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HomeMy WebLinkAboutResolution - 2005-R0206 - Agreement With Wal-Mart Stores Regarding Improvements In Phase One TIF - 05/16/2005Resolution No. 2005— RO206 May 16, 2005 Item No. 1 A RESOLUTION BY THE CITY OF LUBBOCK, TEXAS AUTHORIZING REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY CONTRACT REVENUE AND REFUNDING BONDS, SERIES 1999 (Conjunctive Use Groundwater 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 its Canadian River Municipal Water Authority Contract Revenue Bonds, Series 1996 (Conjunctive Use Groundwater Project) by resolution dated July 10, 1996 ( the "Series 1996 Bonds") and its Canadian River Municipal Water Authority Contract Revenue and Refunding Bonds, Series 1999 (Conjunctive Use Groundwater Project) by resolution dated May 15, 1999 and amended and restated on July 10, 1999 ( the "Series 1999 Bonds"); and WHEREAS, the Series 1999 Bonds remain outstanding, the Series 1996 having been refunded by the Series 1999 Bonds; and WHEREAS, the Agreement requires certain notice requirements before the Authority my issue Additional Bonds, as defined in the Agreement; and WHEREAS, refunding bonds are Additional Bonds under the Agreement; and WHEREAS, the timing constraints of getting the governing bodies of all Member Cities of the Authority to meet and approve refunding bonds may prevent the Authority to issue refunding bonds in a timely manner to provide savings to the Member Cities; and WHEREAS, it is in the best interest of the City to waive certain notice requirements under the Agreement to permit the Authority to refund all or a portion of the Series 1999 Bonds if present value savings of at least 3% can be achieved. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS, SECTION 1. That in connection with the possible issuance of refunding bonds for all or a part of the Series 1999 Bonds, the City waives the notice requirements of Section 4.1(a) of Agreement, and consents to the issuance of such refunding bonds, subject to the requirement that the refunding bonds provide present value debt service savings of at least 3%. SECTION 2. That the City Secretary be and is hereby authorized to deliver certified copies of this Resolution and minutes pertaining to its adoption in such number as may be requested for said Authority's records and proceedings. PASSED, APPROVED AND ENACTED this the 16tb day of May ---I 2005. ATTEST: 'Q'- k�" , ]�%' , Cii Secretary City of Lubbock, Texas [City Seal] CRMWA Bands 20051Lubbock rasd re rehmdirg.wpd ayor, City 0 Lubbock, Texas -2- Resolution No. 2005-RO206 May 16, 2005 Item No. 1 CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS § COUNTY OF LUBBOCK § CITY OF LUBBOCK § 1, the undersigned City Secretary of said City, hereby certify as follows: 1. That on the 16thday of may , 2005, a special meeting of the City Council of the City of Lubbock, Texas was held at a special meeting place Lubbock Memorial Civic Center Terrace Suites; the duly constituted members of the City Council being as follows: Marc McDougal Tom Martin Linda DeLeon Floyd Price Gary O. Boren Phyllis S. Jones Jim Gilbreath Mayor Councilmember and Councilmember Councilmember Councilmember Councilmember Councilmember and all of said persons were present, except for the following: among other business, Resolution entitled Mayor Pro Tern ; thus constituting a quorum. Whereupon, the following was transacted at said meeting: a written A RESOLUTION BY THE CITY OF LUBBOCK, TEXAS, AUTHORIZING AN INCREASE IN THE AMOUNT OF PROJECT CONSTRUCTION COSTS IN THE CITY'S CONJUNCTIVE USE GROUNDWATER SUPPLY AGREEMENT WITH THE CANADIAN RIVER MUNICIPAL WATER AUTHORITY was duly introduced for consideration of said City Council and read in full. 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: NOES: 0 ABSTENTIONS: 0 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 said minutes 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 16th day of , 2005. QJ-4-, := Ci Secretary City of Lubbock, Texas [CITY SEAL] CRMWA Bonds 20051Lubbock pert for resloution.wpd Bickerstaff, Heath, Smiley, Pollan, never & McDaniel, L.L.P. 816 Congress Avenue Suite I700 Austin, Texas 78701 (512) 472-8021 Fax (612) 320-5638 www.hicker.itef.eom May 25, 2005 Via Federal Express (606-775-2003 ) Mr. Lou Fox City Manager City of Lubbock 1625 1311 Street Lubbock, Texas 79401 RE: $28,260,000 Canadian River Municipal Water Authority Contract Revenue Refunding Bonds, Series 2005 (Conjunctive Use Groundwater Supply Project) Dear Mr. Fox: I have enclosed the eight copies of final certificate needed for the Canadian River Municipal WaterAuthority (the "Authority") contract revenue refunding bonds (the "Bonds") for the refunding of a portion of the outstanding Contract Revenue and Refunding Bonds, Series 1999 (Conjunctive Use Groundwater Supply Project) (the "Series 1999 Bonds"). The total debt service savings from the refunding were $1,859,180. First Southwest Company indicates that this will mean that the aggregate annual groundwater debt service for the 9 participating cities will drop from approximately $5.98 million to $5.8 million through 2015, and then will decline to approximately $5.745 million thereafter. This certificate is very similar to one that I previously sent you for the $48,125,000 Canadian River Municipal Water Authority Contract Revenue Bonds, Series 2005 (Conjunctive Use Groundwater Supply Project). Please note that in Paragraph 6, the Certificate states that the City is not participating in this Bond issue as it self -funded its portion of the Series 1999 Bonds and is not responsible for debt service on the Bonds or the Series 1999 Bonds. I have submitted the bond transcript to the Attorney General. I will need to send the Attorney General the attached certificates as soon as possible. Please have the certificates executed as soon as possible and return them to me in the