RES 1702 12/10/2024J
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"City of Choice"
RESOLUTION NO. 1702
AUTHORIZING AND APPROVING PUBLICATION AND POSTING OF
NOTICE OF INTENTION TO ISSUE CITY OF CHIOLO, TEXAS
COMBINATION TAX AND LIMITED PLEDGE REVENUE
CERTIFICATES OF OBLIGATION IN A MAXIMUM AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $11,500,000 AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, the City Council (the Governing Body) of the City of Cibolo, Texas (the
City) has determined that it is advisable and necessary to issue and sell one or more series of
certificates of obligation (the Certificates), the interest on which may or may not be included in
the gross income of the holders thereof for purposes of federal income taxation, in an aggregate
amount not to exceed $11,500,000 as provided pursuant to the provisions of the Certificate of
Obligation Act of 1971, as amended, Texas Local Government Code, Section 271.041 through
271.064, for the purpose of paying contractual obligations of the City to be incurred for making
permanent public improvements and for other public purposes, to -wit: (1) constructing street
improvements (including utilities repair, replacement, and relocation), curbs, gutters, and
sidewalk improvements, including drainage improvements and landscaping incidental thereto,
(2) acquiring public works (street repair) vehicles and public safety (fire) vehicles, (3) acquiring,
purchasing, constructing, renovating, improving, equipping, repairing, enlarging and/or
extending City community and parks and recreation facilities that are generally accessible to the
public and is part of the City's park system, (4) purchasing real property, materials, supplies,
equipment, information technology, machinery, landscaping, land, and rights of way for
authorized needs and purposes related to the aforementioned capital improvements, and (5) the
payment of professional services related to the acquisition, design, construction, project
management, and financing of the aforementioned projects; and
WHEREAS, prior to the issuance of the Certificates, the Governing Body is required to
publish notice of its intention to issue the Certificates in a newspaper of general circulation and,
if the City maintains an Internet website, post such notice of intention on the City's Internet
website, such notice stating: (i) the time and place the City Council tentatively proposes to pass
the resolution authorizing the issuance of the Certificates; (ii) the purposes for which the
Certificates are to be issued; (iii) the manner in which the City Council proposes to pay the
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Certificates; (iv) the then -current principal amount of all outstanding ad valorem debt obligations
of the City; (v) the then -current combined principal and interest required to pay all outstanding
ad valorem debt obligations of the City on time and in full, which may be based on the City's
expectations relative to the interest due on any variable rate ad valorem debt obligations; (vi) the
maximum principal amount of the Certificates to be authorized; .(vii) the estimated interest rate
for the Certificates to be authorized or that the maximum interest rate for the Certificates may not
exceed the maximum legal interest rate; and (viii) the maximum maturity date of the Certificates
to be authorized; and
WHEREAS, the issued bonds will provide funding for the following projects and
equipment in FY25 per the adopted FY2025 budget:
PROJECT
TYPE
AMOUNT
Town Creek Reconstruction and Sidewalks
Streets
$1,916,911
Deer Creek Boulevard Reconstruction
Streets
2,222,806
Green Valley Road Mill and Overlay
Streets
633,271
Green Valley Road Reconstruction
Streets
441,648
Fire Bird Run Reconstruction
Streets
1,319,497
Silver Wing Mill and Overlay
Streets
737,683
Fire Fleet
Equipment
500,000
Public Works Equipment
Equipment
610,000
Park Improvements
Facilities
750,000
FM 1103 - Knights Crossing contribution
Streets
300,000
FM 1103 Phase 2 - Utility relocation
Streets
2,000,000
Rounding
68,184
Total
$ 11,500,000
WHEREAS, the Governing Body hereby finds and determines that such documents
pertaining to the sale of the Certificates should be approved, and the City should proceed with
the giving of notice of intention to issue the Certificates in the time, form, and manner provided
by law; and
WHEREAS, the Governing Body hereby finds and determines that the adoption of this
Resolution is in the best interests of the residents of the City; NOW, THEREFORE,
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CIBOLO, TEXAS:
SECTION 1. The City Secretary is hereby authorized to cause to be published notice of
the Governing Body's intention to issue the Certificates in one or more series (the interest on
which on which may or may not be included in the gross income of the holders thereof for
purposes of federal income taxation) and in aggregate amount not to exceed $11,500,000 for the
purpose of paying contractual obligations of the City to be incurred for making permanent public
improvements and for other public purposes, to -wit: (1) constructing street improvements
(including utilities repair, replacement, and relocation), curbs, gutters, and sidewalk
improvements, including drainage improvements and landscaping incidental thereto,
(2) acquiring public works (street repair) vehicles and public safety (fire) vehicles, (3) acquiring,
purchasing, constructing, renovating, improving, equipping, repairing, enlarging and/or
extending City community and parks and recreation facilities that are generally accessible to the
public and is part of the City's park system, (4) purchasing real property, materials, supplies,
equipment, information technology, machinery, landscaping, land, and rights of way for
authorized needs and purposes related to the aforementioned capital improvements, and (5) the
payment of professional services related to the acquisition, design, construction, project
management, and financing of the aforementioned projects. The Certificates will be payable from
the levy of an annual ad valorem tax, within the limitations prescribed by law, upon all taxable
property within the City and additionally from a pledge of and lien on certain revenues derived
from the operation of the City's municipally owned utility system. The notice hereby approved
and authorized to be published shall read substantially in the form and content of Exhibit A
attached hereto, which notice is incorporated herein by reference as a part of this Resolution for
all purposes.
