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HomeMy WebLinkAboutResolution No. 2026-013CITY OF THE COLONY, TEXAS RESOLUTION NO. 2026 - 013 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS APPROVING AND AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION. WHEREAS, the City Council of the City of The Colony, Texas (the "City"), has determined that certificates of obligation (the "Certificates") should be issued under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as amended, forthe purpose of paying contractual obligations to be incurred for (i) acquiring equipment and vehicles for the fleet, street, emergency management, facilities maintenance and community image departments of the City, (ii) constructing, improving and renovating streets, alleys, culverts and bridges, including drainage and erosion control, landscaping, screening walls, curbs, gutters, sidewalks, lighting, signage and traffic signalization incidental thereto and the acquisition of land and rights-of-way therefor, (iii) constructing, improving and equipping the City's waterworks and sewer system and the acquisition of land and rights-of-way therefor, (iv) constructing, improving, renovating and equipping fire and police facilities and the acquisition of equipment, vehicles, land and rights-of-way therefor, (v) constructing and improving flood control and drainage improvements, including the acquisition of land and rights-of-way therefor, (vi) improving and equipping administrative office buildings housing governmental functions of the City (collectively, the "Projects") and (vii) professional services rendered in connection therewith; and WHEREAS, prior to the issuance of such Certificates, the City Council is required to publish notice of its intention to issue the same in a newspaper of general circulation in the City and on the City's website, said notice stating (i) the time and place the City Council tentatively proposes to pass the ordinance authorizing the issuance of the Certificates, (ii) the maximum amount proposed to be issued, (iii) the purposes for which the Certificates are to be issued and (iv) the manner in which the City Council proposes to pay the Certificates; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS: Section 1: That the City Secretary is hereby authorized and directed to cause notice to be published of the City Council's intention to issue certificates of obligation, in one or more series, in the principal amount not to exceed NINE MILLION FIVE HUNDRED THOUSAND DOLLARS ($9,500,000) for the purpose of paying contractual obligations to be incurred for (i) acquiring equipment and vehicles for the fleet, street, emergency management, facilities maintenance and community image departments of the City, (ii) constructing, improving and renovating streets, alleys, culverts and bridges, including drainage and erosion control, landscaping, screening walls, curbs, gutters, sidewalks, lighting, signage and traffic 301771015.3/1001379180 signalization incidental thereto and the acquisition of land and rights-of-way therefor, (iii) constructing, improving and equipping the City's waterworks and sewer system and the acquisition of land and rights-of-way therefor, (iv) constructing, improving, renovating and equipping fire and police facilities and the acquisition of equipment, vehicles, land and rights-of-way therefor, (v) constructing and improving flood control and drainage improvements, including the acquisition of land and rights-of-way therefor, (vi) improving and equipping administrative office buildings housing governmental functions of the City and (vii) professional services rendered in connection therewith; such Certificates to be payable from ad valorem taxes and a limited pledge of the surplus net revenues of the City's waterworks and sewer system. The notice hereby approved and authorized to be published shall read substantially in the form and content of Exhibit A hereto attached and incorporated herein by reference as a part of this resolution for all purposes. Section 2: That the City Secretary shall cause the notice described above to be (i) published in a newspaper of general circulation in the City, once a week for two consecutive weeks, the date of the first publication to be at least forty-six (46) days prior to the date stated therein for the passage of the ordinance authorizing the issuance of the Certificates and (ii) posted continuously on the City's website for at least forty-five (45) days before the date stated therein for the passage of the ordinance authorizing the issuance of the Certificates. [remainder of page intentionally left blank] 301771015/1001379180 2 PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, THIS 17TH DAY OF FEBRUARY 2026. Richard Boyer, Mayor City of The Colony, Te ATTEST: Tina Stewart, TRMC, CMC, City Secretary City of The Colony, Texas 301771015/1001379180 EXHIBITA NOTICE OF INTENTION TO ISSUE CITY OF THE COLONY, TEXAS CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of The Colony, Texas, shall convene at 6:30 p.m. on April 21, 2026, at its regular meeting place in City Hall located at 6053 Main Street, The Colony, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizingthe issuance of certificates of obligation, in one or more series, in an amount not to exceed NINE MILLION FIVE HUNDRED THOUSAND DOLLARS ($9,500,000) for the purpose of paying contractual obligations to be incurred for (i) acquiring equipment and vehicles for the fleet, street, emergency management, facilities maintenance and community image departments of the City, (ii) constructing, improving and renovating streets, alleys, culverts and bridges, including drainage and erosion control, landscaping, screening walls, curbs, gutters, sidewalks, lighting, signage and traffic signalization incidental thereto and the acquisition of land and rights-of-way therefor, (iii) constructing, improving and equipping the City's waterworks and sewer system and the acquisition of land and rights-of-way therefor, (iv) constructing, improving, renovating and equipping fire and police facilities and the acquisition of equipment, vehicles, land and rights-of-way therefor, (v) constructing and improving flood control and drainage improvements, including the acquisition of land and rights-of-way therefor, (vi) improving and equipping administrative office buildings housing governmental functions of the City and (vii) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a limited pledge of the surplus net revenues of the City's waterworks and sewer system. In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City's outstanding public securities secured by and payable from ad valorem taxes is $169,215,000; (ii) the current combined principal and interest required to pay all of the City's outstanding public securities secured by and payable from ad valorem taxes on time and in full is $231,865,466; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $13,625,000; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is August 15, 2046. The certificates 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. Tina Stewart, City Secretary City of The Colony, Texas 301771015.3/1001379180 A-1 CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS § COUNTY OF DENTON § CITY OF THE COLONY § I, the undersigned, City Secretary of the City of The Colony, Texas, DO HEREBY CERTIFY as follows: 1. On the 171h day of February, 2026, a regular meeting of the City Council (the "Council") of the City of The Colony, Texas (the "City"), was held at a meeting place within the City; the duly constituted members of the Council being as follows: RICHARD BOYER JOEL MARKS ROBYN HOLTZ JUDY ENSWEILER BRIAN WADE DAN RAINEY PERRY SCHRAG MAYOR MAYOR PRO TEM DEPUTY MAYOR PRO TEM COUNCILMEMBERS and all of said persons were present at said meeting, except the following: Among other business considered at said meeting, the attached resolution entitled - "CITY OF THE COLONY, TEXAS RESOLUTION NO. 2026 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS APPROVING AND AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION." was introduced and submitted to the Council for passage and adoption. After presentation and due consideration of the resolution, and upon a motion being made and seconded, the resolution was finally passed and adopted by the Council to be effective immediately in accordance with the provisions of Texas Government Code, Chapter 1201.028 by the following vote: "For' 0 "Against" —L "Abstained" all as shown in the official minutes of the Council for the meeting held on the aforesaid date. 2. The attached resolution is a true and correct copy of the original on file in the official records of the City; the duly qualified and acting members of the Council on the date of the aforesaid meeting are those persons shown above and, according to the records of my office, advance notice of the time, place and purpose of the meeting was given to each member of the Council; and that said meeting and the deliberation of the aforesaid public business was open to the public and written notice of said meeting, including the subject of the above entitled resolution, was posted and given in advance thereof in compliance with the provisions of Texas Government Code, Chapter 551, as amended. 301787428.1/1001379180 IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 17th day of February, 2026. a- �� 4 City Secretary City of The Colony, Texas 301787428/1001379180