HomeMy WebLinkAboutRES 18-124RESOLUTION NO. 18-124
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BEAUMONT, TEXAS, AUTHORIZING THE PUBLICATION OF THE
NOTICE OF INTENTION TO ISSUE BEAUMONT, TEXAS
CERTIFICATES OF OBLIGATION IN A PRINCIPAL AMOUNT NOT TO
EXCEED $10,000,000 FOR THE CONSTRUCTION OF PUBLIC WORKS
AND ANY ITEMS RELATED THERETO AND FOR THE PAYMENT OF
CONTRACTUAL OBLIGATIONS FOR PROFESSIONAL SERVICES;
AUTHORIZING THE DISTRIBUTION OFA PRELIMINARY OFFICIAL
STATEMENT RELATING TO SUCH CERTIFICATES; AND CONTAINING
OTHER PROVISIONS RELATING THERETO.
WHEREAS, the City Council (the "City Council") of the City of Beaumont, Texas
(the "City"), is authorized to issue certificates of obligation to pay contractual obligations
to be incurred for the construction of public works, any items related thereto, and for the
payment of contractual obligations for professional services pursuant to Subchapter C
of Chapter 271, Texas Local Government Code, as amended; and,
WHEREAS, the City Council has determined that it is in the best interest of the
City and otherwise desirable to issue certificates of obligation in a principal amount not
to exceed $10,000,000 (the "Certificates of Obligation") for the construction of public
works, more specifically, the construction of roads within the City, and any items related
thereto, and for the payment of contractual obligations for professional services incurred
in connection with the construction of such public works; and,
WHEREAS, prior to the issuance of the Certificates of Obligation, the City is
required to publish notice of its intention to issue the Certificates of Obligation (the
"Notice") in a newspaper of general circulation in the City stating (i) the time and place
the City Council tentatively proposes to pass the ordinance authorizing the issuance of
the Certificates of Obligation, (ii) the maximum amount of Certificates of Obligation
proposed to be issued, (iii) the purpose for which the Certificates of Obligation are to be
issued, and (iv) the manner in which the Council proposes to pay for the Certificates of
Obligation; and,
WHEREAS, for purposes of providing for the sale of the Certificates of
Obligation, the City Council intends to authorize the preparation of a Preliminary Official
Statement (the "Preliminary Official Statement") to be used in the public offering of the
Certificates of Obligation; and,
WHEREAS, the City Council has been presented with and has examined the
proposed form of the Notice and finds that the form and substance thereof are
satisfactory, and that the recitals and findings contained therein are true, correct and
complete;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
Section 1. The facts and recitations contained in the preamble of this Resolution
are hereby found and declared to be true and correct.
Section 2. Attached hereto and marked "Exhibit A" is a copy of the Notice, the
form and substance of which are hereby adopted and approved.
Section 3. The Mayor or the City Clerk shall cause the Notice to be published, in
substantially the form attached hereto, in a newspaper, as described in Section
2051.044, Texas Government Code, of general circulation in the City for two
consecutive weeks with the date of first publication to be before the 30th day before the
date tentatively set for the passage of the ordinance authorizing the issuance of the
Certificates of Obligation.
Section 4. The City Council hereby approves the preparation and distribution by
the City's financial advisor to prospective purchasers of the Certificates of the
Preliminary Official Statement, as the same may be completed, modified, or
supplemented with the approval of the Mayor, City Manager, or other authorized officers
and agents of the City.
Section 5. The Mayor, City Manager, City Clerk and other officers and agents of
the City are hereby authorized and directed to do any and all things necessary or
desirable to carry out the provisions of this Resolution.
The meeting at which this resolution was approved was in all things conducted in
strict compliance with the Texas Open Meetings Act, Texas Government Code, Chapter
551.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 5th day of
June, 2018.
ATTEST:
Tina Broussard
City Clerk
APPROVED AS TO FORM:
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the Beaumont, Texas (the
"City") will meet at its regular meeting place in the City Council Chamber at City Hall,
801 Main St., Beaumont, Texas 77701 at 1:30 p.m. on the 17th day of July, 2018, which
is the time and place tentatively set for the passage of an ordinance and such other
action as may be deemed necessary to authorize the issuance of the City's certificates
of obligation, payable from ad valorem taxation and a limited (in an amount not to
exceed $10,000) subordinate pledge of certain revenues of the waterworks and sewer
system of the City, in the maximum aggregate principal amount of $10,000,000, bearing
interest at any rate or rates, not to exceed the maximum interest rate now or hereafter
authorized by law, as, shall be determined within the discretion of the City Council at the
time of issuance and maturing over a period of years not to exceed forty (40) years from
the date thereof, for the purpose of evidencing the indebtedness of the City to pay all or
any part of the contractual obligations to be incurred for the purpose of (1) the
construction of public works, more specifically, the construction of roads within the City,
and any items related thereto, and (2) professional services incurred in connection with
item (1).
WITNESS MY HAND AND THE .OFFICIAL SEAL OF THE CITY, this 5th day of
June, 2018.
Tina Broussard,
City Secretary
Beaumont, Texas
EXHIBIT "A"
a