RESO 2009-02 - Authorize TRA Contract Revenue Bonds refunding, Series 1996 & 1997RESOLUTION NO. 2009-02
RESOLUTION OF THE CITY OF HUNTSVILLE, TEXAS
AUTHORIZING THE CITY MANAGER TO PROCEED WITH A
REQUEST TO THE TRINITY RIVER AUTHORITY TO REFUND THE
TRINITY RIVER AUTHORITY OF TEXAS CONTRACT REVENUE
BONDS SERIES 1996 AND SERIES 1997 (HUNTSVILLE REGIONAL
WATER SUPPLY SYSTEM PROJECT).
THE STATE OF TEXAS §
COUNTY OF WALKER §
CITY OF HUNTSVILLE §
WHEREAS, the City of Huntsville, Texas (the "City ") and the Trinity River Authority (the
"TRA ") have entered into certain water supply contracts with respect to the financing of the
acquisition and construction of the Huntsville Regional Water Supply System, and the TRA has
issued contract revenue bonds to finance projects in such System; and
WHEREAS, the TRA has previously issued the Trinity River Authority of Texas Contract
Revenue Bonds Series 1996 (Huntsville Regional Water Supply System Project) and the Trinity
River Authority of Texas Contract Revenue Bonds Series 1997 (Huntsville Regional Water
Supply System Project) (collectively, the "Refunded Bonds "); and
WHEREAS, the City deems it advisable and in the best interest of the City to authorize the. City
Manager to request the TRA to refund the Refunded Bonds in order to achieve a net present
value debt service savings of at least 4% of the principal amount of the Refunded Bonds in order
to lower the City's overall debt service requirements.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF
HUNTSVILLE, TEXAS, THAT:
Section 1. The City Manager is hereby directed to request the TRA to refund the Refunded
Bonds with a net present value debt service savings of at least 4% of the principal
amount of the Refunded Bonds.
Section 2. The City Manager is hereby authorized, empowered and directed to exercise all
powers and authority necessary in connection with requesting TRA to refund the
Refunded Bonds and to take any further actions with respect to the request as may
be deemed appropriate by such official.
Section 3. This resolution shall be effective from and after the date of its passage.
PASSED AND APPROVED on this the 3rd day of March 2009.
n
TEXAS
. Turner, Mayor
Brim, City Secretary
APPROVED AS TO FORM:
, Interim City Attorney