Title
Consideration of and action on 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; and approving other matters incidental thereto.
Body
Summary: As proposed in the FY 2019-2020 Budget, the City intends to issue Certificates of Obligation for the ninth year of the 10-year Water and Sewer Capital Improvements Plan. The maximum aggregate principal amount is not to exceed $5,000,000. Proceeds from these certificates are planned for projects including sewer rehabilitation, water line replacement, and other needed renovations at the Water Treatment Plant. 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., and on behalf of the City's Bond Counsel, Jonathan Frels, Paige Abernathy, from Bracewell LLP, 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.
Attached is a proposed resolution authorizing publication of the Notice of Intention to Issue Certificates of Obligation, and approving other matters incidental thereto.
Fiscal/Budgetary Impact: Payment of the debt service and issuance costs related to these certificates are “payable from ad valorem taxes and from a limited pledge of a subordinate lien on the net revenues of the City’s waterworks and sanitary sewer system.”
Recommended action
Approve the resolution authorizing the publication of Notice of Intention to Issue Certificates of Obligation and approving other matters incidental thereto.