HomeMy WebLinkAboutResolution - 2009-R0460 - Authorize Refunding Of CRMWA Contract Revenue Bonds - 11/05/2009Resolution No. 2009-RO460
November 5, 2009
Item No. 5.5
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 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, a portion of the Series 1999 Bonds were refunded in 2005; and
WHEREAS, the Authority has requested to refund the Series 1999 Bonds that
remain outstanding; and
WHEREAS, the Agreement requires certain notice requirements before the
Authority may 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 and consent to the issuance of the bonds to permit
the Authority to refund all of the outstanding 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 the 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.
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PASSED, APPROVED AND ENACTED this the 5th day of
November , 2009.
ATTEST:
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City 8ecretary
City of Lubbock, Texas
[City Seal]
CRMWA Rd BOMB 200B�LubE m IMMUMIW,.
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Mayor, City of Lubbock, Texas
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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 5th day of November , 2009, a regular meeting
of the City Council of the City of Lubbock, Texas was held at the regular meeting place
in the City Council Chambers in City Hall; the duly constituted members of the City
Council being as follows:
Tom Martin
Mayor
Jim Gilbreath
Mayor Pro Tem
Linda DeLeon
Councilmember
Floyd Price
Councilmember
Todd R. Klein
Councilmember
Paul R. Beane
Councilmember
John W. Leonard, III
Councilmember
and all of said persons were present, except for the following:
thus constituting a quorum. Whereupon, among other business,
transacted at said meeting: a written Resolution entitled
N.A.
the following was
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)
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: 7
NOES: o
ABSTENTIONS: o
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 6th day of November , 2009.
[CITY SEAL]
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City ecretary
City of Lubbock, Texas