HomeMy WebLinkAboutCity Council Resolutions (R-02-2052)-11/06/2002
RESOLUTION R-02-2052
A RESOLUTION AUTHORIZING THE CITY MANAGER TO INITIATE PROCEEDINGS
FOR THE REFUNDING OF THE OUTSTANDING 1975 GENERAL OBLIGATION
BONDS, 1975 WATERWORKS AND SEWER SYSTEM REVENUE BONDS, 1975-A
WATERWORKS AND SEWER SYSTEM REVENUE BONDS, AND 1981
WATERWORKS AND SEWER SYSTEM REVENUE BONDS
WHEREAS, under current market conditions, the City could realize saving from the
refunding of the outstanding 1975 General Obligation Bonds (purpose to
purchase the City's waterworks system), 1975 Waterworks and Sewer
System Revenue Bonds, 1975-A Waterworks and Sewer System Revenue
Bonds, and 1981 Waterworks and Sewer System Revenue Bonds and these
bonds can only be called for refunding o~ their annual payment date of
January 1 sl with a thirty-day notification to the bondholders; and
WHEREAS, recent changes in Texas Government Code Title 9, Chapter 1201,028, and
1201,002, state that only one reading of an ordinance is necessary to
authorize the issuance and sale of a public security; and
WHEREAS, to meet the thirty-day notification provisions for the calling of the outstanding
bonds, it is necessary authorize and issue refunding bonds at the November
19, 2002, Council meeting with one reading of the ordinance.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1.
THAT the City Council directs the City Manager to proceed with the issuance
of bonds to refund the outstanding 1975 General Obligation Bonds (purpose
to purchase the City's waterworks system), 1975 Waterworks and Sewer
System Revenue Bonds, 1975-A Waterworks and Sewer System Revenue
Bonds, and 1981 Waterworks and Sewer System Revenue Bonds, if a net
present value savings of at least $60,000 can be achieved.
Sec, 2.
THAT these bonds will be presented for issuance with one reading of the
ordinance at the November 19, 2002, Council meeting under the provisions
of the Texas Government Code Title 9, Chapter 1201.028 and 1201.002.
Sec. 3.
THAT this Resolution is effective immediately upon passage.
AND IT IS SO RESOLVED.
Resolution R-02-2052
Page 2 of 2
PASSED BY A VOTE OF
ABSTENTIONS ON THIS
1/
~'M
AYES, / NAYS, AND
DAY OF (~ 2002.
CITY OF COLLEYVILLE
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ATTEST:
Mayor