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HomeMy WebLinkAboutR17-394RESOLUTION R17-394 A RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS, AUTHORIZING REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY CONTRACT REVENUE BONDS, SERIES 2009 (CONJUNCTIVE USE GROUNDWATER SUPPLY PROJECT) WHEREAS, the City of Plainview, 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 Line 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 01028948;1 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 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 PLAINVIEW, TEXAS: SECTION 1. 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. 01028948;1 [The remainder of this page intentionally left blank.] -2- PASSED, APPROVED AND ENACTED this the PI day of ATTEST: City Secretary City of Plainview, Texas [City Seal] 01028948;1 Mayor, City of Plainview, Texas -3- , 2017. it"