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2022-42 - R - Notice of Intention to Issue Certificates of Obligation 07.26.22CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTIES OF COLLIN AND DENTON TOWN OF PROSPER We, the undersigned officers of the Town of Prosper, Texas (the "Town"), hereby certify as follows: 1. The Town Council of the Town (the "Council") convened in a regular meeting on July 26, 2022, at the designated meeting place, and the roll was called of the duly constituted officers and members of the Council, to wit: David F. Bristol, Mayor Jeff Hodges, Mayor Pro Tem Craig Andres, Deputy Mayor Pro Tem Marcus E. Ray, Councilmember Amy Bartley, Councilmember Charles Cotten, Councilmember Chris Kern, Councilmember Michelle Lewis Sirianni, Town Secretary and all of said persons were present except Oba Y-4, S CC. 4e- t-1 thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written A RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS RELATING TO THE SUBJECT was duly introduced for the consideration of the 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 with all members present voting "AYE" except the following: NAY: ABSTAIN: 0 2. 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 the Council's minutes of said meeting; that the above and foregoing paragraph is a true, full and correct excerpt from the 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 Council as indicated therein; that each of the officers and members of the 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. The Council has approved and hereby approves the aforesaid Resolution; and 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 AND SEALED THIS JULY 26, 2022. Town Secretary Mayor Town of Prosper Town of Prosper (Town Seal) OF P�O frr TOWN OF PROSPER, TEXAS RESOLUTION NO.2022-42 RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS RELATING TO THE SUBJECT THE STATE OF TEXAS COUNTIES OF COLLIN AND DENTON TOWN OF PROSPER WHEREAS, the Town Council of the Town of Prosper, Texas (the "Town"), deems it advisable to give notice of intention to issue certificates of obligation of the Town (the "Certificates of Obligation"), 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 and marked Exhibit A is the form of Notice of Intention to Issue Certificates of Obligation of the Town (the "Notice"), the form and substance of which are hereby passed and approved. Section 2. The Town Secretary shall cause the Notice, in substantially the form attached hereto, to be published in a newspaper of general circulation in the Town, and published in the Town, once a week for two consecutive weeks, the date of the first publication thereof to be before the 451h day before the date tentatively set for the passage of the ordinance or ordinances authorizing the issuance of the Certificates of Obligation. Section 3. The Town Secretary shall cause the Notice, in substantially the form attached hereto, to be posted continuously on the Town's Internet website for at least 45 days before the date tentatively set for the passage of the ordinance or ordinances authorizing the issuance of the Certificates of Obligation. Section 4. This Resolution shall be effective immediately upon adoption. Exhibit A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION OF THE TOWN OF PROSPER, TEXAS 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 September 27, 2022, at the Town Council Chambers in 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 $13,700,000, for the purpose of paying all or a portion of the Town's contractual obligations incurred in connection with (i) acquiring, constructing, installing and equipping additions, improvements, extensions and equipment for the Town's waterworks and sewer system and the acquisition of land and rights -of -way therefor; (ii) acquiring, constructing and installing stormwater drainage and flood control improvements in the Town, including dredging, channel improvements and related infrastructure and utility relocation and the acquisition of land and interests in land necessary for said improvements; and (iii) paying legal, fiscal and engineering 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. The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271. The following information is provided to comply with Tex. H.B. 477, 86 Leg., R.S. (2019). The current principal of all outstanding debt obligations of the Town is $150,135,000. The current combined principal and interest required to pay all outstanding debt obligations of the Town on time and in full is $197,262,225. The maximum principal amount of the certificates to be authorized is $13,700,000 and the estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $20,405,000. The maximum interest rate for the certificates may not exceed the maximum legal interest rate. The maximum maturity date of the certificates to be authorized is August 15, 2042. The above information does not exclude any 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. TOWN OF PROSPER, TEXAS