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RESOLUTION R09 -210
RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS AUTHORIZING
REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY
CONTRACT REVENUE AND REFUNDING BONDS, SERIES 1999
(Conjunctive Use Groundwater 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 its Canadian River Municipal Water Authority
Contract Revenue and Refunding Bonds, Series 1999 (Conjunctive Use Groundwater
Project) by resolution dated May 15, 1999 and amended and restated on July 10, 1999
(the "Series 1999 Bonds and
WHEREAS, a portion of the Series 1999 Bonds were refunded in 2005; 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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308
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 4.1(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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Resolution R09 -210 Page 2 of 3
309
PASSED, APPROVED AND ENACT this the 5 day of November, 2009.
ayor, City of Plainvie Texas
ATT ST:
kilim,e4)
City Secretary
City of Plainview, Texas
[City Seal]
CRMWA Ref Bonds 2009 \Plainview resol re refunding,wpd
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