HomeMy WebLinkAboutRES 24-116RESOLUTION NO, 24.116
BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF BEAUMONT:
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE
OF INTENTION ISSUE CERTIFICATE OF OBLIGATION
THE STATE OF TEXAS §
COUNTY OF JEFFERSON §
1, the undersigned City Clerk of the City of Beaumont, Texas (the "City"), hereby certify
as follows:
1. The City Council of the City convened in regular meeting on April 30, 2024, at
the place stated in the notice of such meeting given as stated below, and the roll was called off
the duly constituted official and members of said City Council, to wit:
Roy West
Albert Turner
Randy Feldschau
Taylor Neild
Mike Getz
Audwm Samuel
Charles Durio
Mayor
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
and all of said persons were present, thus constituting a quorum.. Whereupon, among other
business, the following was transacted at said meeting: a written
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE
OF INTENTION ISSUE CERTIFICATE OF OBLIGATION
Was duly introduced for the consideration of said City Council and read in frill. It was then duly
moved and seconded that said Resolution be adopted; and, after due discussion, said motion,
carrying with it the adoption of said Resolution, prevailed and carried by the following vote:
AYES: All those present voted "aye"
NOES:
ABSTENTIONS:
2. That a true, firll, and correct copy of the aforesaid Resolution adopted at the
meeting described in the above and foregoing paragraph is attached to and follows this
certificate; that said Resolution has been duly recorded in said City Council's minutes of said
meeting; that the above and foregoing paragraph is a true, frill, and correct excerpt from the said
City Council's minutes of said meeting pertaining to the adoption of said Resolution; that the
persons named in the above and foregoing paragraph are the duly chosen, qualified, and acting
officers and members of said City Council as indicated therein; that each of the officers and
members of said City Council was duly and sufficiently notified officially and personally, in
advance, of the date, hour•, place, and purpose of the aforesaid meeting, and each of said officers
and members consented, in advance, to the holding of said meeting for such purpose; that said
meeting was open to the public as required by law; and that public notice of the date, hour•, place
and subject of said meeting was given as required by the Texas Open Meetings Act,
2024.
PASSED BY THE CITY COUNCIL of the Citv of Beaumont this the 30th day of Amil,
Tina Broussard, City Clerk
City of Beaumont, Texas
CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS
COUNTY OF JEFFERSON
1, the undersigned City Clerk of the City of Beaumont, Texas (the "City"), hereby certify as
follows:
1, The City Council of the City convened in regular meeting on April 30, 2024, at the place
stated in the notice of such meeting given as stated below, and the toll was called of the duly constituted
official and members of said City Council, to wit:
Roy West
Mayor
Albert Turner
Councilmember
Randy Feldschau
Councilmember
Taylor Neild
Councilme€nber
Mike Getz
Councilmember
Audwin Samuel
CounciIrnember
Charles Durio
Councilmember
and all of said persons were present, thus constituting a quorum. Whereupon, among other business, the
following was transacted at said meeting: a written
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO
ISSUE CERTIFICATES OF OBLIGATION
Was duly introduced for the consideration of said City Council and read in full. It was then duly moved and
seconded that said Resolution be adopted; and, after due discussion„ said notion, carrying with it the
adoption of said Resolution, prevailed and carried by the following vote:
AYES: All those present voted "aye"
NOES:
ABSTENTIONS:
2. That a tare, full, and correct copy of the aforesaid resolution adopted at the meeting
described in the above and foregoing paragraph is attached to and follows this certificate; that said
resolution has been duly recorded in said City Council's minutes of said meeting; that the above and
foregoing paragraph is a true, full, and correct excerpt from the said City Council's minutes of said
meeting pertaining to the adoption of said resolution; that the persons named in the above and foregoing
paragraph are the duly chosen, qualified, and acting officers and members of said City Council as
indicated therein; that each of the officers and members of said City Council was duly and sufficiently
notified officially and personally, in advance, of the date, hour, place, and purpose of the aforesaid
meeting, and each of said officers and members consented, in advance, to the holding of said meeting
for such purpose; that said meeting was open to the public as required by law; and that public notice of
the date, hour, place and subject of said meeting was given as required by the Texas Open Meetings Act.
