551, Texas Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PARIS, TEXAS, THAT:
Section 1. The findings set out in the preamble to this resolution are hereby in all things
approved.
Section 2. Attached hereto is a form of the Notice of Intention to issue Certificates of
Obligation, the form and substance of which is hereby adopted and approved.
Section 3. The City Clerk shall cause said notice to be published in substantially the
form attached hereto, in a newspaper of general circulation in said City, and published in the City,
on the same day in each of two consecutive weeks, the date of the first publication thereof to be at
least 30 days prior to the time set for the issuance of such certificates of obligation as shown in said
notice.
Section 4. This resolution shall be effective immediately upon passage.
DULY PASSED AND APPROVED this 26th day of November, 2012.
A.J. Hashmi, M.D., Mayor
��
ATTEST:
Janice Ellis, City Clerk
APPROVED AS TO FORM:
W. Kent McIlyar, City Attorney
��
CITY OF PARIS, TEXAS
NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE
CERTIFICATES OF OBLIGATION
The City of Paris does hereby give notice of intention to issue one or more series of Combination
Tax and Surplus Revenue Certificates of Obligation, in the maximum principal amount not to
exceed $2,900,000, for paying all or a portion of the City's contractual obligations incurred to
provide funds to pay costs of improving the City's potable water distribution system, to-wit:
water line replacements for the City's potable water distribution system and to pay legal, fiscal,
engineering and architectural fees in connection with such project. The City proposes to adopt
an ordinance that will provide for the Certificates of Obligation to be secured by a pledge of
funds received from the levy and collection of ad valorem taxes in the City, as provided by law,
and from a pledge of the surplus net revenues of the City's water and sewer system (the
"System") that remain after payment of all operation and maintenance expenses thereof, and after
all debt service, reserve, and other requirements in connection with all revenue bonds or other
obligations (now or hereafter outstanding) of the City have been met, to the extent that such
obligations are payable from all or any part of the net revenues of the System. The City Council
intends to consider for passage at a meeting to be held at 5:30 P.M. on January 14, 2013, at the
Paris City Hall, 135 lst Street SE, Paris, Texas, an ordinance authorizing the issuance of
Combination Tax and Surplus Revenue Certificates of Obligation.
CITY OF PARIS, TEXAS
:
'7 3
A.J. Hashmi, M.D, Mayor