HomeMy WebLinkAboutCity Council Resolutions (R-96-1179)-02/20/1996
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RESOLUTION R-96-1179
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I A RESOLUTION APPROVING AND AUTHORIZING THE GIVING OF NOTICE OF
I INTENTION TO ISSUE REVENUE BONDS
I WHEREAS,
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the City Council of the City of Colleyville, Texas, has determined that
revenue bonds should be issued in accordance with the provisions
of Articles 1111 et seq. and 2368a, V.A.T.C.S. to finance the costs
of making improvements and extensions to the City's combined
Waterworks and Sewer System; and
WHEREAS, prior to the issuance of said revenue bonds, the Council is required
to give notice of its intention to issue the same in the manner and
time provided by law;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
COLLEYVI LLE, TEXAS:
Sec. 1:
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i Sec. 2:
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The City Secretary is hereby authorized and directed to cause notice
to be given of the Council's intention to meet at 7:30 o'clock P.M. on
the 19th day of March, 1996, and, during such meeting, consider the
second readin g and final adoption of an ordinance authorizing the
issuance of revenue bonds in an amount not exceed $2,900,000 for
the purpose of making improvements and extensions to the City's
combined Waterworks and Sewer System and funding a debt service
reserve for the City's revenue bonds. The notice hereby approved
and authorized to be given shall read substantially in the form and
content of Exhibit A attached hereto and incorporated herein by
reference as a part of this resolution for all purposes.
Such notice shall be (i) published in a newspaper having general
circulation in the City of Colleyville, Texas, once a week for two
consecutive weeks and (ii) posted at City Hall, the date of the
posting at the City Hall and the date of the first publication of such
notice to be at least fourteen (14) days prior to the date stated
therein for the passage of the ordinance authorizing the issuance of
the revenue bonds.
,[ AND IT IS SO RESOLVED.
I Passed by a vote of--2:..ayes and--'Lnays and ~abstentions on this the 2ot}-
I day of fl-hrtL/J.r V , 1996.
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i ATTEST: /J~
II J n Harris, CMC
City Secretary
CITY OF COLLEYVILLE
(L~
Mayor
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE
CITY OF COLLEYVILLE, TEXAS, REVENUE BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City of Colleyville,
Texas, shall convene at 7:30 o'clock P.M. on the 19th day of March, 1996, at its
regular meeting place in the City Hall, 5400 Bransford Road, Colleyville, Texas,
and during such meeting, the Council will consider the second reading and final
passage of an ordinance authorizing the issuance of revenue bonds in a principal
amount not to exceed $2,900,000 for the purpose of making improvements and
extensions to the City's combined Waterworks and Sewer System and funding a
debt service reserve for the City's revenue bonds. Such revenue bonds shall
mature not later than December 31, 2016 and bear interest at such rate or rates
(not to exceed 15% per annum) as determined by the City Council. Such bonds
shall be issued in conjunction with revenue refunding bonds and shall be payable
solely from and equally secured by a lien on and pledge of the net revenues of the
I City's combined Waterworks and Sewer System.
I The holder of such bonds shall never have the right to demand payment out
of any funds raised or to be raised by taxation.
I This Notice is issued pursuant to authority and direction of the City Council
II of the City of Colleyville, Texas, and in accordance with the provisions of Article
1123688, VAT.C.S.
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Jean Harris TRMC, CMC
City Secretary
City of Colleyville, Texas
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