Title
Consideration of and action on the adoption of a resolution by the City Council of the City of Deer Park, Texas, authorizing the publication of Notice of Intention to Issue Certificates of Obligation; approving the preparation of a preliminary official statement; and approving other matters incidental thereto.
Body
Summary:
Attached is a proposed resolution authorizing publication of the Notice of Intention to Issue Certificates of Obligation; approving the preparation of a preliminary official statement; and approving other matters incidental thereto.
The City intends to issue Certificates of Obligation for the water and sewer system in accordance to the City's adopted Capital Improvements Plan. The maximum aggregate principal of the certificates will not exceed $7,160,000.
Proceeds from these certificates are planned for projects including, water line replacement, rehabilitation of lift stations, manhole rehabilitation, sanitary sewer line replacement, surface water treatment plant rehabilitation, and water distribution rehabilitation. The related professional services for these projects and the costs of issuance will also be funded from the proceeds of the certificates.
The City's Financial Advisor, John Robuck, from BOK Financial Securities, Inc., will be in attendance at the meeting to present a tentative schedule of events and to answer any questions related to this planned debt issuance.
A resolution authorizing the publication of the Notice of Intent to Issues Certificates of Obligation; approving the preparation of a preliminary statement; and approving other matters incidental thereto is on the regular city council meeting agenda tonight for approval.
Fiscal/Budgetary Impact:
Payment of the debt service and issuance costs related to these certificates will be funded by ad valorem tax revenues and the water and sewer fund.
Recommended action
Approve the resolution authorizing the publication of Notice of Intention to Issue Certifica...
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