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12.16.2013 Town Council Special Meeting Packet ] Prosper is a place where everyone matters. 1. Call to Order/Roll Call. 2. Invocation, Pledge of Allegiance and Pledge to the Texas Flag. 3. Consider and take action on a resolution providing for publication of notice of intent to issue Town of Prosper certificates of obligation to finance the Town's portion of the expanded Upper Trinity Regional Water District Doe Branch Water Reclamation Plant. (KA) 4. Adjourn. CERTIFICATION I, the undersigned authority, do hereby certify that this Notice of Meeting was posted on the inside window at the Town Hall of the Town of Prosper, Texas, 121 W. Broadway Street, Prosper, Texas, a place convenient and readily accessible to the general public at all times, and said Notice was posted on the following date and time: On December 13, 2013, at 5:00 p.m. and remained so posted at least 72 hours before said meeting was convened. ________________________________________ ____________________ Robyn Battle, Town Secretary Date Noticed Removed If during the course of the meeting covered by this Notice, the Town Council should determine that a closed or executive meeting or session of the Town Council or a consultation with the attorney/special counsel for the Town should be held or is required, then such closed or executive meeting or session or consultation with the attorney/special counsel as authorized by the Texas Open Meetings Act, Texas Government Code, §551.001, et seq., will be held by the Town Council at the date, hour and place given in this Notice or as soon after the commencement of the meeting covered by this Notice as the Town Council may conveniently meet in such closed or executive meeting or session or consult with the attorney/special counsel for the Town concerning any and all subjects and for any and all purposes permitted by the Act, including, but not limited to, the following sections and purposes: Texas Government Code: §551.071 - Consultation with the attorney/special counsel for the Town. §551.072 - Discussion regarding the purchase, exchange, lease or value of real property. §551.074 - Discussion regarding personnel matters. NOTICE Pursuant to Town of Prosper Ordinance Number 07-04, all speakers other than Town of Prosper Staff are limited to three (3) minutes per person, per item, which may be extended for an additional two (2) minutes with approval of a majority vote of the Town Council. NOTICE OF ASSISTANCE AT PUBLIC MEETINGS: The Prosper Town Council Meetings are wheelchair accessible. Persons with disabilities who plan to attend this meeting and who may need auxiliary aids or services such as Interpreters for persons who are deaf or hearing impaired, readers, or large print, are requested to contact the Town Secretary’s Office at (972) 569-1011. BRAILLE IS NOT AVAILABLE. AGENDA Special Called Meeting of the Prosper Town Council Prosper Municipal Chambers 108 W. Broadway, Prosper, Texas Monday, December 16, 2013 6:00 p.m. Page 1 of 1 To: Mayor and Town Council From: Kent R. Austin, Finance Director Through: Harlan Jefferson, Town Manager Re: Special Town Council Meeting – December 16, 2013 Agenda Item: Consider and take action on a resolution providing for publication of notice of intent to issue Town of Prosper certificates of obligation to finance the Town's portion of the expanded Upper Trinity Regional Water District Doe Branch Water Reclamation Plant. Description of Agenda Item: The attached resolution initiates the process of issuing bonds to pay for the Town’s share of the Doe Branch wastewater treatment plant. At its December 10, 2013, meeting, the Council heard an update on the project’s status and on financing alternatives. Issuing certificates of obligation (CO’s), compared with allowing UTRWD to finance the Town’s share, is estimated by First Southwest to save the Town $1.2 million over the 20-year life of the CO’s. Budget Impact: The proposed certificates of obligation in the maximum principal amount not to exceed $16.1 million would be repaid over 20 years through the Town’s water and sewer rates. Legal Obligations and Review: Dan Culver of McCall, Parkhurst and Horton, the Town’s bond counsel, prepared the Resolution. Attached Documents: 1. Resolution Town Staff Recommendation: Town staff recommends the Town Council approve the resolution. Recommended Motion: I move to approve the resolution providing for publication of notice of intent to issue Town of Prosper certificates of obligation to finance the Town's portion of the expanded Upper Trinity Regional Water District Doe Branch Water Reclamation Plant. Prosper is a place where everyone matters. FINANCE CERTIFICATE REGARDING ADOPTION OF RESOLUTION THE STATE OF TEXAS § COUNTY OF COLLIN § TOWN OF PROSPER § We, the undersigned officers of the