Title
Consideration of and action on an ordinance authorizing the issuance and sale of the City of Deer Park, Texas, Certificates of Obligation, Series 2016-A; levying a tax and providing for the security and payment thereof; authorizing the execution and delivery of a purchase agreement and a paying agent/registrar agreement; and enacting other provisions relating thereto.
Body
Summary: As included in the FY 2016-2017 Budget and in accordance with Resolution No. 2016-09 authorizing publication of the City's intention to issue Certificates of Obligation and approving the preparation of the Preliminary Official Statement, the City plans to proceed with the issuance of Certificates of Obligation, Series 2016-A. Proceeds from these certificates are planned for renovations to the City's wastewater treatment plant, force main and gravity flow manhole reconstruction, and water and sewer lines. The related professional services for these projects and the costs of issuance will also be funded from the proceeds of the Certificates.
The attached ordinance, which authorizes the issuance and sale of the Certificates, is in draft form since the pricing of the Certificates of Obligation will take place the morning of October 18, 2016, the day of the City Council meeting. The pricing and other information will be updated and the final ordinance will be available prior to the meeting. John Robuck with BOK Financial Services, Inc., the City's Financial Advisor, will be in attendance at the workshop preceding this meeting to present the results of the sale. Jonathan Frels from Bracewell LLP, the City's Bond Counsel, will also be in attendance to review any questions on the legal documentation.
Fiscal/Budgetary Impact:
The FY 2016-2017 Budget includes a proposed issue of $7,100,000 with an associated debt service payment of $439,963 estimated for the fiscal year. Revenues from the Water and Sewer Fund are budgeted to fund this payment.
Recommended action
Approve t...
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