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HomeMy WebLinkAboutResolution - 2020-R0082 - Canadian River Municipal Water Authority- Refunding 2011 Bonds - 03 /10/2020- + . ► • ! . Ia31I1EN Item No. 6.5 March 10, 2020 RESOLUTION 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 Contract Revenue Refunding Bonds, Series 2010 (Conjunctive Use Groundwater Supply Project); Canadian River Municipal Water Authority Subordinate Lien Contract Revenue Bonds, Series 2011 (Conjunctive Use Groundwater Supply Project); Canadian River Municipal Water Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2012 (Conjunctive Use Groundwater Supply Project); Canadian River Municipal Water Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2014 (Conjunctive Use Groundwater Supply Project) and Canadian River Municipal Water Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2017 (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 Bonds, Series 2011 (Conjunctive Use Groundwater Supply Project) (the "Series 2011 Bonds") if market conditions justify refunding all, or a part of, the Series 2011 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 2011 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 2011 Bonds if a present value savings of at least 6.54�o can be achieved; and WHEREAS, if the market conditions justify the refunding of the Series 2011 Bonds, then the Authority desires to issue refunding bonds in a principal amount not to exceed $53,500,000 to refund all or a part of the outstanding Series 2011 Bonds; and -1�- 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 2020 justify the refunding of the Series 2011 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 2020 in a principal amount not to exceed $53,500,000 to refund all or a part of the outstanding Series 2011 Bonds, subject to the requirement that the refunding bonds for the Series 2011 Bonds provide a present value debt service savings of at least 6.5%. 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. Passed by the City Council on March 10 2020. ATTEST: Reber °a Garza, City Secrets APPROVED AS TO CONTENT: D. Blu �_e_lic�_, Chief Financial Officer APPROVED AS TO FORM: Amy l.:'`Sims, Deputy ( . ttorney DANIEL M. POPE, MAYOR N Resolution No. 2020-RnnQ? 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 11 rh day of _March , 2020, 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, 1625 131h Street, Lubbock, Texas, the duly constituted members of the City Council being as follows: Daniel M. Pope Juan A. Chadis Shelia Patterson Harris Jeff Griffith Steve Massengale Randy Christian Latrelie 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: N/A ; 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 BONDS, SERIES 2011 (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: 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 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 loth day of March , 2020. City S, cretary City of bbock, Texas [CITY SEAL] ®1222oa;1 2......