HomeMy WebLinkAboutRES 2007-020 RESOLUTION NO. 2007-20
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 2007 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 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.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. The findings and determinations set forth in the preambles hereto
are hereby incorporated by reference for all purposes.
Section 2. The City Secretary of the City is hereby authorized and directed to
issue a notice of intention to issue certificates of obligation in substantially the following
form:
"NOTICE OF INTENTION TO ISSUE CITY OF
GRAPEVINE, TEXAS COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION, SERIES 2007
NOTICE IS HEREBY GIVEN that on May 1, 2007 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 at the
City Hall, 200 Main Street, Grapevine, Texas, the regular meeting place of the City
Council, intends to pass an ordinance authorizing the issuance of not to exceed
$2,250,000 principal amount of Certificates of Obligation for the purpose of paying
contractual obligations to be incurred for the following purposes, to wit: (i) acquisition of
two parcels of land at the corner of Main Street and Hudgins Street for the purpose of
constructing facilities for the City's Convention and Visitor's Bureau, (the "Project"),
(ii) payment of professional services of attorneys, financial advisors and other
professionals in connection with the Project and the issuance of the Certificates. The
Certificates 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
,.M 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 Subchapter C, Chapter 271, Texas Local
Government Code, as amended, and from all of a part of the revenues of the City's
Hotel Occupancy Tax.
THIS NOTICE is given in accordance with law and as directed by the City
Council of the City of Grapevine, Texas.
GIVEN THIS April 3, 2007.
/s/ Linda Huff
City Secretary
City of Grapevine, Texas"
Section 3. The foregoing notice shall be published once a week for two
consecutive weeks, the date of the first publication being not less than the fourteenth
(14th) day prior to the date set forth in the foregoing notice for passage of the ordinance
authorizing the Combination Tax and Revenue Certificates of Obligation. 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, APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 3rd day of April, 2007.
APPROVED:
William D. Tate
Mayor
ATTEST:
Lin a Huff
City Secretary
RES. NO. 2007-20 2
APPROVED AS TO FORM:
ei
John F. Boyle, Jr. /
City Attorney
RES. NO. 2007-20 3