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HomeMy WebLinkAboutResolution - 2009-R0461 - Authorize Refunding Of CRMWA Contract Revenue Refunding Bonds - 11/05/2009Resolution No. 2009-RO461 November 5, 2009 Item No. 5.6 RESOLUTION BY THE CITY OF LUBBOCK, TEXAS AUTHORIZING REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY CONTRACT REVENUE REFUNDING BONDS, SERIES 1999 (Bureau of Reclamation Prepayment Project) WHEREAS, the City of Lubbock, Texas (the "City") has entered into that certain Agreement Between the Canadian River Municipal Water Authority and the City of Lubbock, Texas for the Prepayment of the Obligations to the United States of America Incurred in Connection with the Construction of the Canadian River Project (the "Agreement") entered into as of February 2, 1999; and WHEREAS, the Canadian River Municipal Water Authority (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 Refunding Bonds, Series 1999 (Bureau of Reclamation Prepayment Project) by resolution dated April 14, 1999 (the "Series 1999 Bonds"); 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 6.1(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. [The remainder of this page intentionally left blank.] -2- PASSED, APPROVED November ,2009. ATTEST: City ftcretary City of Lubbock, Texas [City Seal] AND ENACTED this the 5th day of Mayor, City of Lubbock, Texas [SIGNATURE PAGE] 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: N.A. thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written Resolution entitled RESOLUTION BY THE CITY OF LUBBOCK, TEXAS, AUTHORIZING REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY CONTRACT REVENUE REFUNDING BONDS, SERIES 1999 (Bureau of Reclamation Prepayment 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: 0 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 ecretary City of Lubbock, Texas [CITY SEAL]