HomeMy WebLinkAboutRES 2005-044 RESOLUTION NO. 2005-44
A RESOLUTION RELATING TO THE GIVING OF NOTICE
OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2005A 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, THAT:
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 2005A
"NOTICE IS HEREBY GIVEN that on October 18, 2005, 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
$2,380,000 principal amount of Certificates of Obligation for the purpose of paying
contractual obligations to be incurred for the following purposes, to wit: (i) acquisition
and construction of facilities and improvements for the City's Lake Parks (the "Lake
Parks Improvements"); (ii) payment of interest on the Certificates issued for the Lake
Parks Improvements for a period not to exceed the period of construction of such Lake
Parks Improvements and for one year thereafter; (iii) acquisition of land and
improvements on Dooley Street near the Cotton Belt Historic District for use in
connection with City festivals and events and other City purposes (together with the
Lake Parks Improvements, the "Project"); and (iv) to pay for 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 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 the
net revenues of the City's Lake Parks System.
"THIS NOTICE is given in accordance with law and as directed by the City
Council of the City of Grapevine, Texas.
"GIVEN THIS September 20, 2005.
/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 AND EFFECTIVE September 20, 2005.
RES. NO. 2005-44 2
PRESENTED, FINALLY PASSED AND APPROVED, AND EFFECTIVE on the
20th of September, 2005, by a vote of — ayes and 0 nays at a regular
meeting of the City Council of the City of Grapevine, Texas.
Mayor, City of Grapevine, Texas
ATTEST:
City Secretary, C" Grapevine, Texas
APPROVED AS TO FORM:
City Attorney, City of Grapevine, Texas
RES. NO. 2005-44 3
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
On September 20, 2005, the City Council of the City of Grapevine, Texas,
convened at 7:30 p.m., in a regular meeting at the regular meeting place thereof, the
meeting being open to the public and notice of said meeting, giving the date, place and
subject thereof, having been posted as prescribed by Chapter 551, Texas Government
Code, as amended; and the roll was called of the duly constituted officers and members
of the City Council, which officers and members are as follows:
William D. Tate, Mayor C. Shane Wilbanks )
Ted R. Ware, Mayor Pro Tem Sharron Spencer ) Members of
Clydene Johnson ) the Council
Roy Stewart )
and all of said persons were present, with the exception of Council Member Darlene
Freed, thus constituting a quorum. Whereupon, among other business, a written
resolution bearing the following caption was introduced:
A RESOLUTION RELATING TO THE GIVING OF
NOTICE OF INTENTION TO ISSUE CITY OF
GRAPEVINE, TEXAS COMBINATION TAX AND
REVENUE CERTIFICATES OF OBLIGATION, SERIES
2005A
The Resolution, a full, true and correct copy of which is attached hereto, was
read and reviewed by the City Council.
Thereupon, it was duly moved and seconded that the Resolution be finally
passed and adopted.
The Presiding Officer put the motion to a vote of the members of the City
Council, and the Resolution was finally passed and adopted by the following vote:
AYES: 6
NAYS: 0
ABSTENTIONS: 0
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Resolution Authorizing 2005A COs-REVISED
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to
correctly reflect the duly constituted officers and members of the City Council of said
City, and the attached and following copy of said Resolution is hereby certified to be a
true and correct copy of an official copy thereof on file among the official records of the
City, all on this September 20, 2005.
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Resolution Authorizing 2005A COs-REVISED