HomeMy WebLinkAboutR05-144RESOLUTION R05-144
A 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 Bonds, Series 1996 (Conjunctive Use Groundwater Project) by
resolution dated July 10, 1996 (the "Series 1996 Bonds") and 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, the Series 1999 Bonds remain outstanding, the Series 1996 having
been refunded by the Series 1999 Bonds; 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 to permit the Authority to refund all or a portion of
the 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:
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 Agreement, and consents to the issuance of such refunding bonds,
Resolution 05-144 Page 1 of 2
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 pert~ining to its adoption in such number
as may be requested for said Authority's records and proceedings.
PASSED, APPROVED AND ENAC/,T.~D this the /¢~"day of April, 2005.
ATTEST:
City Secretary
City of Plainview, Texas
[City Seal]
Resolution 05-144
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