Attached is a Resolution prepared by the City's bond counsel, Norton Rose Fulbright US, LLP., that authorizes the publication and posting of notice of intention to issue certificates of obligation and declaring expectation to reimburse expenditures with proceeds of future debt (Certificates of Obligation, Series 2021).
The Allen City Council has determined that certificates of obligation should be issued for the purpose of paying contractual obligations to be incurred for (i) the construction of public works, to wit: (a) designing, constructing, improving and equipping the new Stephen G. Terrell Recreation Center and the acquisition of land and rights-of-way therefor, and (b) designing, constructing, acquiring, and improving public infrastructure within the City, including streets, storm sewer, sanitary sewer, water, detention, irrigation, landscaping, walking trails, and the acquisition of land and rights-of-way therefor, (collectively, the "Projects") and (ii) professional services rendered in relation to such projects and the financing thereof.
Amounts for the projects are $3 million for The Farm, $25 million for Stephen G. Terrell Recreation Center and $5.9 million for The Avenue.
The City further intends to make certain capital expenditures with respect to the Projects and currently desires and expects to reimburse the capital expenditures with proceeds of the certificates of obligation.
The maximum principal amount of obligations expected to be issued for the Projects is $33,900,000.