HomeMy WebLinkAboutPR 11656: $17 MIL CERT OF OBL Memorandum
City of Port Arthur, Texas
Finance Department
ro~
From:
Date:
Subject:
Steve Fitzgibbons,
Rebecca Underh/ll, l~i~ance
January 30, 2002
Proposed Resolution 11656
The City had planned to sell $17,000,000 in Certificates of Obligation to fund water projects and
other projects, including the purchase of the landfill property, on February 5th. After reviewing
arbitrage calculation requirements it was deemed more advantageous to the City to separate this
issue from the $15,000,000 in TWDB Certificates of Obligation that will be issued today. This
resolution will delay the $I7,000,000 issue by one month. These Certificates will be issued on
March 5, 2002.
PR 11656
JJA 2/30/02
RESOLUTION NO.
RESOLUTION POSTPONING THE ISSUANCE OF $17,000,000 CITY OF
PORT ARTHUR, TEXAS, TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2002B
WHEREAS, the City Council of the City of Port Arthur, Texas (the "City"), authorized
the publication of a notice of intention to issue certificates of obligation to the effect that the City
Council would meet on February 5, 2002, to adopt an ordinance and take such other action as
may be deemed necessary to authorize the issuance of certificates of obligation (the "Series
2002B Certificates")payable from City ad valorem taxes and a pledge of a subordinate lien on
the net revenues of the City's waterworks and sanitary sewer system, for the purpose of
evidencing the indebtedness of the City for all or any part of the cost of construction of water
system improvements, street improvements, park improvements, renovations and improvements
to City Hall and the police station, the purchase of approximately 407 acres of land on Highway
73, approximately 1-½ miles west of Taylor's Bayou for a sanitary landfill and two drainage
easements totaling approximately 17 acres adjacent to said 407 acre tract, and the cost of
professional services incurred in connection therewith; and
WHEREAS, such notice was published at the times and in the manner required by the
Constitution and laws of the State of Texas and of the United States of America, respectively,
particularly Chapter 271, Texas Local Government Code as amended; and
WHEREAS, no petition or other request has been flied with or presented to any official
of the City requesting that any of the proceedings authorizing such certificates of obligation be
submitted to a referendum or other election; and
WHEREAS, the City Council has determined that it is in the best interest of the City to
postpone the sale of the Series 2002B Certificates until March 5, 2002; therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR:
1. Recitals. It is hereby found and determined that the matters and facts set out in
the preamble to this Resolution are true and correct.
2. Authorization. The sale of the City's Series 2002B Certificates is hereby
postponed until the regular meeting of the City Council scheduled for March 5, 2002.
3. Open Meeting. The meeting at wtiich this Resolution is adopted was open to the
public, and public notice of the time, place and purpose of said meeting was given, all as
required by the Texas Open Meetings Act; and such notice as given is hereby authorized,
approved, adopted and ratified.
READ, ADOPTED, AND APPROVED, this __ day of February, 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:
ATTEST:
Mayor
Acting City Secretary
(SEAL)
APFROVED AS TO FORM:
City Attorney
APPROVED FOR ADMINISTRATION:
F~inanc~e D?rManager ~