HomeMy WebLinkAboutRES 1996-045 ,� ,,
RESOLUTION NO. 96-45
� A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS DIRECTING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council deems it advisable to give notice of intention to
issue certificates of obligation of the City of Grapevine, Texas, as hereinafter
provided; and
WHEREAS, it is officially found and determined that the meeting at which this
resolution has been considered and acted upon was open to the public and public
notice of the time, place and subject of said meeting was given, all as required by
Chapter 551 , Texas Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
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Section 1 . FORM OF NOTICE. Attached hereto as Exhibit "A" is a form of
�� Notice of Intention to Issue Certificates of Obligation, the form and substance of
which are hereby adopted and approved.
Section 2. PUBLICATION OF NOTICE. Said Notice shall be published, in
substantially the form attached hereto as Exhibit "A", in a newspaper, as defined in
Section 2051 .044, Texas Government Code, of general circulation in the area said
City, once a week for two consecutive weeks, the date of the first publication thereof
to be before the 14th day before the date tentatively set for passage of the ordinance
authorizing the issuance of such certificates.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the �7th day of September , 1996.
APPROVED:
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William D. Tate
;� Mayor
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ATTEST:
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Lin. a Huff
City Secretary
APPROVED AS TO FORM:
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John F. Boyle, Jr.
City Attorney
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RES. NO. 96-45
Exhibit "A" to Resolution No. 96-45
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NOTICE OF INTENTION TO ISSUE
'�° CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Grapevine,
Texas, at its meeting to commence at 5:30 p.m. on October 3, 1996, at its regular
meeting place in the Police Building, 307 West Dallas Road, Grapevine, Texas,
proposes to authorize the issuance of interest bearing certificates of obligation of said
City in total maximum principal amount not to exceed 529,550,000, for the public
purpose of paying contractual obligations to be incurred for costs related to the
construction of public works within Reinvestment Zone Number One, to wit:
construction and improvement of public streets and thoroughfares, including related
signage and signalization, landscaping, irrigation, lighting and utility relocation;
additions, improvements and extensions to the City's waterworks and sewer system;
storm drainage improvements; the construction and equipment of public parking lots
and facilities, including lighting, signage, landscaping and irrigation; acquisition of land
and interests in land, including easements and rights-of-way, necessary or convenient
for the foregoing; to provide funds for the payment of interest on the certificates of
obligation for a period not to exceed the period of construction of such works and for
� one year thereafter; and to pay all or a portion of the costs of issuance of the
certificates of obligation. The City presently proposes to provide for the payment of
;� such certificates of obligation by: (1) a pledge of tax increment revenues on deposit
in the Tax Increment Fund established for Reinvestment Zone Number One, such
pledge being subordinate to such obligations, if any, that may be issued by the City
that are by their terms secured by a superior lien on the Tax Increment Fund, and any
bonds or other obligations heretofore or hereafter issued by the City or by a
participating taxing entity in Reinvestment Zone Number One and secured by a pledge
of ad valorem taxes upon all taxable property within such entity for which the levy
and collection of ad valorem taxes has been insufficient for the payment thereof; and
(2) the levy of ad valorem taxes upon all taxable property within the City.
/s/Linda Huff, City Secretary
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