HomeMy WebLinkAboutResolution - 2017-R0284 - CRMWA Revenue Bonds - 08/10/2017Resolution No.2017-R0284
Item No.7.11
August 10,2017
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 Bonds, Series 2009 (Conjunctive Use Groundwater Supply Project);
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);and Canadian
River Municipal Water Authority Subordinate Lien Contract Revenue Refunding Bonds,Series
2014 (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 Contract Revenue
Bonds,Series 2009 (Conjunctive Use Groundwater Supply Project)(the "Series 2009 Bonds")if
market conditions justify refunding all, or a part of, the Series 2009 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,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 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 2009 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
2009 Bonds if a present value savings of at least 6.50%can be achieved;and
WHEREAS,if the market conditions justify the refunding of the Series 2009 Bonds,then
the Authority desires to issue refunding bonds in a principal amount not to exceed $15,500,000 to
refund all or a part of the outstanding Series 2009 Bonds;and
RES.City of Lubbock-Resolution Authorizing Series 2017 Ref Bonds
(7-27-17)
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:
SECTION 1. THAT Should market conditions justify the refunding of the Series 2009
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 2017 in a principal amount not to exceed $15,500,000 to refund
all or a part of the outstanding Series 2009 Bonds, subject to the requirement that the refunding
bonds for the Series 2009 Bonds provide a present value debt service savings of at least 6.50%.
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 the IOth day of August , 2017.
DANIEL M. POPE, MAYOR
ATTEST:
Reb t
ca Garza, City Secret
APPROVED AS TO CONTENT:
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D. -uKostelich, Chief Financial Officer
APPROVED AS TO FORM:
RES.City of Lubbock -Resolution Authorizing Series 2017 Ref Bonds
(7-27-17)
Resolution No. 2017-Ro284
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 loth day of August , 2017, 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 13th Street, Lubbock, Texas, the duly constituted
members of the City Council being as follows:
Daniel M. Pope
Latrelle Joy
Juan A. Chadis
Shelia Patterson Harris
Jeff Griffith
Steve Massengale
Karen Gibson
Mayor
Mayor Pro-Tem/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
CONTRACT REVENUE BONDS, SERIES 2009 (CONJUNCTIVE USE
GROUNDWATER SUPPLY 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: 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 loth day of August , 2017.
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Cit Secretary
City -of Lubbock, Texas
[CITY SEAL]
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