HomeMy WebLinkAboutR12-27952
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 2005 (Conjunctive Use
Groundwater Supply Project); Canadian River Municipal Water Authority Contract
Revenue Refunding Bonds, Series 2005 (Conjunctive Use Groundwater Supply
Project); Canadian River Municipal Water Authority Contract Revenue Bonds, Series
2006 (Conjunctive Use Groundwater Supply Project); 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); and Canadian
River Municipal Water Authority Contract Revenue Bonds, Series 2011 (Conjunctive
Use Groundwater Supply Project); and
WHEREAS, the Authority desires to issue refunding bonds in a principal amount
not to exceed $47,650,000 to refund all or part of the outstanding Series 2005 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, 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 part of the outstanding Series 2005 Bonds if present value
savings at least 5.90% can be achieved; and
WHEREAS the City agrees to the Authority's issuance of bonds as subordinate
lien bonds to eliminate the need of a reserve fund;
00643190 ;1
Resolution R12 -279
A RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS, AUTHORIZING
REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY
CONTRACT REVENUE BONDS, SERIES 2005 (CONJUNCTIVE USE
GROUNDWATER SUPPLY PROJECT)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEXAS:
SECTION 1. That 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 2012 in a
principal amount not to exceed $47,650,000 to refund all or part the outstanding Series
2005 Bonds, subject to the requirement that the refunding bonds provide present value
debt service savings of at least 5.90 %.
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.
{00643190 ;1}
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ATTEST:
PASSED, APPROVED AND ENACTED this the 27th day of November, 2012.
City Secretary
City of Plainview, Texas
[City Seal]
SEAL
{00643190;1}
Mayor, City o lainview, iexa
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