2023-08-Resolution-Notice of Intention to Issue Certificates of Obligation Series 2023B and 2023C-05/15/2023CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS §
COUNTY OF DENTON §
THE CITY OF SANGER §
We, the undersigned officers of the City of Sanger, Texas (the "City"), hereby certify as
follows:
1. The City Council of the City convened in a regular meeting on May 15, 2023 at the
regular meeting place thereof, within the City, and the roll was called of the duly constituted
officers and members of the City Council, to wit:
Thomas Muir
Marissa Barrett
Gary Bilyeu
Dennis Dillon
Allen Chick
Mayor
Councilmember, Place 1
Councilmember, Place 2
Councilmember, Place 3
Councilmember, Place 4
Victor Gann Councilmember, Place 5
and all of such persons were present, except none, thus constituting
a quorum. Whereupon, among other business, the following was transacted at said meeting: a
written
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2023B
AND TAXABLE SERIES 2023C AND AUTHORIZING CERTAIN OTHER
MATTERS RELATING THERETO
(the "Resolution") was duly introduced for the consideration of the City Council and read in full.
It was then duly moved and seconded that such Resolution be adopted; and, after due discussion,
the motion, carrying with it the adoption of the Resolution, prevailed and carried by the following
vote:
AYES: �J NAYS: O ABSTENTIONS: O
2. That a true, full and correct copy of the Resolution adopted at the meeting described
in the above and foregoing paragraph is attached to and follows this certificate; that the Resolution
has been duly recorded in the City Council's minutes of such meeting; that the above and foregoing
paragraph is a true, full and correct excerpt from the City Council's minutes of such meeting
pertaining to the adoption of the Resolution; that the persons named in the above and foregoing
paragraph are the duly chosen, qualified and acting officers and members of the City Council as
indicated therein; that each of the officers and members of the City Council was duly and
sufficiently notified officially and personally, in advance, of the date, hour, place and subject of
the aforesaid meeting, and that the Resolution would be introduced and considered for adoption at
such meeting, and each of such officers and members consented, in advance, to the holding of such
meeting for such purpose; that such meeting was open to the public in compliance with the
advisory issued by the Office of the Governor; and that public notice of the date, hour, place and
Resolution —Authorizing Publication of Notice of Intention to Issue Certificates of Obligation 2023B and 2023C
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subject of such meeting was given as required by the Open Meetings Law, Chapter 551, Texas
Government Code.
SIGNED this May 15, 2023.
City of Sanger, Texas
Mayor
City of Sanger, Texas
Resolution —Authorizing Publication of Notice of Intention to Issue Certificates of Obligation 2023B and 2023C
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CITY OF SANGER, TEXAS
RESOLUTION N0.2023-08
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS,
AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION, SERIES 2023B AND TAXABLE SERIES 2023C
AND AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO
THE STATE OF TEXAS §
COUNTY OF DENTON §
THE CITY OF SANGER §
WHEREAS, the City Council (the "City Council") of the City of Sanger, Texas (the
"City"), is authorized to issue certificates of obligation to pay contractual obligations (1) to finance
the purchase of approximately 450 acres of land situated northeast of Rector Road and southeast
of the City, (2) to finance water, wastewater, and electric system improvements, and (3) to pay for
professional services pursuant to Subchapter C of Chapter 271, Texas Local Government Code, as
amended;
WHEREAS, the City Council has determined that it is in the best interests of the City and
otherwise desirable to issue certificates of obligation in a principal amount not to exceed
$6,000,000.00 styled "City of Sanger, Texas Certificates of Obligation, Series 202313" and
certificates of obligation in a principal amount not to exceed $11,000,000.00 styled "City of
Sanger, Texas Certificates of Obligation, Taxable Series 2023C" (the "Certificates");
WHEREAS, in connection with the Certificates, the City Council intends to publish notice
of intent to issue the Certificates (the "Notice") in a newspaper of general circulation in the City;
and
WHEREAS, the City Council has been presented with and has examined the proposed
form of Notice and finds that the form and substance thereof are satisfactory, and that the recitals
and findings contained therein are true, correct and complete.
BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANGER, TEXAS:
SECTION 1. Preamble. The facts and recitations contained in the preamble of this
Resolution are hereby found and declared to be true and correct.
SECTION 2. Authorization of Notice. The City Secretary is hereby authorized and
directed to execute and deliver the Notice set forth in Exhibit A hereto and to publish such Notice
on behalf of the City once a week for two (2) consecutive weeks in a newspaper which is of general
circulation in the City, the date of the first publication of the Notice to be at least forty-six (46)
days before the date tentatively set in the Notice for the passage of the ordinance authorizing the
issuance of the Certificates. In addition, the Notice shall be posted continuously on the City's
Resolution —Authorizing Publication of Notice of Intention to Issue Certificates of Obligation 2023B and 2023C
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website for at least forty-five (45) days before the date tentatively set in the Notice for the passage
of the ordinance authorizing the issuance of the Certificates.
