HomeMy WebLinkAboutRES 2010-027 RESOLUTION NO. 2010-27
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED 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; and
WHEREAS, all statutory and legal prerequisites for the passage of this resolution
have been met, including but not limited to the Open Meetings Act; and
WHEREAS, the City Council of the City has determined that it is in the best
interest of the health, safety, and welfare of the citizens of Grapevine, Texas to adopt
this resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That the findings and determinations set forth hereinabove are
found to be true and correct and are hereby incorporated by reference for all purposes.
Section 2. That 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 CERTIFICATES OF
OBLIGATION, SERIES 2010
NOTICE IS HEREBY GIVEN that on October 19, 2010, 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 South Main Street, Grapevine, Texas, the regular meeting
place of the City Council, intends to pass an ordinance authorizing the issuance of not
to exceed $500,000.00 principal amount of Certificates of Obligation for the purpose of
paying contractual obligations to be incurred for the following purposes, to wit: (i)
designing, constructing, improving, renovating and equipping the Vineyards
Campgrounds, 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 five percent
(3.50%) per annum, and shall have a maximum maturity date of not later than ten (10)
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.
THIS NOTICE is given in accordance with law and as directed by the City
Council of the City of Grapevine, Texas.
GIVEN THIS September 7, 2010.
/s/ Linda Huff
City Secretary
City of Grapevine, Texas"
Section 3. That the foregoing notice shall be published once a week for two
consecutive weeks, the date of the first publication being not less than the thirtieth
(30th) 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 CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 7th day of September, 2010.
APPROVED:
William D. Tate
Mayor
RES. NO. 2010-27 2
ATTEST:
LincfCk
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
RES. NO. 2010-27 3