HomeMy WebLinkAboutResolution - 2022-R0301 - Canadian River Municipal Water Authority Revenue Refunding Bond Series 2014Resolution No. 2022-R 030 ii
Item No. 42
InnP ?R , 2022
A RESOLUTION BY THE CITY OF LUBBOCK, TEXAS, AUTHORIZING
REFUNDING OF CANADIAN RIVER MUNICIPAL WATER
AUTHORITY SUBORDINATE LIEN CONTRACT REVENUE
REFUNDING BONDS, SERIES 2014 (CONJUNCTIVE USE
GROUNDWATER SUPPLY PROJECT)
WHEREAS, the City of Lubbock, Texas (the "City") has entered into that certain
Agreement for the Purchase and Acquisition of Conjunctive Use Groundwater Supply (the
"Agreement") entered into as of May 15, 1996, as amended, with the Canadian River Municipal
Water Authority (the "Authority"); and
WHEREAS, the Authority has entered similar agreements with each of the other cities that
are members of the Authority (the "Member Cities"); and
WHEREAS, the Authority issued and has outstanding its Canadian River Municipal Water
Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2014 (Conjunctive Use
Groundwater Supply Project); Canadian River Municipal Water Authority Subordinate Lien
Contract Revenue Refunding Bonds, Series 2017 (Conjunctive Use Groundwater Supply Project);
Canadian River Municipal Water Authority Subordinate Lien Contract Revenue Refunding Bonds,
Series 2020 (Conjunctive Use Groundwater Supply Project); and Canadian River Municipal Water
Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2021 (Conjunctive Use
Groundwater Supply Project); and
WHEREAS, at the present time the Authority desires to issue refunding bonds to refund
all or a part of the outstanding Canadian River Municipal Water Authority Subordinate Lien
Contract Revenue Refunding Bonds, Series 2014 (Conjunctive Use Groundwater Supply Project)
(the "Series 2014 Bonds") if market conditions justify refunding all, or a part of, the Series 2014
Bonds; and
WHEREAS, the Agreement provides for certain notice requirements before the Authority
may issue Additional Bonds, as defined in the Agreement; and
WHEREAS, the refunding bonds are Additional Bonds under the Agreement; and
WHEREAS, timing constraints in the meeting schedules of the governing bodies of all
Member Cities of the Authority to consider and approve refunding bonds may prevent the
Authority from issuing refunding bonds in a timely manner to provide savings to the Member
Cities; and
WHEREAS, if the market is such that the Series 2014 Bonds can be refunded, it is in the
best interest of the City to waive certain notice requirements under the Agreement and consent to
the issuance of the bonds to permit the Authority to refund all or a part of the outstanding Series
2014 Bonds if a present value savings of at least 3.00% can be achieved; and
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WHEREAS, if the market conditions justify the refunding of the Series 2014 Bonds, then
the Authority desires to issue refunding bonds in a principal amount not to exceed $13,350,000 to
refund all or a part of the outstanding Series 2014 Bonds; and
WHEREAS the City agrees to the Authority's issuance of bonds as subordinate lien bonds
to eliminate the need of a reserve fund;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS:
SECTION 1. THAT should market conditions during calendar year 2022 justify the
refunding of the Series 2014 Bonds, the City waives the notice requirements of Section 4.1(a) of
the Agreement, and consents to the issuance of the Canadian River Municipal Water Authority
Subordinate Lien Contract Revenue Refunding Bonds, Series 2022 in a principal amount not to
exceed $13,350,000 to refund all or a part of the outstanding Series 2014 Bonds, subject to the
requirement that the refunding bonds for the Series 2014 Bonds provide a present value debt
service savings of at least 3.00%.
SECTION 2. THAT the City Secretary be and is hereby authorized to deliver certified
copies of this Resolution and minutes pertaining to its adoption to the Authority in such numbers
as may be requested for the Authority's records and proceedings.
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4888-1787-9585, v. 1
Passed by the City Council on June 28 , 2022.
ATTEST:
Re ca Garza, City Secr
[City Seal]
APPROVED AS TO CONTENT:
1g, 14f'l;�
D. B u Ko elich, Chief Financial Officer
APPROVED AS TO FORM:
TRAY 1��,KAYOR
I
;y
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4888-1787-9585, v. 1
Resolution No. ?m-Row
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
I, the undersigned City Secretary of said City, hereby certify as follows:
1. That on the 28th of June , 2022, a Regular meeting of
the City Council of the City of Lubbock, Texas was held at the regular meeting place
located at City Council Chambers, 1314 Avenue K, Lubbock, Texas, the duly
constituted members of the City Council being as follows:
Tray Payne
Christy Martinez -Garcia
Shelia Patterson Harris
Mark W. McBrayer
Steve Massengale
Dr. Jennifer Wilson
Latrelle Joy
Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
and all of said persons were present, except for the following: NSA ;
thus constituting a quorum. Whereupon, among other business, the following was
transacted at said meeting: a written Resolution entitled
A RESOLUTION BY THE CITY OF LUBBOCK, TEXAS, AUTHORIZING
REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY
SUBORDINATE LIEN CONTRACT REVENUE REFUNDING BONDS,
SERIES 2014 (CONJUNCTIVE USE GROUNDWATER SUPPLY
PROJECT)
was duly introduced for consideration of said City Council. It was then duly moved and
seconded that said Resolution be passed; and, after due discussion, said motion,
carrying with it the passage of said Resolution, prevailed and carried by the following
vote:
AYES: 7
NOES: 4
ABSTENTIONS: 0
4881-5898-7298, v. 1
2. A true, full and correct copy of the aforesaid Resolution passed at the
meeting described in the above and foregoing paragraph is attached to and follows this
Certificate; said Resolution has been duly recorded in the official minutes of said City
Council; the above and foregoing paragraph is a true, full and correct excerpt from the
agenda of said meeting pertaining to the passage of said Resolution; the persons
named in the above and foregoing paragraph, at the time of said meeting and the
passage of said Resolution, were the duly chosen, qualified and acting officers and
members of said City Council as indicated therein; each of said officers and members
was duly and sufficiently notified officially and personally in advance, of the time, place
and purpose of the aforesaid meeting and that said Resolution would be introduced and
considered for passage at said meeting, and each of said members consented in
advance to the holding of said meeting for such purpose; and said meeting was open to
the public, and public notice of the time, place and purpose of said meeting was given,
all as required by Chapter 551, Texas Government Code.
SIGNED AND SEALED this 28th day of June , 2022.
City 4ecretary
City df Lubbock, Texas
[CITY SEAL]
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