Town, hereby certify as follows: 1. The Town Council of the Town convened in SPECIAL MEETING ON THE 16TH DAY OF DECEMBER, 2013, at the Town Hall, and the roll was called of the duly constituted officers and members of the Town Council, to-wit: Ray Smith, Mayor Meigs Miller, Mayor Pro-Tem Kenneth Dugger, Deputy Mayor Pro-Tem Jason Dixon Michael Korbuly Curry Vogelsang, Jr. Danny Wilson Robyn Battle, Town Secretary and all of said persons were present, thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION was duly introduced for the consideration of the Town Council. It was then duly moved and seconded that said Resolution be adopted and, after due discussion, said motion, carrying with it the adoption of said Resolution, prevailed and carried by the following vote: AYES: All members of the Town Council shown present above voted "Aye," except as shown below: NOES: ABSTAIN: 2. That a true, full and correct copy of the aforesaid Resolution adopted at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said Town Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from the Town Council's minutes of said Meeting pertaining to the adoption of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of the Town Council as indicated therein; that each of the officers and members of the Town Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered for adoption at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. 3. That the Mayor of the Town has approved and hereby approves the aforesaid Resolution; that the Mayor and the Town Secretary of the Town have duly signed said Resolution; and that the Mayor and the Town Secretary of the Town hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Resolution for all purposes. SIGNED this, the 16th day of December, 2013. _________________________________ Ray Smith, Mayor ATTEST: _________________________________ Robyn Battle, Town Secretary TOWN OF PROSPER, TEXAS RESOLUTION NO. 13-66 RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION THE STATE OF TEXAS § COUNTY OF COLLIN § TOWN OF PROSPER § WHEREAS, this Town Council deems it advisable to give notice of intention to issue certificates of obligation of the Town of Prosper, Texas, as hereinafter provided; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was passed was open to the public and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER: 1. Attached hereto is a form of the Notice of Intention to issue Certificates of Obligation, the form and substance of which is hereby adopted and approved. 2. The Town Secretary shall cause said notice to be published in substantially the form attached hereto, in a newspaper of general circulation in the Town, and published in the Town, on the same day in each of two consecutive weeks, the date of the first publication thereof to be at least 30 days prior to the time set for the adoption of the ordinance authorizing the issuance of such certificates of obligation as shown in said notice. 3. This Resolution shall become effective immediately upon adoption. TOWN OF PROSPER, TEXAS NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION The Town of Prosper does hereby give notice of intention to issue one or more series of combination tax and surplus revenue certificates of obligation (the “Certificates”), in the maximum principal amount not to exceed $16,100,000 for paying all or a portion of the Town's contractual obligations incurred in connection with extending, constructing and improving the Town's sewer system, including acquiring sewage treatment capacity in the Doe Branch Water Reclamation Plant of the Upper Trinity Regional Water District (“Upper Trinity”), which is to be owned and operated by Upper Trinity as part of its Northeast Regional Water Reclamation System, and for paying legal, fiscal, engineering and architectural fees in connection with these projects. The Town proposes to adopt an ordinance that will provide for the Certificates to be secured by a pledge of funds received from the levy and collection of ad valorem taxes in the Town, as provided by law, and from a pledge of the surplus net revenues of the Town's water and sewer system (the "System") that remain after payment of all operation and maintenance expenses thereof, and after all debt service, reserve, and other requirements in connection with all revenue bonds or other obligations (now or hereafter outstanding) of the Town have been met, to the extent that such obligations are payable from all or any part of the net revenues of the System. The Town Council intends to consider for passage at a meeting to be held at 6:00 P.M. on February 11, 2014, at the Prosper Municipal Chambers, 108 W. Broadway, Prosper, Texas, an ordinance authorizing the issuance of Combination Tax and Surplus Revenue Certificates of Obligation. TOWN OF PROSPER, TEXAS By: /s/ Ray Smith, Mayor