HomeMy WebLinkAboutCity Council Resolutions (Resolution R-19-4364)-03/19/2019RESOLUTION R-19-4364
AUTHORIZING THE EXECUTION AND DELIVERY OF A
CONTINUING DISCLOSURE AGREEMENT
WHEREAS, the City of Colleyville, Texas (the "City") and the Trinity River
Authority of Texas (the "Issuer") have heretofore entered into,
and may in the future enter into, contracts relating to the
provision of facilities and/or services by the Issuer for the
benefit of the City; and
WHEREAS, in connection with the financing of the facilities and/or services
provided by the Issuer for the benefit of the City, the Issuer
has, and/or will, from time to time authorize, issue and deliver
bonds (the "Bonds") of the Issuer supported by payments to
be made by the City pursuant to such contracts; and
WHEREAS, the United States Securities and Exchange Commission has
adopted Rule 15c2-12, as amended from time to time (the
"Rule"); and
WHEREAS, the Rule provides a broker, dealer, or municipal securities
dealer of Bonds issued after the effective dates set forth in the
Rule, may not purchase or sell Bonds in connection with an
offering thereof unless, prior to the purchase or sale thereof,
"obligated persons", or entities acting on behalf of 'obligated
persons", have undertaken to provide certain updated
financial information and operating data annually, and timely
notice of specified material events, to certain information
vendors; and
WHEREAS, the Issuer and the City heretofore entered into a Continuing
Disclosure Agreement, as amended, in conformance with the
Rule (the "Original CDA"); and
WHEREAS, in order to reflect the Rule, as recently amended, and provide
adequate flexibility to accommodate any subsequent
amendments to the Rule, it is deemed appropriate and
necessary to enter into a new Continuing Disclosure
Agreement (the "CDA"), which supersedes the Original CDA;
and
WHEREAS, it is the intent of both the Issuer and the City that any and all
obligations and/or duties of the respective party under the
Original CDA with respect to any heretofore issued series of
Bonds shall continue to be observed as carried forward into
the CDA; and
Resolution R-19-4364
Page 2 of 2
EREAS, in order to comply with the Rule and facilitate the future
issuance of Bonds, the City and the Issuer have agreed that it
is deemed appropriate and necessary to enter into the CDA
hereinafter authorized to be executed and delivered.
(THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE, TEXAS:
Sec. 1. THAT the recitals set forth in the preamble hereof are
incorporated herein and shall have the same force and effect
as if set forth in this Section.
Sec. 2 THAT the City Council hereby authorizes the City Manager to
sign and execute the CDA substantially in the form and
substance attached as Exhibit "A" and any amendment or
supplement to the CDA hereinafter required or appropriate in
response to further amendment of the Rule in order to
maintain compliance with the requirements of the Rule.
Sec. 3 THAT all statutory and constitutional requirements for the
passage of this Resolution have been adhered to, including but
not limited to, the Texas Open Meetings Act.
Sec. 4 THAT this resolution shall become effective immediately upon
Council's passage and approval.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF 7 AYES, 0 NAYS ON THIS THE 19TH DAY OF
MARCH 2O19.
Mayor Richard Newton Aye Mayor Pro Tern Bobby Lindamood Aye
Place 1, Tammy Nakamura Aye Place 3, Kathy Wheat Aye
Place 4, George Dodson Aye Place 5, Chuck Kelley Aye
Place 6, Callie Rigney Aye
ATTEST:
Christine Loven, TRMC
City Secretary
CITY OF COLLEYVILLE
Richard Newton
Mayor