HomeMy WebLinkAboutPO 7186: CERTIFICATES OF OBLIGATION P.O. No. 7186
10/5/23 dm/gt
CITY OF PORT ARTHUR, TEXAS
ORDINANCE NO. 23-
AN ORDINANCE DECLARING AN INTENT OF THE CITY TO
REIMBURSE ITSELF FROM PROCEEDS OF CERTIFICATES OF
OBLIGATION EXPECTED TO BE ISSUED BY THE CITY FOR
CERTAIN ORIGINAL EXPENDITURES PAID IN CONNECTION
WITH THE CITY'S FINANCING OF CERTAIN STREETS, DRAINAGE,
ANIMAL CONTROL, FIRE, WATER AND WASTEWATER PROJECTS
WHEREAS, the City pursuant to Section 1.150-2 of the Treasury Regulations
desires to reimburse itself from proceeds of certain certificates of obligation reasonably
expected to be issued by the City in connection with the City's financing of certain
streets, drainage, animal control, fire, water and wastewater improvements, all within
the City limits (collectively, the "Project") in one or more series in an aggregate
maximum principal amount not to exceed $25,000,000.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF PORT ARTHUR, TEXAS:
Section 1. That the City Council hereby finds and adopts the recitals set forth
above.
Section 2. That the City hereby declares its intention to issue its certificates of
obligation to reimburse itself for various costs and expenditures paid in connection with
the Project, in an aggregate principal amount not to exceed $25,000,000 for the
expenditures described in the recitals hereof. The City has paid for, and reasonably
expects that it will pay for, such costs and expenditures in connection with the Project
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from monies on deposit in various funds including the General Fund and the Water
Fund and future funds designated for such purpose.
Section 3. That if any Section, paragraph, clause or provision of this
Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or
enforceability of such section, paragraph, clause, or provision shall not affect any of
the remaining provisions of this Ordinance.
Section 4. That it is hereby found, determined and declared that a sufficient
written notice of the date, hour, place and subject of the meeting of the City Council at
which this Ordinance was adopted was posted at a' place convenient and readily
accessible at all times to the general public at the City for the time required by law
preceding this meeting, as required by the Open Meetings Act, Chapter 551, Texas
Government Code, as amended, and that this meeting has been open to the public as
required by law at all times during which this Ordinance and the subject matter thereof
has been discussed, considered and formally acted upon. The City Council further
ratifies, approves and confirms such written notice and the contents and posting
thereof.
Section 5. That all prior orders, resolutions, and ordinances, or parts thereof,
inconsistent herewith are hereby repealed to the extent of such inconsistency.
READ, ADOPTED AND APPROVED on this day of , A.D.
2023, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the
following vote:
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AYES:
Mayor: ,
Councilmembers: ,
NOES: .
Thurman Bill Bartie, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED AS TO FORM:
Valecia Tizeno, City tto ey
APPROVED AS TO ADMINISTRATION:
Ronald Burton, City Manager
Kandy Daniel, Finance Director
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