HomeMy WebLinkAboutRES 2014-089RESOLUTION NO. 2014-89
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, RELATING TO THE GIVING OF
NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE,
TEXAS COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION, SERIES 2015 AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Grapevine, Texas (the "City"), pursuant to Subchapter C,
Chapter 271, Texas Local Government Code, as amended, is authorized to issue its
certificates of obligation (the "Certificates") for the purpose of paying contractual
obligations to be incurred for the purposes set forth below; and
WHEREAS, the City Council of the City has found and determined that a notice
of intention to issue certificates of obligation should be published in accordance with the
requirements of applicable law;
WHEREAS, it is hereby found and determined that the meeting at which this
resolution is considered is open to the public as required by law, and public notice of
the time, place and purpose of said meeting was given as required by Chapter 551,
Texas Government Code; and
WHEREAS, all legal prerequisites for the adoption of this resolution have been
met, including but not limited to the Local Government Code and the Open Meetings
Act; and
WHEREAS, the City Council hereby declares that the approval of this resolution
is in the best interests of the health, safety, and welfare of the public.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS, THAT:
Section 1. That the findings and determinations set forth in the preambles
hereto are hereby incorporated by reference for all purposes.
Section 2. That the City Secretary of the City is hereby authorized and
directed to cause to be published in the manner required by law and in substantially the
form attached hereto as Exhibit "A", a notice of the City's intention to issue the
Certificates (the "Notice").
Section 3. That the Notice shall be published once a week for two consecutive
weeks, the date of the first publication being not less than thirty-one (31) days prior to
the date set forth in the Notice for passage of the ordinance authorizing the Certificates.
Such Notice shall be published in a newspaper of general circulation in the area of the
City of Grapevine, Texas.
Section 4. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 2nd day of December, 2014.
APPROVED:
William D. Tate
Mayor
ATTEST:
JoB rown
C i t Secretaryi-
05wR*-19AwV1T-�* �*.- M
John F. Boyle, Jr.
City Attorney
RES. NO. 2014-89 2
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EXHIBIT "A" TO RES. NO. 2014-89
Page 1 of 1
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NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on January 20, 2015, the City Council of
the City of Grapevine, Texas, at 7:30 p.m. at a regular meeting of the City
Council to be held in the Council Chambers at the City Hall, 200 S. Main St.,
Grapevine, Texas, the regular meeting place of the City Council, intends to pass
an ordinance authorizing the issuance of not to exceed $12,500,000 total
principal amount of Certificates of Obligation for the purpose of paying
contractual obligations to be incurred for the following purposes, to wit: (a)
constructing, installing, acquiring and equipping additions, extensions and
improvements to the City's waterworks and sewer system, (b) acquiring
equipment and vehicles for the public safety, fire and public works departments,
(c) constructing a public parking lot in downtown Grapevine (collectively, the
"Project"), and (d) paying professional services of attorneys, financial advisors
and other professionals in connection with the Project and the issuance of the
Certificates. The Certificates shall be issued in one or more series, shall bear
interest at a rate not to exceed fifteen percent (15%) per annum, and shall have a
maximum maturity date of not later than forty (40) years after their date. Said
Certificates shall be payable from the levy of a direct and continuing ad valorem
tax against all taxable property within the City sufficient to pay the interest on this
series of Certificates as due and to provide for the payment of the principal
thereof as the same matures, as authorized by Chapter 271, Subchapter C,
Texas Local Government Code, as amended, and from all or a part of the surplus
revenues of the City's waterworks and sewer system.
THIS NOTICE is given in accordance with law and directed by the City
Council of the City of Grapevine, Texas.
GIVEN THIS December 2, 2014.
/s/ Jodi Brown, City Secretary
City of Grapevine, Texas