HomeMy WebLinkAboutRES 2002-055 RESOLUTION NO. 2002-55
A RESOLUTION RELATING TO THE GIVING OF NOTICE
OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2003 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 2003
"NOTICE IS HEREBY GIVEN that on January 7, 2003, 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 $3,500,000 principal amount of
Certificates of Obligation for the purpose of paying contractual obligations to be incurred for the
following purposes, to wit: (i) acquisition of the GTE building located near the intersection of
Falls Street and Barton Street for various municipal services of the City; (ii) acquisition of land
and a parking lot in downtown Grapevine for City parking and City festivals, and improvements
thereto; (iii) acquisition of equipment and vehicles for police department; (iv) acquisition of
equipment and a fire truck for fire department; (v) acquisition of equipment and a vehicle for
public works department; (vi) acquisition of equipment and vehicles for utility department,
(vii) acquisition of equipment and golf carts for City golf course; (viii) acquisition of computers,
hardware, software and related equipment for various City departments (collectively, the
GRA325/1
Resolution giving notice of intent to issue bonds
"Project"); and (ix)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 all or a part of the surplus
revenues of the City's waterworks and sewer system, such pledge of surplus revenues being
limited to $1,000.
"THIS NOTICE is given in accordance with law and as directed by the City Council of
the City of Grapevine, Texas.
"GIVEN THIS December 3, 2002.
/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 December 3, 2002
RES. NO. 2002-55
-2-
GRA325/1
Resolution giving notice of intent to issue bonds
PRESENTED, FINALLY PASSED AND APPROVED, AND EFFECTIVE on the 3rd of
December, 2002, by a vote of 7 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, City rapevine, Texas
APPROVED AS TO FORM:
By
City Attorney, City of Grapevine, Texas
-3-
RES. NO. 2002-55 Signature Page for Resolution
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
•
STATE OF TEXAS
COUNTY OF TARRANT :
CITY OF ARLINGTON' :
On the 3rd day of December, 2002, 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
Darlene Freed )
Roy Stewart )
and all of said persons were present except ji/'QUE , 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 2003
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: O
ABSTENTIONS: 0
GRA325/1
Resolution giving notice of intent to issue bonds
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 the 3rd
day of December, 2002.
City Se retary, City o apevine, Texas
[SE4Et, F,P ;�.
/ o■
�C , ,
�
l ) ►►.:11
.)
` �D1
1 ee��^ s by,
Signature Page for Minutes and Certification of Reimbursement Resolution