HomeMy WebLinkAboutRes 2007-02-03 Directing Publication of Notice of Intent to Issue CO.pdfCITY OF ANNA, TEXAS
RESOLUTION NO. 2007-02-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS,
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES
OF OBLIGATION; AND RESOLVING OTHER MATTERS RELATING TO THE
SUBJECT
WHEREAS, the City of Anna expects to pay expenditures in connection with the design, planning,
acquisition and construction of the projects described in Exhibit A to this Resolution prior to the issuance of
the Certificates of Obligation hereinafter described; and
WHEREAS, the City Council hereby finds, considers and declares that the reimbursement of the
payment by the City of such expenditures will be appropriate and consistent with the lawful objectives ofthe
City and, as such, chooses to declare its intention, in accordance with the provisions of Section 1.150-2 of the
U.S. Treasury Regulations, to reimburse itself for such payments at such time as it issues the hereinafter
described 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 ANNA,
TEXAS:
Section 1. That attached hereto and marked"Exhibit A" is a form o£notice, the form and substance of
which are hereby passed and approved.
Section 2. That the City Secretary shall cause said notice to be published in substantially the form
attached hereto, in a newspaper of general circulation in said City, and published in said City, on the same day
in each of two consecutive weeks, the date ofthe fust publication thereofto be at least 14 days prior to the time
set for the issuance of such certificates of obligation as shown in said notice.
Section 3. That the facilities and improvements to be financed with proceeds from the proposed
Certificates of Obligation are to be used for the purposes described in the attached Notice of Intention.
Section 4. That all costs to be reimbursed pursuam to this Resolution will be capital expenditures; the
proposed Certificates of Obligation shall be issued within lg months ofthe later of(i) the date the expenditures
are paid or (ii) 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 pursuant to this
Resolution on a date that is more than three years after the date any expenditure which is to be reimbursed is
paid.
Section 5. That this Resolution shall be effective immediately upon adoption.
PASSED on this the 276 day of February, 2007, by the
following vote of the City Council of the City of Anna, Texas.
AYE 6 NAY 1 ABSTAIN
ATTEST: APPROVED:
Ltll LA'
Na Wilkiwn, City Secretary ` ayor,Kenneth Pelham
`„µmmun
OF
Exhibit A
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
OF THE CITY OF ANNA, TEXAS
NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of Anna, Texas,
to issue one or more series of the interest bearing certificates of obligation of the City for the purpose
acgmrmg, constructing ana mstaumg aaamons, extensions ana improvements To me-c,nys
waterworks and sanitary sewer system; (iii) constructing and installing municipal drainage
improvements; and (iv) paying legal, fiscal, engineering and architectural fees in connection with
these projects. The City Council tentatively proposes to adopt an ordinance authorizing the issuance
of said certificates of obligation at the regular meeting place thereof, Texas Star Bank, 402 West
White Street, Anna, Texas, at a meeting to commence at 7:00 p.m., on March 27, 2007. The
maximum amount of certificates of obligation indebtedness that may be authorized to be sold on said
date for such purposes described above is $1,420,000. The City proposes to provide forthe payment
of such certificates of obligation from the levy and collection of ad valorem taxes 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 ofthe 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 V.T.C.A., Local Government Code,
Subchapter C of Chapter 271.
CITY OF ANNA, TEXAS