Res 134-2014 12/2/2014RESOLUTION 134-2014
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF A LOAN
AGREEMENT WITH LOAN FORGIVENESS WITH THE TEXAS WATER
DEVELOPMENT BOARD; AND RESOLVING OTHER MATTERS RELATING TO THE
SUBJECT
THE STATE OF TEXAS '
COUNTY OF WICHITA '
CITY OF WICHITA FALLS '
WHEREAS, the City of Wichita Falls, Texas (the "City") has received approval from the
Texas Water Development Board ("TWDB") for financial assistance from TWDB to the City in
the amount of $33,797,597 consisting of the City's Combination Tax and Revenue Certificates of
Obligation, Series 2015, in the amount of $33,545,000 (the "Certificates of Obligation"), and loan
forgiveness in the amount of $252,597;
WHEREAS, TWDB has presented to the City a Loan Agreement with Loan Forgiveness
(the "Loan Forgiveness Agreement") in connection with the Certificates of Obligation, in which
the City agrees to certain conditions with respect to the Certificates of Obligation;
WHEREAS, this City Council hereby finds and determines that it is a public benefit to and
in the best interests of the City and its residents to enter into the Loan Forgiveness Agreement in
order to obtain the Loan to fund needed improvements and additions to the City's water system;
and
WHEREAS, it is officially found, determined and declared that the meeting at which this
Resolution has been adopted was open to the public, and public notice of the date, hour, place
and subject of said meeting, including this Resolution, was given, all as required by the applicable
provisions of Chapter 551, Texas Government Code; Now, Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS:
1. 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.
2. The Loan Forgiveness Agreement, in substantially the form presented at this
meeting, is hereby approved and the Mayor or City Manager of the City is hereby authorized and
directed to execute and deliver the Loan Forgiveness Agreement. The Escrow Agreement
relating to the Loan Forgiveness Agreement between the Issuer and the escrow agent named
therein (the "Escrow Agent") substantially in the form and content presented at this meeting, is
hereby approved and the Mayor or City Manager is hereby authorized and directed to execute the
Escrow Agreement on behalf of the City. The Escrow Agent named in the Escrow Agreement is
hereby appointed as the Escrow Agent pursuant to such Escrow Agreement.
3. The Mayor, Mayor Pro Tem and the City Manager, Assistant City Manager/Chief
Financial Officer and City Secretary of the City, and each of them, shall be and they are hereby
expressly authorized, empowered and directed from time to time and at any time to do and
perform all such acts and things and to take such actio ns and to execute and deliver in the name
and on behalf of the City all other instruments, whether or not herein mentioned, as may be
necessary or desirable in order to carry out the terms and provisions of this Resolution.
4. This Resolution shall become effective immediately upon adoption.
(Execution Page Follows)
ADOPTED, APPROVED AND EFFECTIVE this 2nd day of December, 2014.
Mayor
City of Wichita Falls, Texas
City Secretary
City of Wichita Falls, Texas
(CITY SEAL)