Res 050-98 4/7/1998N
RESOLUTION NO. (_) -CP
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE CITY OF WICHITA FALLS, TEXAS WATER AND SEWER
SYSTEM SUBORDINATE LIEN REVENUE BONDS, SERIES 1998
WHEREAS, the City Council finds that the construction of improvements and
extensions to the City's Water and Sewer System is urgently needed by the City of
Wichita Falls, Texas, in order to perform its essential municipal functions;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WICHITA FALLS, TEXAS, THAT:
1. That attached hereto and marked "Exhibit A" is a form of notice, the form and
substance of which are hereby adopted and approved.
2. That the Mayor shall cause said notice to be published, in substantially the
same form attached hereto, in a newspaper of general circulation in said City
and published in said City, as described in Sections 2051.044 and 2051.048
of the Texas Government Code, on the same day in each of two consecutive
weeks, the date of the first publication thereof to be before the fourteenth
(14th) day before the date tentatively set for passage of the ordinance
authorizing the issuance of the Bonds as described therein.
3. That this Resolution shall become effective immediately upon adoption.
PASSED AND APPROVED this the `
1 day of , 1998.
ATTEST:
MAY R
i
EXHIBIT "A"
NOTICE OF INTENTION TO ISSUE CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER SYSTEM SUBORDINATE LIEN REVENUE
BONDS, SERIES 1998
NOTICE is hereby given, in accordance with Article 2368a, V.A.T.C.S. and Chapter 252
of the Local Government Code that the City Council of the City of Wichita Falls, Texas
does intend to consider for passage at a Regular Meeting to be held at 8:30 a.m., on
the 21" day of April, 1998, at the City Hall, Wichita Falls, Texas, an Ordinance
authorizing the issuance, sale and delivery of bonds to be designated as "City of
Wichita Falls, Texas Water and Sewer System Subordinate Lien Revenue Bonds,
Series 1998 ". The maximum amount of the Bonds that may be authorized for the
above purpose is $8,060,000. Said Bonds will be issued for the purpose of providing
funds for capital improvements to the City's combined Water and Sewer System and to
pay the costs of issuance related thereto. The City Council presently proposes to
provide for payment of Bonds by the pledge of net revenues of the City's combined
Water and Sewer System, being subordinate to the lien and pledge securing the City's
"Priority Bonds ", now outstanding or hereafter issued, all as will be further described,
defined and provided in the aforesaid Ordinance. Said Bonds will bear interest at
maximum rates not to exceed 10% per annum, will be scheduled to mature serially
within a maximum of not to exceed 40 years from their date, and will be subject to
redemption prior to maturity, and will have such other and further characteristics as will
be provided in the aforesaid Ordinance.
Kathryn A. Yeager
Mayor, City of Wichita Falls