HomeMy WebLinkAboutRES 1987-019 RESOLUTION NO. 87-19
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS ENDORSING THE
TRINITY RIVER AUTHORITY OF TEXAS ' EFFORT
TO REFUND $27, 825,000 OF CALLABLE BONDS
FROM THE SERIES 1980 AND 1984A ISSUES; AND
PROVIDING AN EFFECTIVE DATE
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WHEREAS, the City of Grapevine, Texas (the "City") is one
� five contracting cities in the Trinity River Authority of Texas '
Tarrant County Water Supply District; and
WHEREAS, the Trinity River Authority (the "Authority") is
empowered to issue revenue bonds for improvements to the system
and for the benefit of the contracting cities; and
WHEREAS, in August 1980 , the Authority issued revenue bonds
in the amount of $10 . 3 million and in August 1984, issued an
additional $21 . 7 million for the purpose of constructing
improvements to the system; and
WHEREAS, at the time these two bond series were issued, the
interest rates were substantially higher than rates which exist
today; and
WHEREAS, the Authority is attempting to reduce the current
annual Debt Service costs through the issuance of revenue
refunding bonds; and
WHEREAS, the Authority estimates that the annual savings
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would average about $238 , 000 per year and that the City, as a
contract party, would ultimately benefit from the savings.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
� Section l . That the City supports this refunding and annual
savings in principal and interest payments, and encourages the
Author�,ty to continue its efforts to issue revenue refunding
bonds on April 22, 1987 .
Section 2 . That the City Council further directs the City
Secretary to transmit a copy of this resolution to the Authority
prior to the Authority' s Board of Directors meeting of April 22,
1987 .
Section 3 . That this resolution shall take effect from and
after its date of passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 7th day of April, 1987.
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APPROVED:
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Mayor
ATTEST:
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Ci Secretary
APPROVED AS TO FORM:
City Attorney -
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