HomeMy WebLinkAboutPR 11626 $15 MIL CERTIFICATEFinance Department
Memorandum
To: Steve Fitzgibbons, ~t~I~
From: Rebecca Underhill, l~h~l:of' o f Fqnance
Re: P.R. 11626 a,r
Date: 1/3/02
On June 21, 2000, the Texas Water Development Board approved the City's application for a loan
in the amount of $15 million to finance sewer system improvements pursuant to the SSES. We
waited to receive the funds until we were nearing construction on the project. The City will issue
Certificates of Obligation on February 5, 2002, which will be purchased by the TWDB. By going
through the TWDB, the City saves at least .7% in interest costs.
This resolution authorizes the publication that is required for the issuance of Certificates of
Obligation. The publication provides citizens with information concerning the issue.
P.R. 11626
RESOLUTION NO.
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE $15,000,000 IN CERTIFICATES OF OBLIGATION
WHEREAS, the City Council of the City of Port Arthur, Texas (the "City"), deems it
advisable to issue certificates of obligation of the City in accordance with the notice hereinafter set
forth; Now, Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR:
Section 1. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct.
Section 2. The City Secretary is hereby authorized and directed to cause to be published
in the manner required by law and in substantially the following form, a notice of intention to issue
certificates of obligation:
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Port Arthur, Texas (the
"City"), will meet at the City Hall, 444 Fourth Street, Port Arthur, Texas, at 8:30 a.m. on the 5th da5'
of February, 2002, which is the time and place tentatively set for the passage of an ordinance and
such other action as may be deemed necessary to authorize the issuance of the City's certificates of
obligation in the maximum aggregate principal amount of $15,000,000, payable from ad valorem
taxation and from a pledge ora subordinate lien on the net revenues of the City's waterworks and
sewer system, bearing interest at any rate or rates not to exceed the maximum interest rate now or
hereafter authorized by law, as shall be determined within the discretion of the City Council at the
time of issuance and maturing over a period of years not to exceed thirty (30) years from the date
thereof, for the purpose of evidencing the indebtedness of the City for all or any part of the cost of
construction of improvements to the City's existing wastewater collection system, and the cost of
professional services incurred in connection therewith.
2002.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 8th day of January,
/s/Carolyn Dixon
City Secretary
City of Port Arthur, Texas
(SEAL)
Section 3. The notice set forth in Section 2 above shall be published in both English and
Spanish once a week for two (2) consecutive weeks in a newspaper which is of general circulation
in the City, the date of the first publication to be at least fifteen (15) days before the date tentatively
set in said notice for the passage of the resolution authorizing the issuance of such certificates of
obligation.
Section 4. The Mayor, City Secretary, and other officers and agents of the City are
hereby authorized and directed to do any and all things necessary or desirable to carry out the
provisions of this resolution.
Section 5. This resolution shall take effect immediately upon its passage.
Section 6. The NOTICE OF MEETiNG relating to this meeting and heretofore posted
by the City Secretary, and the posting thereof, are hereby authorized, approved, and ratified.
READ, ADOPTED, AND APPROVED, this 8th day of January, 2002, AD, at a Regular
Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor Ortiz.
Councilmembers:
NOES:
Oscar Ortiz, Mayor
ATTEST:
Carolyn Dixon, City Secretary
(SEAL)
APPROVED AS TO FORM:
Mark Sokolow, City Attorney
APPROVED FOR ADMiNISTRATION:
Rebecca Underhill, Finance Director