Title
Consider a resolution authorizing publication of notice of intention to issue Certificates of Obligation, approving the preparation of a preliminary official statement and a notice of sale, and providing for the effective date thereof.
Body
As required by Chapter 271, Subchapter C, Texas Local Government Code, as amended, before a city may issue certificates of obligation, a notice must be published once a week for two consecutive weeks in a newspaper of general circulation and posted on a city’s website at least 45 days prior to the date the ordinance is passed.
This resolution authorizes publication of Notice of Intention to Issue Combination Tax and Revenue Certificates of Obligation, Series 2026, in an amount not to exceed $51,000,000 for the purpose of financing a portion of the capital projects listed on the attached proposed bond sale list. The ordinance is set for passage on May 18, 2026.
As Council is aware, a certificate of obligation is a debt instrument usually supported by a pledge of the property tax, revenues from a utility, or a combination of both, but do not require upfront voter approval; therefore, the 45-day notice period allows voters the opportunity to petition for an election in the same manner as general obligation bonds.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Proposed Bond Projects
Drafter
Ted Chinn
Head of Department
Ted Chinn