HomeMy WebLinkAboutR23-593285
RESOLUTION NO. R23-593
A RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS, AUTHORIZING
REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY
SUBORDINATE LIEN CONTRACT REVENUE REFUNDING BONDS,
SERIES 2014 (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 Subordinate Lien Contract Revenue Refunding Bonds, Series 2014
(Conjunctive Use Groundwater Supply Project); Canadian River Municipal Water
Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2017
(Conjunctive Use Groundwater Supply Project); Canadian River Municipal Water
Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2020
(Conjunctive Use Groundwater Supply Project); and Canadian River Municipal Water
Authority Subordinate Lien Contract Revenue Refunding Bonds, Series 2021
(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
Subordinate Lien Contract Revenue Refunding Bonds, Series 2014 (Conjunctive Use
Groundwater Supply Project) (the "Series 2014 Bonds") if market conditions justify
refunding all, or a part of, the Series 2014 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, timing constraints in the meeting schedules of the governing bodies
of all Member Cities of the Authority to consider 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 2014 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 2014 Bonds if a present value savings of at least 3.00% can be
achieved; and N
WHEREAS, if the market conditions justify the refunding of the Series 2014 Bonds,
then the Authority desires to issue by no later than July 12, 2023 refunding bonds in a
principal amount not to exceed $13,350,000; and
WHEREAS, the City, on June 28, 2022 approved a resolution agreeing to the
Authority's desire to, within Calendar Year 2022, issue refunding bonds in a principal
amount not to exceed $13,350,000 to refund all or a part of the outstanding Series 2014
Bonds; and
WHEREAS, the Authority has not issued such refunding bonds as of date; and
WHEREAS, the City, by this Resolution, agrees to the Authority's desire to issue
the Refunding Bonds by no later than July 12, 2023 to refund all or a part of the
outstanding Series 2014 Bonds;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEXAS:
SECTION 1. Should market conditions at any time prior to July 12, 2023 justify
the refunding of the Series 2014 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
2023 in a principal amount not to exceed $13,350,000 to refund all or a part of the
outstanding Series 2014 Bonds, subject to the requirement that the refunding bonds for
the Series 2014 Bonds provide a present value debt service savings of at least 3.00%.
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.
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PASSED, APPROVED AND ENACTED this February 14, 2023.
ATTEST:
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City Secretary
City of Plainview, Texas
[City Seal]
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Mayor, City of (Plainview, Texas
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