HomeMy WebLinkAboutR80-312 RESOLUTION NO. R80-'S12~
A RESOLUTION by' the City Council of the City of
P!ainview, Texas, approving and authorizing
the giving of "Notice of Intention to Issue
City of Piainview, Texas, Revenue Bonds" in
the aggregate principal amount of $300,000 for
the purpose of making improvements and extensions
to the City's Waterworks and Sanitary Sewer System~
to wit: improvements to water distribution and
sewag~ collection facilities.
WHEREAS, the City Council of the City of Plainview, Texas,
has determined it to be in the best interest of the City to make
certain improvements and extensions to the City's Waterworks
and Sanitary Sewer Syst=~n; and
WHEREAS, this Council has further determined that the. cost
of making, such improvements and extensions to the City's
Watez~orks and Sanitary Sewer System, to wit: improvements to
water distribution and sewage collection facilities should be
financed by the issuance of $30'0,000 in revenue bonds of the
City payable from and secured by a lien on and pledge of the
net revenues of the City's Waterworks and Sanitary Sewer System;
and
WHEILEAS, it is now proper for this Council to give notice
of intention to issue such revenue bonds in the t_~me, form and
manner ~rovided by law; therefore,
BE iT RESOLVED BY THeE CITY COUNCIL OF. THE CITY OF PLA!Nlr!E%~,
TEXAS:
'-SE~TION !: That the City Clerk is hereby authorized and
directed to cause notice to be' published of this Council's
intention to meet on the l~3th day of November, 1980, to pass
an ordinance and take such action as will be necessary to
authorize the issuance of revenue bonds in the total principal
~mount of $360,000 for the purpose of making ~provements and
extensions to the City'~s Waterworks and Sanitary Sewer System,
to wit: making improvements ~o__wa~e=~distribution and sewage
collection facilities. The notice to be published (the form and
content of which is hereby approved) shall read substantially
as follows:
NOTICE OF INTENTION TO ISSUE
CITY OF PLAINVIEW, TE%_AS,
REVE N=0E BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City
of Plainview, Texas, will convene at its regular meeting place
in the City Hall of Ptainview, Texas, at 7:30 o'clock P.M. on
the ]$th day of November, 1980, to pass an ordinance and take
such action as may be deemed necessary to authorize the issuance
of revenue bonds in the aggregate principal-amount of $300,000
for the purpose of making improvements and extensions to the
City's Waterworks and Sanitary Sewer System, to wit: improvements
~o water distribution and sewage collection facilities. Such
bonds shall mature not later than December 31, 1990; shall bear
interest at such rate or rates (not to exceed 10% per annum) as
shall be determined within the discretion of the City Council at
the time~ of issuance and said bonds shall be payable from and
secured by a lien on and pledge of the net revenues of the City's
Waterworks and Sanitary Sewer System, such lien and pledge,
however, to be junior and subordinate to the lien and pledge
of such net revenues securing the payment of certain outstanding
revenue bonds of the City payable from such source..
The holder of such bonds shall never have the right to
demand payment out of any funds raised or to be raised by
taxation and said bonds shall not be a debt of the City of
Plainview, Texas.
This. Notice is issued pursuant to authority and direction
of the City Council. of the City of Plainview, Texas, this the
14th day of October, 1980.
Plainview, Texas
SECTION 2: hat such notice shall be published once a week
for t~To conse6~tive weeks in a newspaper published and having
general circulation in the City of Plainview, Texas, the date of
the first publication of such notice to be at least fourteen
(14) days prior to the date stated therein for the passage of
the ordinance authorizing the issuance of the .revenue bonds,
PASSED AND APPROVED~ this the 14th day of October, 1980..
ATTEST: ~ f~ ~
~, ~ity o£.--
' ~ W,
Piaznv~e Texas
(City Seal)