HomeMy WebLinkAbout02-1139 11-12-2002RESOLUTION NO. 02 -1139
RESOLUTION APPROVING A RESOLUTION
AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY
OF TRINITY RIVER AUTHORITY OF TEXAS ( TARRANT
COUNTY WATER PROJECT) IMPROVEMENT AND
REFUNDING REVENUE BONDS, AND APPROVING AND
AUTHORIZING INSTRUMENTS AND PROCEDURES
RELATING THERETO
WHEREAS, it is necessary and advisable that the City approve a resolution
proposed to be adopted by the Board of Directors of Trinity River Authority of Texas
authorizing the issuance, sale, and delivery of Trinity River Authority of Texas (Tarrant
County Water Project) Improvement and Refunding Revenue Bonds, and approving and
authorizing instruments and procedures relating thereto hereinafter described.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS:
SECTION 1
THAT a draft of a "RESOLUTION AUTHORIZING THE ISSUANCE, SALE, AND
DELIVERY OF TRINITY RIVER AUTHORITY OF TEXAS (TARRANT COUNTY
WATER PROJECT) IMPROVEMENT AND REFUNDING REVENUE BONDS, AND
APPROVING AND AUTHORIZING INSTRUMENTS AND PROCEDURES RELATING
THERETO" (the "Bond Resolution ") proposed to be adopted by the Board of Directors
of Trinity River Authority of Texas (the "Authority ") on December 4, 2002, has been
submitted to the City in the form attached hereto, and made a part hereof for all
purposes. Said draft is hereby approved by the City as to form and substance, and the
bonds (the "Bonds") described therein may be issued by the Authority in accordance
with the terms and provisions set forth therein and herein.
SECTION 2
THAT the principal amount and maturities of the Bonds, the interest rates for the
Bonds, the purchaser of the Bonds, and other details and provisions for the Bonds, and
the price to be paid for the Bonds, shall be determined by the General Manager of the
Authority in accordance with the procedures and parameters set forth in the Bond
Resolution in the manner determined by the Board of Directors of Authority pursuant to
a negotiated sale of the Bonds by the Authority in consultation with First Southwest
Company, its Financial Advisor; and all such matters and procedures are hereby
approved by the City.
SECTION 3
THAT it is acknowledged and agreed by the City that the Bonds authorized
pursuant to said Bond Resolution will be issued in strict conformance and compliance
with the water supply contract dated as of January 21, 1972, executed between the
Authority and the City, and amended as of January 22, 1975, and further amended as of
December 5, 1979, (the "Contract "), relating to the project as defined in said Contract
and described in said Bond Resolution, and that the City will be fully bound by the
provisions of said Bond Resolution insofar as they pertain to the City, and the City will
be unconditionally obligated to make the payments with respect to said Bonds as
required by the Contract and said Bond Resolution.
SECTION 4
THAT, in accordance with the Contract, and as a prerequisite to the issuance of
the Bonds, the City finds that a case of emergency exists which requires the City to
request the Authority to finance and construct the facilities for which the Bonds are to be
issued, and the City hereby formally requests the Authority to proceed with such
financing and construction.
SECTION 5
THAT all ordinances and resolutions of the City in conflict or inconsistent with
this Resolution are hereby repealed to the extent of such conflict or inconsistency.
PASSED AND APPROVED at a regular meeting of the Euless City Council on
the 12TH day of November, 2002, by a vote of 7 ayes, 0 nays, and 0
abstentions.
APPROVED:
ATTEST:
Susan Crim,
C, City Secretary
Resolution No. 02 -1139, Page 2 of 2