HomeMy WebLinkAboutRES 2016-097 RESOLUTION NO. 2016-097
A RESOLUTION RELATING TO THE GIVING OF NOTICE
OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION; DECLARING INTENT TO REIMBURSE
CERTAIN PRIOR CAPITAL COSTS; AND APPROVING
OTHER MATTERS RELATED THERETO
WHEREAS, the City of Grapevine, Texas (the "City"), pursuant to Chapter 271,
Subchapter C, Texas Local Government Code, as amended, is authorized to issue its
certificates of obligation (the "Certificates") 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;
WHEREAS, it is hereby found and determined that the meeting at which this
resolution is considered is open to the public as required by law, and public notice of the
time, place and purpose of said meeting was given as required by Chapter 551, Texas
Government Code;
WHEREAS, all constitutional and statutory prerequisites for the approval of this
resolution have been met, including but not limited to the Open Meetings Act; and
WHEREAS, the City Council deems the adoption of this resolution to be in the best
interests of the health, safety, and welfare of the public.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated herein as if copied in their entirety.
Section 2. The findings and determinations set forth in the preambles hereto
are hereby incorporated by reference for all purposes.
Section 3. The City Secretary is hereby authorized and directed to cause to be
published in the manner required by law and in substantially the form attached hereto as
Exhibit A, a notice of the City's intention to issues the Certificates (the "Notice").
Section 4. The Notice shall be published once a week for finro consecutive
weeks, the date of the first publication being not less than thirty-one (31) days prior to the
date set forth in the Notice for passage of the ordinance authorizing the Certificates. Such
notice shall be published in a newspaper of general circulation in the area of the City of
Grapevine, Texas.
Section 5. The City reasonably expects to reimburse itself for costs that have
been or will be paid subsequent to the date that is 60 days prior to the date hereof and
that are to be paid in connection with (i) acquiring equipment for the IT department, (ii)
acquiring land for new fire stations and (iii) renovating, remodeling and equipping existing
fire stations each as described in Exhibit A (collectively, the "Financed Projects")from the
proceeds of the Certificates.
Section 6. The City reasonably expects that the maximum principal amount of
the Certificates to be issued to reimburse itself for the costs associated with the Financed
Projects will be $3,000,000. Such amount is in addition to the amounts authorized for
reimbursement in Resolution No. 2016-049, dated June 21, 2016, and Resolution No.
2016-093, dated November 15, 2016.
Section 7. The Mayor, Gity Manager, City Secretary, and other officers and
agents of the City are hereby authorized and directed to do any and all things necessary
or desirable to carry out the provisions of this resolution.
Section 8. 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 6th day of December, 2016.
Resolution No. 2016-097 2
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CITY OF GRAPEVINE, TEXAS COMBINATION
TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on January 17, 2017, 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 in
the Council Chambers at the City Hall, 200 S. Main St., Grapevine, Texas, the regular
meeting place of the City Council, intends to pass an ordinance authorizing the issuance
of not to exceed $10,050,000 total principal amount of Certificates of Obligation for the
purpose of paying contractual obligations to be incurred for the following purposes, to wit:
(a) acquiring equipment for the IT department, (b) acquiring land for new fire stations in
the Northwest and West areas of the City, (c) renovating, remodeling and equipping
existing fire stations (collectively, the "Projects"), and (d) paying professional services of
attorneys, financial advisors and other professionals in connection with the Projects and
the issuance of the Certificates. The Certificates shall be issued in one or more series,
shall bear interest at a rate not to exceed ten percent (10%) 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 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 Chapter 271, Subchapter C, 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 revenue 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 6, 2016.
/s/Tara Brooks, City Secretary
City of Grapevine, Texas
Resolution No. 2016-097 4
APPROVED:
William D. Tate
Mayor
ATTEST:
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Tara Brooks ��` ��y
City Secretary �, ,�
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APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
Resolution No. 2016-097 3