SECTION 3. Designation of Self -Supporting Securities. For the purposes of the Notice,
the City hereby designates as self-supporting those public securities listed in the attached
Exhibit B, the debt service on which the City currently pays from sources other than ad valorem
tax collections. The City plans to continue to pay these public securities based on this practice;
however, there is no guarantee this practice will continue in future years.
SECTION 3. Engagement of Professionals. This City Council hereby approves the
engagement of Orrick, Herrington & Sutcliffe LLP, as bond counsel ("Bond Counsel") in
connection with the issuance of the Certificates.
SECTION 4. Authorization of Other Matters Relating Thereto. The Mayor, City
Secretary and other officers and agents of the City are hereby authorized and directed to do any
and all things necessary or desirable to carry out the provisions of this Resolution.
SECTION 5. Effective Date. This Resolution shall take effect immediately upon passage.
SECTION 6. Public Meeting. It is officially found, determined and declared that the
meeting at which this Resolution is adopted was open to the public in compliance with the advisory
issued by the Office of the Governor 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 the Texas Government Code, Chapter 551, as amended.
PASSED AND APPROVED this 15th day of May, 2023.
ATTEST:
APPROVED:
Thomas E. Muir, Mayor
TO FORM:
ugh Coleman, City
Resolution —Authorizing Publication of Notice of Intention to Issue Certificates of Obligation 2023B and 2023C
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE CERTIFICATES
NOTICE IS HEREBY GIVEN that the City Council of the City of Sanger, Texas (the
"City") will hold a meeting at its regular meeting place at the Historic Church Building, 403 N. 71h
Street, Sanger, Texas at 7*00 p.m. on the 17th day of July, 2023, which is the time and place
tentatively set for the passage of an ordinance and such other action as may be deemed necessary
to authorize the issuance of the City's certificates of obligation in two series (Series 2023B and
Taxable Series 2023C), payable from an annual ad valorem taxation, as well as a limited (in an
amount not to exceed $1,000) pledge of certain revenues of the water and sewer system, in the
maximum aggregate principal amount of $6,000,000 for Series 2023B and $11,000,000 for Series
2023C, bearing interest at any rate or rates not to exceed the maximum interest rate now or
hereafter authorized by law, as shall be determined within the discretion of the City Council at the
time of issuance and maturing over a period of years not to exceed forty (40) years from the date
thereof, for the purpose of evidencing the indebtedness of the City (1) to finance the purchase of
approximately 450 acres of land situated northeast of Rector Road and southeast of the City, (2)
to finance water, wastewater, and electric system improvements, and (3) to pay for professional
services pursuant to Subchapter C of Chapter 271, Texas Local Government Code, as amended.
The estimated combined principal and interest required to pay the Certificates on time and in full
is $11,429,390 for Series 2023B and $24,354,053 for Series 2023C. Such estimate is provided for
illustrative purposes only and is based on an assumed interest rate of 4.25% for Series 2023B and
5.00% for Series 2023C. Market conditions affecting interest rates vary based on a number of
factors beyond the control of the City, and the City cannot and does not guarantee a particular
interest rate associated with the Certificates. As of the date of this notice, the aggregate principal
amount of public securities of the City secured by and payable from ad valorem taxes (excluding
public securities secured by an ad valorem tax but designated by the City as self-supporting) is
$34,997,400 and based on the City's expectations, as of the date of this notice the combined
principal and interest required to pay all of the outstanding tax -supported debt obligations of the
City secured by and payable from ad valorem taxes (excluding public securities secured by an ad
valorem tax but designated by the City as self-supporting) on time and in full is $7,493,317.
City Secretary
City of Sanger, Texas
Resolution —Authorizing Publication of Notice of Intention to Issue Certificates of Obligation 2023B and 2023C
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EXHIBIT B
SELF-SUPPORTING DEBT
Principal
Principal Amount
Amount
Designated as Self
Designated as
Supporting
Tax Supported
Series Designation
$ 38%400
$ 20000
Certificates of Obligation, Series 2007
17600
24,000
Certificates of Obligation, Series 2013
456705000
0000
Certificates of Obligation, Series 2015
%055,000
0.00
Certificates of Obligations, Series 2017
0400
925,000
General Obligation Refunding Bonds, Series 2019
185265,000
0.00
General Obligation, Series 2021A
2,4429000
333,000
General Obligation, Series 2021B
0900
5,0653000
Limited Tax Note, Series 2023A
$3459979400
$65547,600
Total Principal Amount
4151-8038-5862.1
Resolution —Authorizing Publication of Notice of Intention to Issue Certificates of Obligation 2023B and 2023C
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