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RESOLUTION R09 -209
RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS AUTHORIZING
REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY
CONTRACT REVENUE REFUNDING BONDS, SERIES 1999 (Bureau of
Reclamation Prepayment Project)
WHEREAS, the City of Plainview, Texas (the "City has entered into that certain
Agreement Between the Canadian River Municipal Water Authority and the City of
Plainview, 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 23, 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 PLAINVIEW,
TEXAS:
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305
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.
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306
PASSED, APPROVED AND ENACTED this the 5 day of November, 2009.
et(/ C. ate/PA*---
ayor, City of Plain l iew, Texas
AT ST:
k LIJJJCL&'&
City Secretary
City of Plainview, Texas
[City Seal]
Resolution R09 -209 Page 3 of 3
