HomeMy WebLinkAboutResolutions 19-09-515 - 09/09/2019 - Authorize IGA to issue PBFA Revenue BondsWHEREAS, the City of Milton Public Buildings and Facilities Authority (the "Authority")
was duly created and is validly existing pursuant to the City of Milton Public Buildings and Facilities
Authority Act of the State of Georgia (2007 Ga. L., p. 4264, et sect., as amended) (the "Act"); and
WHEREAS, pursuant to the Act, the Authority has the power to (a) acquire, construct, add
to, extend, improve, equip, hold, operate, maintain, lease and dispose of "Projects" (as defined in the
Act); (b) execute contracts, leases, installment sale agreements and other agreements and instruments
necessary or convenient in connection with the acquisition, construction, addition, extension,
improvement, equipping, operation or maintenance of a Project; and (c) borrow money for any of its
corporate purposes and to issue revenue bonds, and to provide for the payment of the same and for
the rights of the holders thereof; and
WHEREAS, the City of Milton, Georgia (the "City") is a municipal corporation of the State
of Georgia, legally created and validly existing under the laws of the State of Georgia; and
WHEREAS, Article IX, Section I1I, Paragraph I(a) of the Constitution of the State of
Georgia authorizes, among other things, any county, municipality or other political subdivision of the
State to contract, for a period not exceeding fifty years, with another county, municipality or political
subdivision or with any other public agency, public corporation or public authority for joint services,
for the provision of services, or for the provision or separate use of facilities or equipment, provided
that such contract deals with activities, services or facilities which the contracting parties are
authorized by law to undertake or to provide; and
WHEREAS, the Authority proposes to issue its Revenue Bonds, Series 2019, in an aggregate
principal amount of up to $29,000,000 (the ``Bonds") for the purpose of (a) paying all or a portion of
the costs of (i) constructing and equipping new buildings that will house a police station, fire
stations, and a courthouse, and (ii) equipping all City fire stations with a new alerting system (the
"Projects"), (b) refunding the Authority's Revenue Bond, Series 2014 and (c) paying the costs of
issuing the Bonds pursuant to a resolution proposed to adopted by the Authority on September 9,
2019 (the "Resolution"); and
WHEREAS, the Authority and the City propose to enter into an Intergovernmental Contract,
dated as of October 1, 2019 or the first day of the month in which the Bonds are actually issued (the
"Contract"), pursuant to which the Authority will agree to, among other things, issue the Bonds, and
the City will agree to, among other things, (a) acquire, construct, equip and operate the Projects,
(b) pay the Authority amounts sufficient to enable the Authority to pay the debt service on the Bonds
(the "Contract Payments") and (c) levy an ad valorem property tax, within the 4.731 millage
limitation currently in effect or at such higher rate as may be authorized by future law, on all property
in the City subject to such tax in order to make such Contract Payments; and
WHEREAS, the Bonds will be secured by a first lien on the Contract; the Contract Payments
and the moneys and investments in the funds created in the resolution authorizing the issuance of the
Bonds; and
WHEREAS, the City proposes to authorize the distribution of a Notice of Sale and a
Preliminary Official Statement (the "Preliminary Official Statement') relating to the Bonds.
NOW, THEREFORE, THE COUNCIL OF THE CITY , MIL.
RESOLVES,•
Section 1. Authorization of Financing of the Proiects. The financing of the Projects as
described above is hereby authorized.
Section 2. Authorization of Bonds; Acknowledgment of Resolution. The issuance of the
Bonds by the Authority is hereby authorized to the extent necessary. The City hereby acknowledges
receipt of the Resolution.
Section 3. Authorization of the Contract. The execution; delivery and performance of the
Contract are hereby authorized. The Contract shall be executed by the Mayor or Mayor Pro Tem.
The City Clerk may attest the same and the seal may be impressed thereon. The Contract shall be in
substantially the form attached hereto as Exhibit "A," subject to such changes, insertions and
omissions as may be approved by the person executing the same, and the execution of the Contract
shall be conclusive evidence of any such approval. The Contract is by this reference thereto spread
upon the minutes.
Section 4. Authorization. of Preliminary Official Statement; Deemed Final Certificate and
Continuing Disclosure Certificate. The distribution of a Notice of Sale and a Preliminary Official
Statement is hereby authorized. The formal award of the sale of the Bonds shall be determined by
the Authority in a supplemental resolution adopted by the Authority prior to the issuance of the
Bonds. The execution of a certificate deeming the Preliminary Official Statement final for purposes
of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended (the "Rule")
by the Mayor or Mayor Pro Tem is hereby authorized. The execution of a continuing disclosure
certificate required by the Rule by the Mayor or Mayor Pro Tem is hereby authorized.
Section 5. Validation of Bonds. The Mayor, Mayor Pro Tem and City Clerk of the City are
authorized to execute and file an answer and to execute any and all further Cher instruments and pleadings
as they might deem necessary to validate the Bonds in the Superior Court of Fulton County.
Section 6. General Authority. The proper officers; employees and agents of the City are
hereby authorized, empowered and directed to do all such acts and things, including, but not limited
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to making covenants on behalf of the City and to execute all such documents and certificates as may
be necessary to carry out the transactions contemplated by this resolution.
Section 7. Actions Approved and Confirmed. All acts and doings of the officers, employees
and agents of the City which are in conformity with the purposes and intent of this resolution are
hereby authorized and approved.
Section 8. Repealing Clause. Any and all resolutions or parts of resolutions in conflict with
this resolution are hereby repealed.
Section 9. Effective Date. This resolution shall take effect immediately upon its adoption.
ADOPTED this 9th day of September, 2019.
COUNCIL OF THE CITY OF MILTON,
GEORGIA
By:
Mayor
ATTEST:
6 G kd-43
City Clerk
EXHIBIT "A
INTERGOVERNMENTAL CONTRACT
CITY CLERK'S CERTIFICATE
The undersigned City Clerk of the City of Milton, Georgia (the "City") DOES HEREBY
CERTIFY that the foregoing pages of typewritten matter constitute a true and correct copy of a
resolution adopted on September 9, 2019 by the Council of the City in a meeting duly called and
assembled in accordance with applicable laws and with the procedures of the City, which meeting
was open to the public and at which a quorum was present and acting throughout, and that the
original of the foregoing resolution appears of public record in the minute or resolution book of the
City, which is in my custody and control.
GIVEN under my hand and the seal of the City, this 9" day of September, 2019.
City Clerk