Res 070-2017 5/2/2017
RESOLUTION NO. _70-2017___
RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; 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 (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
$7,600,000, for paying all or a portion of the City's contractual obligations incurred in connection with: (i)
acquiring, installing, constructing and equipping a new convention center facility, including specifically
acquiring, installing, constructing and equipping public meeting, convention and exhibit space in the
convention center facility and related parking and infrastructure, and (ii) paying legal, fiscal and
engineering fees in connection with such projects; and
WHEREAS, the City Council hereby finds 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 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 is a form of Notice of Intention to Issue Certificates of Obligation, the
form and substance of which is hereby adopted and approved.
2. The City Clerk shall cause said notice to be published in substantially the form attached
hereto, in a newspaper, as defined by Subchapter C, Chapter 2051, Texas Government Code, of general
circulation in the area of said City, once a week for two consecutive weeks, the date of the first publication
thereof to be at least 30 days prior to the date tentatively set for the adoption of the ordinance authorizing
the issuance of such certificates of obligation as shown in said notice.
3. All costs to be reimbursed pursuant to this resolution will be capital expenditures. No
certificates of obligation will be issued by the City to reimburse expenditures after a date which is later than
18 months after the later of (1) the date the expenditures are paid or (2) the date on which the property, with
respect to which such expenditures were made, is placed in service; and the foregoing notwithstanding, the
certificates of obligation will not be issued to reimburse expenditures more than three years after the d ate
any expenditure which is to be reimbursed is paid.
4. This Resolution shall become effective immediately upon its adoption.
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ADOPTED, APPROVED AND EFFECTIVE this 2nd day of May, 2017.
Mayor, City of Wichita Falls, Texas
ATTEST:
City Clerk, City of Wichita Falls, Texas
[CITY SEAL]
PAGE 3 OF 3 PAGES
AGENDA ITEM NO. 6.F
Exhibit A
CITY OF WICHITA FALLS, TEXAS
NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
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 June 20, 2017, 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 $7,600,000, for the purpose of
paying all or a portion of the City's contractual obligations incurred in connection with: (i) acquiring,
installing, constructing and equipping a new convention center facility, including specifically acquiring,
installing, constructing and equipping public meeting, convention and exhibit space in the convention center
facility and related parking and infrastructure, 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 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 Texas Local Government Code, Subchapter C of Chapter 271.
CITY OF WICHITA FALLS, TEXAS