Res 065-2011 7/19/2011RESOLUTION NO. 65 -2011
RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF
INTENTION TO ISSUE COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION
THE STATE OF TEXAS
COUNTY OF WICHITA
CITY OF WICHITA FALLS
WHEREAS, the City of Wichita Falls (the "City ") deems it advisable to give notice
of intention to issue one or more series of interest bearing Certificates of Obligation, in
the maximum principal amount of $3,200,000, for paying all or a portion of the City's
contractual obligations incurred for use in connection with: (i) constructing and
improving the realignment project for Rhea, Call Field and Lawrence Roads, including
related drainage, signalization, landscaping, lighting and signage for such project and
the acquisition of land and interests in land necessary therefore, with any surplus funds
to be used for constructing and improving streets, roads, alleys and sidewalks, including
related drainage, signalization, landscaping, lighting and signage for such projects and
(ii) paying legal, fiscal and engineering fees in connection with such projects; and
WHEREAS, the City Council hereby finds, considers and declares that the
reimbursement of the payment by the City of such expenditures will be appropriate and
consistent with the lawful objectives of the City and, as such, chooses to declare its
intention, in accordance with the provisions of Section 1.150 -2 of the U.S. Treasury
Regulations, to reimburse itself for such payments at such time as it issues the
Certificates of Obligation; and
WHEREAS, it is hereby officially found and determined that the meeting at which
this Resolution was considered was open to the public, and public notice of the time,
place and purpose of said meeting was given, all as required by Chapter 551, Texas
Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, THAT:
1. Attached hereto and marked as Exhibit A is a form of "Notice of Intention
to Issue Combination Tax and Revenue Certificates of Obligation of the City of Wichita
Falls, Texas" (the "Notice ") the form and substance of which are hereby adopted and
approved, and made a part of this Resolution for all purposes.
2. The City Clerk shall cause the Notice to be published, in substantially the
form attached hereto, in a newspaper of general circulation in the City of Wichita Falls,
on the same day in each of two consecutive weeks, the date of the first publication to be
before the thirtieth day before the day tentatively proposed for authorizing the issuance
of the Certificates of Obligation as shown in the Notice.
This Resolution shall become effective immediately upon its adoption.
[The remainder of this page is left blank intentionally]
ADOPTED, APPROVED AND EFFECTIVE this 19th day of July, 2011
ATTEST:
Texas
City Clerk, City of Wichita Falls, Texas
Mayor, City of Wichita Falls,
[CITY SEAL]
Exhibit A
NOTICE OF INTENTION
TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
OF THE CITY OF WICHITA FALLS
NOTICE IS HEREBY GIVEN that the City Council of the City of Wichita Falls, Texas, at
its meeting to commence at 8:30 a.m. on September 6, 2011, at its regular meeting
place in the City Hall, 1300 7th Street, Wichita Falls, Texas, tentatively proposes to
authorize the issuance of interest bearing certificates of obligation of the City, in one or
more series, in an amount not to exceed $3,200,000, for the purpose of paying all or a
portion of the City's contractual obligations incurred in connection with: (i) constructing
and improving the realignment project for Rhea, Call Field and Lawrence Roads,
including related drainage, signalization, landscaping, lighting and signage for such
project and the acquisition of land and interests in land necessary therefore, with any
surplus funds to be used for constructing and improving streets, roads, alleys and
sidewalks, including related drainage, signalization, landscaping, lighting and signage
for such projects and (ii) paying legal, fiscal and engineering fees in connection with
such projects. The City proposes to provide for the payment of said series (one or
more) of such certificates of obligation from a pledge of ad valorem taxes levied and
collected in the City as provided by law and from a pledge of limited surplus revenues of
the City's waterworks and sewer system, remaining after payment of all operation and
maintenance expenses thereof, and all debt service, reserve, and other requirements in
connection with all of the City's revenue bonds or other obligations (now or hereafter
outstanding), which are payable from all or any part of the net revenues of the City's
waterworks and sewer system. The Certificates of Obligation are to be issued, and this
notice is given, under and pursuant to the provisions of V.T.C.A., Local Government
Code, Subchapter C of Chapter 271.
CITY OF WICHITA FALLS, TEXAS