enclosed Federal Express prepaid envelope. The certificate itself should not be dated; however, the notary should date his or her notarization. Mr. Lou Fox May 25, 2005 Page 2 Lubbock did not participate in issuance of the Series 1999 Bonds as it self funded its participation. However, as a Member City, we will still need to provide this certificate to the Attorney General. The City provided a similar certificate in connection with the Series 1999 Bonds. Please call me if you have any questions concerning this matter. Our toll -free telephone number is 8001749-6646. Very truly yours, Thomas M. Pollan TMP:bsm Enclosures cc: Mr. Kent Satterwhite General Manager Canadian River Municipal Water Authority (wlenclosure) CERTIFICATE OF THE CITY OF LUBBOCK, TEXAS We, the undersigned, the Mayor and the City Secretary of the City of Lubbock, Texas (the City"), hereby certify the following information: 1. This certificate is executed and delivered with reference to the issuance of $28,260,000 Canadian River Municipal Water Authority Contract Revenue Refunding Bonds, Series 2005 (Conjunctive Use Groundwater Supply Project) (the "Bonds") and the Agreement Between the Canadian River Municipal Water Authority and the City of Lubbock, Texas forthe Purchase and Acquisition of Conjunctive Use Groundwater Supply, as amended (the "Conjunctive Use Groundwater Supply Agreement"). 2. Pursuant to a resolution passed by the City Council of the City on May 3, 1996, the Mayor and City Secretary officially executed and signed the Conjunctive Use Groundwater Supply Agreement on behalf of the City in orderto begin the Conjunctive Use Groundwater Supply Project, and the first series of the Authority's contract revenue bonds were issued for the Conjunctive Use Groundwater Supply Project. 3. Pursuant to a resolution passed by the City Council of the City on June 10, 1999, the Mayor and City Secretary officially executed and signed Amendment No. 1 to Agreement for the Purchase and Acquisition of Conjunctive Use Groundwater Supply on behalf of the City in order to begin the second phase of the Conjunctive Use Groundwater Supply Project. 4. Pursuant to a resolution passed by the City Council of the City on January 13, 2005, the Mayor and City Secretary officially executed and signed Amendment No. 2 to Agreement for the Purchase and Acquisition of Conjunctive Use Groundwater Supply (the "Amendment") on behalf of the City in orderto begin the third phase of the Conjunctive Use Groundwater Supply Project. 5. No litigation or proceeding of any nature has been filed or is now pending against the City and that so far as we know and believe no such litigation is threatened nor is there a basis for litigation (A) to contest the title or authority of the present members of the governing body and officers of the City to their respective offices, (B) to contest the due organization and valid existence of the City, (C) to adversely affect or contest the validity, due authorization, execution or performance of the Project or the Conjunctive Use Groundwater Supply Agreement, as amended, or (Q) to attempt to limit, enjoin, or otherwise to restrict or prevent the City from functioning and collecting revenues, including revenues for the purpose of making Project Payments, and other income orthe anticipated receipt of revenues of the City's combined water and sanitary sewer system. 6. The City is not participating in the issuance of the Bonds. The Bonds are being issued to refund a portion of the Authority's Contract Revenue and Refunding Bonds, Series 1999 (Conjunctive Use Groundwater Supply Project) (the "Series 1999 Bonds"). The City elected to self -fund its portion of the Project funded by the Series 1999 Bonds, as authorized by the Conjunctive Use Groundwater Supply Agreement, and is not responsible for the debt service on the Bonds or the Series 1999 Bonds. 7. The City is in compliance with its obligation to provide the Issuer certain operating and financial information pursuant to its continuing disclosure agreement with the Authority under its Conjunctive Use Groundwater Supply Agreement, as amended. 8. On the date of the approval of the Amendment and through the date of this Certificate, we were the duly authorized and qualified Mayor and City Secretary of the City. 9. The City received a Notice from the Canadian River Municipal Water Authority that the Conjunctive Use Groundwater Supply Agreement of the City and all other Member Cities of the Authority were in full force and effect prior to the issuance of the Bonds. 10. The City has complied with any applicable provisions of its City Charter in entering into the Conjunctive Use Groundwater Supply Agreement with the Authority, and such Agreement as amended by Amendment No. 1 and Amendment No. 2 remains in full force and effect. 11. The City has agreed to the passage of the Authority's resolution authorizing the Bonds. 12. The Attorney General of the State of Texas is hereby authorized to date this Certificate as of the date of approval of the Bonds and is entitled to rely upon the accuracy of the information contained herein unless notified by telephone ortelecopytothe contrary. [The remainder of this page intentionally left blank.] 2 Dated; "O NOT DATB cr� Rebecca Garza, City Secretary City of Lubbock, Texas [CITY SEAL] THE STATE OF TEXAS § COUNTY OF LUBBOCK § Before me, the undersigned, a Notary Public, on this day personally appeared Marc McDougal and Rebecca Garza, known to me to be the Mayor and City Secretary, respectively, for the City of Lubbock, Texas, and who in my presence each executed this instrument before me in the capacity represented and each of said person's signature is genuine. GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the ,&:� *day of 2005. ism, PAT KIDD Notary Public, Sta f Texas W" kdc �6e of Terms cawa= r 03 �-zoas CRMWA Refunding Certificate3tubbwk Certificate ref.wpd 3