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Home My WebLink AboutRES 2000-028 RESOLUTION NO. 2000-28 A RESOLUTION RELATING TO THE GIVING OF NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS COMBINATION TAX AND TAX INCREMENT REINVESTMENT ZONE REVENUE CERTIFICATES OF OBLIGATION, SERIES 2000 AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Grapevine, Texas (the "City"), pursuant to Section 271.041-.063, 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 TAX INCREMENT REINVESTMENT ZONE REVENUE CERTIFICATES OF OBLIGATION, SERIES 2000 "NOTICE IS HEREBY GIVEN that on June 6, 2000, 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 $35,000,000 principal amount of Certificates of Obligation for the public purpose of paying contractual obligations to be incurred for costs related to the construction of public works within Reinvestment Zone Number Two, to wit: (i) construction and improvement of public streets and thoroughfares, including related signage and signalization, landscaping, lighting and utility relocation; (ii) construction of a bridge across Silverlake Inlet, including related signage and signalization, landscaping and utility relocation; (iii) construction and equipping of subterranean and above-ground parking facilities, including lighting, signage, landscaping and irrigation; (iv) additions, improvements and extensions to the City's waterworks and sewer system; (v) storm drainage improvements; (vi) acquisition of land and interests in land, including easements and rights-of-way, necessary or convenient for GRA32S/71003 C:\MY DOCUMENTS\SERIES 2000#2.DOC 05/09/00 1:30 PM the foregoing (collectively, the "Project"); (vii) 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 (viii) 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 twenty-five (25) years after their date. Said Certificates shall be payable from (i) a pledge of tax increment revenues on deposit in the Tax Increment Fund established for Reinvestment Zone Number Two, 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 Two 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 (ii) the levy of ad valorem taxes upon all taxable property within the City. "THIS NOTICE is given in accordance with law and as directed by the City Council of the City of Grapevine, Texas. "GIVEN THIS May 16, 2000. /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 May 16, 2000. GRA325/71003 C:\MY DOCUMENTS\SERIES 2000#2.DOC 05/09/00 1:30 PM -2- PRESENTED, FINALLY PASSED AND APPROVED, AND EFFECTIVE on the 16th day of May, 2000, 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, Ci Grapevine, Texas APPROVED AS TO FORM: By City Attorney, City of Grapevine, Texas MINUTES AND CERTIFICATION PERTAINING TO PASSAGE OF A RESOLUTION STATE OF TEXAS COUNTY OF TARRANT ' CITY OF GRAPEVINE On the 16th day of May, 2000, 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 0 , 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 Tax Increment Reinvestment Zone Revenue Certificates of Obligation, Series 2000 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 GRA325/71002 C:\MY DOCUMENTS\SERIES 2000#2.DOC 05/09/00 1:30 PM 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 16th day of May, 2000. (41'. City Secr City of Grapevine, Texas [SEAL]