SECTION 2. The City Secretary shall cause the notice described in Section 1 to be
published in a newspaper of general circulation in the City, once a week for two (2) consecutive
weeks, the date of the first publication shall be at least forty-six (46) days prior to the date stated
therein for passage of the Resolution authorizing the issuance of the Certificates. Additionally,
the City Secretary shall cause the notice described in Section 1 to be posted continuously on the
City's website for at least forty-five (45) days prior to the date stated therein for passage of the
Resolution authorizing the issuance of the Certificates.
SECTION 3. The City Secretary isdirected to maintain a copy of this Resolution in the
City's official records in a manner that will allow any member of the general ,public to review
this Resolution during the normal business hours of the City during the period beginning thirty
(30) days after the adoption hereof and ending on the date of issuance of the Certificates.
SECTION 4. All ordinances and resolutions, or parts thereof, which are in conflict or
inconsistent with any provision of this Resolution are hereby repealed to the extent of such
conflict, and the provisions of this Resolution shall be and remain controlling as to the matters
resolved herein.
SECTION 5. This Resolution shall be construed and enforced in accordance with the
laws of the State of Texas and the United States of America.
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SECTION 6. If any provision of this Resolution or the application thereof to any person
or circumstance shall be held to be invalid, the remainder of this Resolution and the application
of such provision to other persons and circumstances shall nevertheless be valid, and the City
Council hereby declares that this Resolution would have been enacted without such invalid
provision.
SECTION 7. It is officially found, determined, and declared that the meeting at which
this Resolution is adopted was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Resolution, was
given, all as required by Chapter 551, as amended, Texas Goverment Code.
SECTION 8. The City Council hereby finds that the statements set forth in the recitals
of this Resolution are true and correct, and the City Council hereby incorporates such recitals as
a part of this Resolution.
SECTION 9. This Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED on the 10"' day of December 2024.
ATTEST:
�99y
City Secretary
CITY OF CIBOLO, TEXAS
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EXHIBIT A
CITY OF CIBOLO, TEXAS NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND LIMITED PLEDGE REVENUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Cibolo, Texas will
convene at its regular meeting place in the City Council, Chambers at 200 S. Main, Cibolo, Texas
78108 at 6:30 P.M., Cibolo, Texas time, on February 11, 2025 (in the event the City Council will
be unable to meet at the City Council Chambers, the City will post information on its website for
attending the meeting by telephone, teleconference, or other electronic means as well as any
additional information regarding the meeting should the time, date, or location change), and
during such meeting, the City Council will consider the passage of a Resolution and take such
actions as may be deemed necessary to authorize the issuance of one or more series of certificates
of obligation (the interest on which may or may not be included in the gross income of the holders
thereof for purposes of federal income taxation) in an aggregate principal amount not to exceed
$11,500;000 for the purpose or purposes of paying contractual obligations of the City to be
incurred for making permanent public improvements and for other public purposes, to wit:
(1) constructing street improvements (including utilities repair, replacement, and relocation),
curbs, gutters, and sidewalk improvements, including drainage (improvements) and landscaping
incidental thereto, (2) acquiring public works (street repair) vehicles and public safety (fire)
vehicles, (3) acquiring, purchasing, constructing, renovating, improving, equipping, repairing,
enlarging and/or extending City community and parks and recreation facilities that are generally
accessible to the public and is part of the City's park system, (4) purchasing real property,
materials, supplies, equipment, information technology, machinery; landscaping, land, and rights
of way for authorized needs and purposes related to the aforementioned capital improvements,
and (5) the payment of professional services related to the acquisition, design, construction,
project management, and financing of the aforementioned projects (collectively, the "Projects"),
and for paying all or a portion of the legal, financial and engineering fees in connection with the
Projects and the costs of issuance related to such hereinafter defined Certificates. Each series of
certificates (together, the "Certificates") will be payable from the levy of an annual ad valorem
tax, within the limitations prescribed by law, upon all taxable property within the City and,
additionally, from a pledge of and lien on certain revenues derived from the operation of the
City's municipally owned utility system. In accordance with Section 271.049, as amended, Texas
Local Government Code, (i) the current principal amount of all of the City's outstanding public
securities secured by and payable from ad valorem taxes is $56,770,000.00; (ii) the current
combined principal and interest required to pay all of the City's outstanding public securities
secured by and payable from ad valorem taxes on time and in full is $69,523,943.33; (iii) the
estimated combined principal and interest required to pay the Certificates to be authorized on
time and in full is $18,669,263.89; (iv) the maximum interest rate for the Certificates may not
exceed the maximum legal interest rate; and (v) the maximum maturity date of the Certificates to
be authorized is February 1, 2045. The Certificates are to be issued, and this notice is given, under
and pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Texas
Local Government Code Section 271.041 through Section 271.064, and Chapter 1502, Texas
Government Code, as amended, and the City's Home Rule Charter.
I•WI
/s/ Peggy Cimics
City Secretary
City of Cibolo, Texas
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