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Home My WebLink AboutPACKET JUN 28 2001 -1 � lid City of Beaumont REGULAR MEETING OF THE CITY COUNCIL COUNCIL CHAMBERS JUNE 28, 2001 1:30 P.M. AGENDA OPENING • Invocation Pledge Roll Call • Public Comment: Persons may speak on scheduled agenda items GENERAL BUSINESS 1. Consider approving a resolution authorizing publication of notice of intention to issue Certificates of Obligation in the amount of$7.5 million WORK SESSION * Review and discuss items related to the FY 2002 Budget COMMENTS • Councilmetnbers comment on various matters • City Manager Report - Old Spanish Trail; Public Health Performance Standards; Beaumont Track Club; Grant Award for the Tobacco Prevention Program; FY2001 Local Law Enforcement Block Grant (LLEBG) Program • Public Comment (Persons are limited to 3 minutes) Persons with disabilities who plan to attend this meeting and who may need auxiliary aids or services are requested to contact Kyle Hayes at 880-3716 a day prior to the meeting. 1 June 28, 2001 Consider approving a resolution authorizing publication of notice of intention to issue Certificates of Obligation City of Beaumont Council Agenda Item TO: City Council FROM: Stephen J. Bonczek, City Manager PREPARED BY: Kandy Daniel, Treasurer MEETING DATE: June 28, 2001 AGENDA MEMO DATE: June 21, 2001 REQUESTED ACTION: Council consider a resolution approving notice of sale and authorizing distribution thereof for$7.5 million General Obligation Certificates of Obligation. RECOMMENDATION The administration requests approval of a resolution regarding notice of sale and authorizing distribution thereof for$7.5 million General Obligation Certificates of Obligation. BACKGROUND $7.5 million in Certificates of Obligation are being issued to finance ongoing capital projects related improvements to the street system.Issuance ofthe bonds is scheduled for July 17,2001 with delivery and receipt of the proceeds by the City on August 16, 2001. BUDGETARY IMPACT All debt and other expenses shall be incurred by the Street and Drainage Improvement Fund which is supported by property tax revenues. PREVIOUS ACTION None SUBSEQUENT ACTION Subsequent Council action will be requested to approve the issuance ofthe$7.5 million in Certificates of Obligation on July 17, 2001. RECOMMENDED BY City Manager and Treasurer. RECOMMENDED MOTION Approve/Deny resolution regarding notice of sale and authorizing distribution thereof for $7.5 million Certificates of Obligation. RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION THE STATE OF TEXAS § COUNTY OF JEFFERSON § THE CITY OF BEAUMONT § WHEREAS, The City of Beaumont, Texas (herein referred to as the "City"), acting through its governing body (hereinafter referred to as the "City Council"), is authorized to issue certificates of obligation to pay contractual obligations to be incurred in connection with authorized street improvements within the City (herein referred to as the "Project'), and for professional services rendered in connection therewith pursuant to Texas Local Government Code Sections 271.041 -271.064, as amended; and WHEREAS, the City Council of the City has determined that it is in the best interest of the City and otherwise is desirable to issue a series of certificates of obligation in a principal amount not to exceed $7,500,000 to be known as the "City of Beaumont, Texas, Certificates of Obligation, Series 2001" (hereinafter referred to as the "Certificates") to finance the Project and to pay for professional services rendered in connection therewith; and WHEREAS, in connection with the issuance of the Certificates, the City Council intends to publish notice of the intent of the City to issue the Certificates in accordance with the requirements of the Texas Local Government Code Section 271.049, as amended; and WHEREAS,the City Council has been presented with and has examined the proposed form of notice to be published 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,TEXAS: 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. The City Council hereby approves the form of the Notice of Intention to Issue Certificates of Obligation presented to the City Council in substantially the form attached hereto as Exhibit "A" and incorporated herein by reference (the "Notice'). The City Council hereby authorizes the Mayor or any other member of the City Council or any other official of the City to execute and deliver the Notice on behalf of the City, with such changes therein and additions thereto as the person executing same may approve, such approval to be conclusively evidenced by such execution thereof. The City Council hereby authorizes and directs the Mayor, the City Clerk or any other official of the City to cause the Notice to be published in the manner required by law in a newspaper of general circulation in the City. Section 3. The Notice set forth in Exhibit "A" attached hereto shall be published in both English and Spanish once a week for two (2) consecutive weeks in a newspaper which is of general circulation in the City, the date of the first publication to be not less than fourteen (14) days prior to the date tentatively set in the Notice for the passage of the ordinance authorizing the issuance of such Certificates of Obligation. Section 4. The Mayor, the City Clerk, and other officials 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. Section 5. This resolution shall take effect immediately upon its passage. Section 6. It is officially found, determined and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the rime, place and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by the Texas Government Code Chapter 551, as amended. PASSED AND APPROVED this 28th day of June, 2001. Mayor THE CITY OF BEAUMONT,TEXAS ATTEST: City Clerk THE CITY OF BEAUMONT, TEXAS (SEAL) -2- EXHIBIT "A" NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the City Council of The City of Beaumont, Texas (the "City"), will meet in the City Hall, 801 Main Street, Beaumont, Texas, at 1:30 p.m., on the 17th day of July, 2001, to adopt an ordinance and take such other action as may be deemed necessary to authorize the issuance of the City's Certificates of Obligation, Series 2001, payable from the City ad valorem taxes and from certain revenues of the City's water and sewer system, in the maximum aggregate principal amount of$7,500,000, bearing interest at a rate or rates, not in excess of that prescribed by law, 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 for all or any part of the cost of authorized street improvements and the cost of professional services incurred in connection therewith. WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 28th day of June, 2001. /s/David W. Moore Mayor THE CITY OF BEAUMONT, TEXAS Page 3 of 4 F\FOX DOCUMENTS\BOND BEAUMONT 2001 CERTIFICATES OBLIGATIONDOCUMENTSkRESOLUfION AUTHORIZING PUBLICATION NOTICE DOC AVISO DE INTENCION PARA LA EMISION DE CERTIFICADOS DE OBLIGACION Se notifica por el presente que el Cabildo Municipal de la Ciudad de Beaumont, Texas a la 1:30 p.m. del 17 de July, 2001, considerara el paso de una ordenanza y la toma de tal accion Como sea considerado necesario, para autorizar la emision de los Certificados Municipales de Obligacion, Series 2001, pagaderos de los impuestos municipales de valor adicional y de algunos reditos del Sistema de Abastecimiento de Aguas y Alcantarillas, en una cantidad a no exceder$7,500,000, con interes pagadero a una tasa o tasas a no exceder a la prescrita por estatutos civiles de Texas, segun enmendado, con vencimiento en serie sobre un periodo no mayor de cuarenta (40) anos, con el proposito de evidenciar el endeudamiento de la Ciudad por el costo y por la adquisicion, construccion Y renovacion Y del sobre toda propiedad imponible y el costo de servicios profesionales incurridos sobre esto mismo. TESTIFICADO POR MI MANO Y POR EL SELLO OFICIAL DE ESTA CIUDAD, el 28th de June de 2001. /s/ David W. Moore Mayor THE CITY OF BEAUMONT, TEXAS Page 4 of 4 F 1TOX DOC711LN'TS-BOND'•BEAUMONT 2001 CERTIFICATES OBWGATION\DOCLNMNTS\RESOLL nON ALTHORIZING PUBUCATION NOTICE.DOC