17-36 - RTOWN OF PROSPER, TEXAS
RESOLUTION NO. 17-36
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION
THE STATE OF TEXAS §
COUNTY OF COLLIN §
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, 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 THAT:
1. Attached hereto as Exhibit A 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.
2. The Town Secretary shall cause the 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 31 days prior to the time set for the adoption of the ordinance authorizing
the issuance of such certificates of obligation as shown in the Notice.
3. This Resolution shall become effective immediately upon adoption.
DULY PASFA#� ROVED, AND ADOPTED BY THE TOWN COUNCIL OF THE
TOWN OF PRQM �"�L6►rON THIS 9TH DAY OF MAY, 2017.
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a — Ray Smi h, Mayor
CERTIFICATE REGARDING ADOPTION OF RESOLUTION
THE STATE OF TEXAS §
COUNTY OF COLLIN §
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 REGULAR MEETING ON
THE 9TH DAY OF MAY, 2017, at the Town Hall, and the roll was called of the duly constituted
officers and members of the Council, to -wit:
Ray Smith, Mayor
Curry Vogelsang, Jr., Mayor Pro -Tem
Jason Dixon, Deputy Mayor Pro -Tem
Michael Korbuly
Kenneth Dugger
Meigs Miller
Mike Davis
Robyn Battle, Town Secretary
and all of said persons were present except �-eltt6A4.� , thus constituting
a quorum. Whereupon, among other business, the following was trateacted at said meeting: a
written
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION
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 by the following vote:
AYES: All members of the Council shown present above voted "Aye," except as
shown below:
NOES: 0
ABSTAIN:
2. A true, full and correct copy of the aforesaid Resolution adopted at the meeting
described above 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 have duly signed said 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.
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this, the ?j404ypfjVay, 2017.
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Ray Smith Mayor
Certificate Regarding Adoption of Resolution No. 17-36, Page 2
Exhibit A
TOWN OF PROSPER, TEXAS
NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE
CERTIFICATES OF OBLIGATION
The Town of Prosper (the "Town") does hereby give notice of its 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 $12,800,000 for paying all or a portion of the Town's
contractual obligations incurred in connection with (i) the construction and equipment of a multi-
purpose municipal facility to serve as Town Hall and for other municipal services,
(ii) constructing, improving, extending, expanding, upgrading and developing parks and
recreation facilities including fields, trails, utility relocation, landscaping, sidewalks and
operational improvements, installation of lighting, the purchase of any necessary rights-of-way,
drainage and other related costs, (iii) constructing, improving, extending, expanding, upgrading
and developing storm drainage utility projects, including utility relocation, landscaping,
sidewalks, traffic safety and operation improvements, the purchase of any necessary
easements, and the related costs, and (iv) 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 June 27, 2017, at the Prosper Municipal
Chambers, 108 W. Broadway, Prosper, Texas, an ordinance authorizing the issuance of
Combination Tax and Surplus Revenue Certificates of Obligation. The Certificates are to be
issued, and this notice is given, under and pursuant to the provisions of Texas Local
Government Code, Chapter 271, Subchapter C.
TOWN OF PROSPER, TEXAS
By: Is! Rav Smith, Mavar
Resolution No. 17-36, Page 2