HomeMy WebLinkAboutR20-466304
RESOLUTION R20-466
A RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS, AUTHORIZING
REFUNDING OF CANADIAN RIVER MUNICIPAL WATER AUTHORITY
SUBORDINATE LIEN CONTRACT REVENUE -BONDS, SERIES 2011
(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 Authontyissued and has outstanding its Canadian River Municipal
Water Authority Contract Revenue Refunding Bonds, Series 2010 (Conjunctive Use
Groundwater Supply Project); Canadian River Municipal. Water Authority Subordinate
Lien Contract -Revenue Bonds.; Series 2011 (Conjunctive Use Groundwater Supply
Project); Canadian River Municipal Water Authority Subordinate Lien Contract Revenue
Refunding: Bonds, Seri -es-2012 (Conjunctive Use Groundwater Supply Project); Canadian
River Municipal Water Authority, Subordinate Lien Contract Revenue .Refunding Bonds,
Series 2014 (Conjunctive Use Groundwater Supply Project) and Canadian River
Municipal Water Authority Subordinate Lien Contract Revenue Refunding Bonds, Series
2017 (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 Bonds, Series 2011 (Conjunctive Use Groundwater
Supply Project) (the "Series 2011 Bonds") if .market conditions justify refunding: all, or a
part. bf, the Series 2011 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 2011 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
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the outstanding Series 2011 Bonds if a present value savings of at least 6.5% can be
achieved; and
WHEREAS, if the market conditions justify -the refunding of the Series 2011 Bonds,
then the.Authority desires to issue refunding bonds in a. principal amount: not :to exceed
$53,500,000 to refund all or a part of the outstanding Series 2011 Bonds; and
WHEREAS the: City agrees to the Authority's issuance of bonds as subordinate
lien bonds to eliminate'the need of a reserve fund;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEXAS:
SECTION 1. Should market conditions during calendar year, 2020 justify the
refunding of the Series 2011 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 2020 in a
principal amount not: to: exceed $53,500;000 to refund :all or a part of the outstanding
Series .2011 Bonds, subject to the requirement that the refunding bonds for the Series
2011 Bonds -provide a present:value debt service savings of at least 6.5%.
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 11, 2020.
ATTEST:
,h� tee:
City Secretary
City of Plainview, Texas
[City Seal]:
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Mayor, City of Plainview, Texas AV
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