Page 1 of 7
P501366805_vl
SIGNED AND SEALED this 2024,
City Cleric
City of Beaumont, Texas
(SEAL)
Page 2 of 7
#501366805_vl
RESOLUTION NO. R-24-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BEAUMONT,
TEXAS, AUTHORIZING THE PUBLICATION OF THE NOTICE OF
INTENTION TO ISSUE CITY OF BEAUMONT, TEXAS CERTIFICATES OF
OBLIGATION IN A PRINCIPAL AMOUNT NOT TO EXCEED $12,000,000
FOR THE CONSTRUCTION OF PUBLIC WORKS AND ANY ITEMS
RELATED THERETO AND FOR THE PAYMENT OF CONTRACTUAL
OBLIGATIONS FOR PROFESSIONAL SERVICES; AUTHORIZING THE
DISTRIBUTION OF A 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 and machinery, 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 $12,000,000 (the "Certificates of Obligation") for the purpose of (1) the
construction of public works, more specifically, the construction and improvement of roads
and the drainage system, and any items related thereto, and (2) payment of professional
services incurred in connection with item (1); and
WHEREAS, pursuant to Section 271,049 of the Texas Local Government Code,
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; (iv) the manner in which
the Council proposes to pay for the Certificates of Obligation; (v) the following: (A) the
then -current principal of all outstanding debt obligations of the issuer; (B) the then -current
combined principal and interest required to pay all outstanding debt obligations of the
issuer on time and in full, which may be based on the issuer's expectations relative to the
interest due on any variable rate debt obligations; (C) the maximum principal amount of the
certificates to be authorized; and (D) the estimated combined principal and interest
required to pay the certificates to be authorized on time and in full; (vi) the estimated
interest rate for the certificates to be authorized of that the maximum interest rate for the
certificates may not exceed the maximum legal interest rate; and (vii) the maximum
maturity date of the certificates to be authorized.
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
Page 3 of 7
##501366805 vl
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, TEXAS,
THAT:
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, (i) 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 45th day before the date tentatively
set for the passage of the ordinance authorizing the issuance of the Certificates of
Obligation; and (ii) continuously on the City's website for at least 45 days 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 Obligation of the
Preliminary Official Statement, as the same may be completed, modified, or supplemented
with the approval of the Mayor or other authorized officers and agents of the City.
Section 5. The Mayor, 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.
Section 6. The following is a list of the outstanding general obligation debt of the
City:
Bond issue
Self -Supporting Amount
General Obligation Refunding Bonds, Series 2020A
26,170,000
General Obligation Refunding Bonds, Taxable Series 2020B
23,640,000
Combination Tax & Revenue Certificates of Obligation, Series 2018
79,605,000
General Obligation Refunding Bonds, Series 2016
6,320,000
General Obligation Refunding Bonds, Series 2015
24,218,650
Combination Tax & Revenue Certificates of Obligation, Series 2013
17,935,000
Combination Tax & Revenue Certificates of Obligation, Series 2012
170,000
Total
$ 178,050,650_
Page 4 of 7
#501366805_vl
PASSED, APPROVED and ADOPTED this 30th day of April, 2024.
ATTEST:
Roy West, Mayor
APPROVED AS TO FORM:
Tina Broussard, City Clerk Sharae Reed, City Attorney
Page 5 of 7
-8501366805 A
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 at its regular meeting place in the City Council Chamber at City Hall,
801 Main St., Beaumont, Texas at 1:30 p.m. on the 18th day of June, 2024, 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 not to exceed $12,000,000 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 and improvement of roads and the drainage
system, and any items related thereto, and (2) payment of professional services incurred in
connection with item (1).
The City proposes to provide for the payment of such certificates of obligation from
the levy and collection of ad valorem taxes in the City as provided by law and from a
pledge of limited surplus revenues of the City's waterworks and sewer system, remaining
after payment of all operation and maintenance expenses thereof, and all debt service,
reserve, and other requirements in connection with all of the City's revenue bonds or other
obligations (now or hereafter outstanding), which are payable from all or any part of the net
revenues of the City's waterworks and sewer system. The certificates of obligation are to
be issued, and this notice is given, under and pursuant to the provisions of Texas Local
Government Code, Subchapter C of Chapter 271, as amended ("Chapter 271").
Pursuant to Chapter 271, notice is further given of the following information:
Current principal of all outstanding debt
178,058,650
of the issuer
-obligations
Current combined principal and interest
222,321,742
required to pay all outstanding debt
obligations of the issuer on time and in full,
which may be based on the issuer's
expectations relative to the interest due on
variable rate debt obligations
-any
Maximum principal amount of the
12,000,000
certificates to be authorized
Estimated combined principal and interest
18,613,200
required to pay the certificates to be
authorized on time and in full
Estimated interest rate for the certificates to
4.5%
be authorized of that the maximum interest
Page 6 of 7
4501366905_vt
rate for the certificates may not exceed the
maximum legal interest rate
Maximum maturity date of the certificates to
03/01/2045
be authorized
The resolution designating certain outstanding debt obligations of the City as self-
supporting for purposes of Chapter 271 is available upon request to the City at the address
noted above.
, WITNESS MY HAND AND THE OFFICIAL SEAL. OF THE CITY, this 30th day of
April 2024.
Tina Broussard, City Clerk
City of Beaumont, Texas
Page 7 of 7
#501366805 0