City of Canyon Commission Meetings

City Commission Special Meeting November 10, 2021 The City Commission of the City of Canyon at 4:30 pm in the City Commission Chambers of the Civic Complex. Mayor Gary Hinders presided over the meeting with the following Commissioners in attendance, Mayor Pro-Tem Cody Jones, Randy Ray, Paul R. Lyons and Kelsey Ward. Also present were the following City Staff: City Manager Joe Price, Assistant City Manager Jon Behrens, City Secretary Gretchen Mercer, IT Director Shaun Holtman, Communication and Community Engagement Director Megan Nelson, Chief of Police Steve Brush, Fire Chief Dennis Gwyn, Assistant Finance Director Beau Boyer and Jason Hughes, Managing Director with Hilltop Securities. Item 1. Call to Order. Mayor Hinders called the meeting to order at 4:37 p.m. Item 2. Invocation. Commissioner Ray gave the invocation. Item 3. Pledge of Allegiance. The Pledge of Allegiance was led by Commissioner Lyons. **At this time, City Manager Joe Price Introduced new employee Beau Boyer, Assistant Director of Finance, and welcomed him. Item 4. Approval of the Minutes for the Meetings Held On:  November 1, 2021  November 2, 2021  November 4, 2021 Commissioner Ray moved, duly seconded by Mayor Pro-Tem Jones to approve the minutes of November 1, 2021, November 2, 2021, and November 4, 2021 as presented. Motion carried unanimously. Item 5. Public Comment – Comments from Interested Citizens. No Comments were made. Item 6. Consider and Take Appropriate Action on All Matters Incident and Related to the Issuance and Sale of “City of Canyon, Texas Tax and Waterworks and Sewer System Surplus Revenue Certificate of Obligation, Taxable Series 2021”, Including the Adoption of Ordinance No. 1148, An Ordinance of the City Commission of the City of Canyon Authorizing the Issuance of “City of Canyon, Texas, Tax and Waterworks and Sewer System Surplus Revenue Certificate of Obligation, Taxable Series 2021’; Providing for the Payment of Such Certificates of Obligation by the Levy of an Ad Valorem Tax Upon All Taxable Property Within the City and a Pledge of the Net City Commission Meeting November 10, 2021 Page 2 of 3 Revenues Derived From the Operation of the City’s Waterworks and Sewer System; Providing the Terms and Conditions of Such Certificate and Resolving Other Matters Incident and Relating to the Issuance, Payment, Security and Delivery of Such Certificate of Obligation; and Providing an Effective Date. Jason Hughes, Managing Director with Hilltop Securities presented Ordinance No. 1148 for consideration. Mr. Hughes stated the issuance of bonds for $4,150,000 would fund the purchase of property for water rights for the City of Canyon. Mr. Hughes stated the Certificates were sold through a competitive bid process with 4 bids received. Mr. Hughes said the best rate was received from Amegy Bank with a rate of 1.9000%. Mr. Hughes stated these bonds would be issued short term and could be paid off early. After discussion, Commissioner Lyons moved, duly seconded by Mayor Pro-Tem Jones to adopt Ordinance No. 1148 approving the issuance and sale of the “City of Canyon, Texas, Tax and Waterworks and Sewer System Surplus Revenue Certificates of Obligation, Taxable Series 2021” in a principle amount not to exceed $4,150,000. Motion carried unanimously at 4:45 pm. ORDINANCE NO. 1148, AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF CANYON AUTHORIZING THE ISSUANCE OF “CITY OF CANYON, TEXAS, TAX AND WATERWORKS AND SEWER SYSTEM SURPLUS REVENUE CERTIFICATE OF OBLIGATION, TAXABLE SERIES 2021”; PROVIDING FOR THE PAYMENT OF SUCH CERTIFICATES OF OBLIGATION BY THE LEVY OF AN AD VALOREM TAX UPON ALL TAXABLE PROPERTY WITHIN THE CITY AND A PLEDGE OF THE NET REVENUES DERIVED FROM THE OPERATION OF THE CITY’S WATERWORKS AND SEWER SYSTEM; PROVIDING THE TERMS AND CONDITIONS OF SUCH CERTIFICATE AND RESOLVING OTHER MATTERS INCIDENT AND RELATING TO THE ISSUANCE, PAYMENT, SECURITY AND DELIVER OF SUCH CERTIFICATE OF OBLIGATION; AND PROVIDING AN EFFECTIVE DATE. Item 7. Consider and Take Appropriate Action All Matters Incident and Related to the Issuance and Sale of “City of Canyon, Texas, General Obligation Refunding Bond, Series 2021”, Including the Adoption of Ordinance No. 1149, An Ordinance of the City Commission of the City of Canyon, Texas, Authorizing the Issuance of “City of Canyon, Texas, General Obligation Refunding Bond, Series 2021”; Specifying the Terms and Features of Said Bond; Providing for the Redemption of the Obligations Being Refunded; and Resolving Other Matters Incident and Related to the Issuance, Sale, Payment and Delivery of Said Bond, Including the Approval and Execution of a Paying Agent/Register Agreement, A Purchase Letter and a Deposit Letter, and Providing an Effective Date. Jason Hughes, Managing Director with Hilltop Securities presented Ordinance No. 1149 for consideration. Mr. Hughes stated the General Obligation Refunding Bond Series 2021 would City Commission Meeting November 10, 2021 Page 3 of 3 refinance the Certificates of Obligation, Series 2012 and General Obligation Bonds, Series 2013 into one. Mr. Hughes stated the refunding bonds were also sold through a competitive bid with the best rate received from Amegy Bank at a rate of 1.4500%. Mr. Hughes pointed out with combining the 2012 and 2013 bonds into one, and refinancing for the same term, the interest rate was almost half of the current interest rates of 3.00% to 3.50% resulting in savings for the City of Canyon. After discussion, Mayor Pro-Tem Jones moved, duly seconded by Commissioner Ward to adopt Ordinance No. 1149, for the issuance and sale of the “City of Canyon, Texas, General Obligation Refunding Bond, Series 2021. Motion carried unanimously at 4:48 pm. ORDINANCE NO. 1149, AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF CANYON, TEXAS, AUTHORIZING THE ISSUANCE OF “CITY OF CANYON, TEXAS, GENERAL OBLIGATION REFUNDING BOND, SERIES 2021”; SPECIFYING THE TERMS AND FEATURES OF SAID BOND; PROVIDING FOR THE REDEMPTION OF THE OBLIGATIONS BEING REFUNDED; AND RESOLVING OTHER MATTERS INCIDENT AND RELATED TO THE ISSUANCE, SALE, PAYMENT AND DELIVERY OF SAID BOND, INCLUDING THE APPROVAL AND EXECUTION OF A PAYING AGENT/REGISTER AGREEMENT, A PURCHASE LETTER AND A DEPOSIT LETTER, AND PROVIDING AN EFFECTIVE DATE. Item 8. Work Session for the Continued Development of the City of Canyon Strategic Plan via Zoom. Assistant City Manager Jon Behrens introduced Lyle Sumek of Lyle Sumek and Associates who was presenting via Zoom. Mr. Sumek continued the process of presenting information and questions for developing a Strategic Plan for the City of Canyon. Item 9. Adjourn There being no further business, Mayor Pro-Tem Jones moved this meeting be adjourned. ______________________________ Gary Hinders, Mayor ATTEST: ________________________________ Gretchen Mercer, City Secretary