2021-32 - R - Directing publication of notice of intention to issue Combination Tax and Surplus Revenue Certificates of Obligation for funding costs associated with the construction of street improvements and the westside communications tower 06.08.21 CERTIFICATE REGARDING ADOPTION OF RESOLUTION
THE STATE OF TEXAS §
COUNTIES OF COLLIN AND DENTON §
TOWN OF PROSPER §
We,the undersigned officers of the Town,hereby certify as follows:
1. The Town Council of the Town convened in REGULAR MEETING ON THE 8TH DAY OF
JUNE,2021,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
Craig Andres,Deputy Mayor Pro-Tem
Jeff Hodges
Marcus E. Ray
Amy Bartley
Charles Cotten
Melissa Lee,Town Secretary
and all of said persons were present, except the following absentees: none, thus constituting a quorum.
Whereupon,among other business,the following was transacted at said Meeting: a written
RESOLUTION NO. 2021-32 DIRECTING PUBLICATION OF NOTICE OF INTENTION TO
ISSUE CERTIFICATES OF OBLIGATION;AND RESOLVING OTHER MA FI ERS RELATING
TO THE SUBJECT
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: None ABSTAIN: None
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,as currently in effect.
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 8th day of June,2021.
Town Secretary Mayor
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RESOLUTION NO.2021-32
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO
ISSUE CERTIFICATES OF OBLIGATION; AND RESOLVING
OTHER MATTERS RELATED TO THE SUBJECT
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;Now, Therefore
BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER,TEXAS:
Section 1. Attached hereto is a form of the Notice of Intention to issue Certificates of Obligation (the
"Notice"),the form and substance of which is hereby adopted and approved.
Section 2. The Town Secretary shall cause said notice to be published in substantially the form attached
hereto, in a newspaper,as defined by Subchapter C,Chapter 2051,Texas Government Code,of
general circulation in the area of the Town,once a week for two(2)consecutive weeks,the date
of the first publication thereof to be before the forty-fifth (45th) day before the date tentatively
set for the adoption of the ordinance authorizing the issuance of the Certificates of Obligation
as shown in the Notice.
Section 3. The Town Secretary shall cause said notice to be posted in substantially the form attached
hereto,on the Town's internet website for at least forty-five(45)days before the date tentatively
set for the adoption of the ordinance authorizing the issuance of the Certificates of Obligation
as shown in the Notice.
Section 4. Attached hereto as Schedule I is a list of outstanding debt obligations of the Town which the
Town hereby designates as self-supporting debt for purposes of Texas Local Government Code,
Subchapter C of Chapter 271,as amended.
Section 5. This Resolution shall become effective immediately upon adoption.
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SCHEDULE I
TOWN OF PROSPER,TEXAS
Self-Supporting Debt
The Town designates all or a portion of the following outstanding debt obligations of the Town as self-
supporting debt for purposes of Texas Local Government Code, Subchapter C of Chapter 271,as amended.
1. Town of Prosper,Texas,Combination Tax and Revenue Certificates of Obligation, Series 2012;and
2. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series
2013;and
3. Town of Prosper, Texas General Obligation Refunding and Improvement Bonds, Series 2014;and
4. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series
2014;and
5. Town of Prosper,Texas General Obligation Refunding and Improvement Bonds, Series 2015;and
6. Town of Prosper,Texas General Obligation Refunding and Improvement Bonds, Series 2016;and
7. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series
2016;and
8. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series
2017;and
9. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series
2018;and
10. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series
2019.
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EXHIBIT A
TOWN OF PROSPER,TEXAS
NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the Town Council of the Town of Prosper,Texas,at its meeting
to commence at 5:45 P.M. on August 10, 2021, at the Town Council Chambers of Prosper Town
Hall, 250 W. First Street,Prosper,Texas,tentatively proposes to authorize the issuance of interest
bearing certificates of obligation, in one or more series, in an amount not to exceed $7,450,000,
for paying all or a portion of the Town's contractual obligations incurred in connection with: (i)
constructing, improving, extending, expanding, upgrading and developing streets and roads and
intersections, including utility relocation, landscaping, sidewalks, traffic safety and operational
improvements and the purchase of any necessary right-of-way and other related costs, specifically
including improvements to Frontier Parkway from the Dallas North Tollway to Preston Road and
Fishtrap Road from Teel Parkway to Stuber Elementary School; (ii) construction, acquisition and
installation of the Westside communications radio tower and(iii)paying legal, fiscal, engineering
and architectural fees in connection with such projects. The Town proposes to provide for the
payment of such certificates of obligation from the levy and collection of ad valorem taxes in the
Town as provided by law and from a pledge of the surplus revenues of the Town's waterworks
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.
In accordance with the provisions of Texas Local Government Code, Subchapter C of Chapter
271, as amended, the following information has been provided by the Town: (i) the principal
amount of all outstanding debt obligations of the Town is $84,844,700; (ii) the current combined
principal and interest required to pay all outstanding debt obligations of the Town on time and in
full is $29,465,874 (clauses (i) and (ii) exclude debt service for $36,290,300 in principal amount
of outstanding debt obligations the Town has designated as self-supporting and which the Town
reasonably expects to pay from revenue sources other than ad valorem taxes; provided, however,
that in the event such self-supporting revenue sources are insufficient to pay debt service,the Town
is obligated to levy ad valorem taxes to pay such debt obligations); (iii) the maximum principal
amount of the certificates of obligation to be authorized is$7,450,000;(iv)the estimated combined
principal and interest required to pay the certificates of obligation to be authorized on time and in
full is$10,110,000;(v)the maximum interest rate for the certificates may not exceed the maximum
legal interest rate; and (vi) the maximum maturity date of the certificates of obligation to be
authorized is February 15, 2041.
TOWN OF PROSPER, TEXAS
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