HomeMy WebLinkAboutCity Council Resolutions (R-02-2055)-11/19/2002
RESOLUTION R-02-2055
A RESOLUTION AUTHORIZING ONE READING OF AN ORDINANCE FOR THE
ISSUANCE OF DEBT FOR WHICH THE ONLY PURPOSE IS TO REFUND PRIOR
DEBT ISSUES
WHEREAS, under certain market conditions it can be economically advantageous to
refund prior debt to realize a net present value savings over the life of the
bond issue; 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 to allow municipalities to
take advantage of current market conditions; and
WHEREAS, prevailing market conditions can quickly deteriorate, making a refunding not
economically feasible, and it would be very advantageous for the Council to
authorize and issue refunding bonds with one reading of the ordinance at a
regularly scheduled Council meeting.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1.
THAT the City Council agrees to issue refunding debt, which contains only
the refunding of prior issued debt, with one reading of the ordinance at a
regularly scheduled Council meeting under the provisions of the Texas
Government Code Title 9, Chapter 1201,028 and 1201.002, only when
necessary to take advantage of advantageous market conditions.
Sec.2.
THAT the City Council will not issue new debt without two readings of the
funding ordinance as required by the City Charter.
Sec. 3.
THAT this Resolution is effective immediately upon passage.
AND IT IS SO RESOLVED.
PASSED BY A VOTE OF
ABSTENTIONS ON THIS
:( AYES'r NAYS, AND
/9 DAY OF ~ 2002.
o
Resolution R-02-2055
Page 2 of 2
CITY OF COLLEYVILLE:
~~Clo
Cynthia Singleton,
City Secretary
Mayor