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HomeMy WebLinkAboutRES 2005-030 RESOLUTION NO. 2005-30 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: 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 August 16, 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 $2,070,000 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 "Project"); (ii) payment of interest on the Certificates for a period not to exceed the period of construction of such works and for one year thereafter; and (iii) 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 July 5, 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 AND APPROVED BY THE COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 5th day of July, 2005 APPROVED: William D. Tate Mayor ATTEST: Linda Huff City Secretary RES. NO. 2005-30 2 APPROVED AS TO FORM: John F. Boyle, Jr. City Attorney RES. NO. 2005-30 3 MINUTES AND CERTIFICATION PERTAINING TO PASSAGE OF A RESOLUTION On July 5, 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 Tern Sharron Spencer ) Members of Clydene Johnson ) the Council Darlene Freed ) Roy Stewart ) and all of said persons were present, 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 AND PROVIDING AN EFFECTIVE DATE 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: 7 NAYS: 0 ABSTENTIONS: 0 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 July 5, 2005. 1 City Secr:0f' City of Grapevine, Texas [SEAL] -2- GRA325/1 948488_1.DOC