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HomeMy WebLinkAbout3-26-98-7d - Resolution - 03/26/1998q sofution NUMBER'. 3-26-98-7d RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE REVENUE BONDS WHEREAS, the City Council (the "City Council") of the City of College Station, Texas (the "City"), finds that the extension and improvements to the City's wastewater system and the payment of contractual obligations for profes~sional services in connection therewith (including, but not limited to, financial advisory, legal, and engineering) would be beneficial to the inhabitants of the City and such property is needed to perform essential governmental functions, and the City Council has determined that revenue bonds (the "Bonds") should be issued pursuant to the applicable laws of the State of Texas, including Articles 1111 through 1118, Vernon's Texas Civil Statutes, for such purposes; WHEREAS, prior to the issuance of the Bonds, the City Council is required to publish notice of its intention to issue the Bonds in a newspaper of general circulation in the City, the notice stating (i) the time and place the City Council tentatively proposes to pass the ordinance authorizing the issuance of the Bonds, (ii) the maximum amount of the Bonds proposed to be issued, (iii) the purposes for which the Bonds are to be issued, and (iv) the manner in which the City Council proposes to pay the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, THAT: SECTION 1. Attached hereto and marked "exhibit A" is a form of notice, the form and substance of which are hereby adopted and approved. SECTION 2. The Mayor or the City Secretary shall cause the notice to be published, in substantially the form attached hereto, in a newspaper as defined in Section 2051.044, Texas Government Code, of general circulation in the City for two consecutive weeks, the date of first publication to be at least 14 days prior to the date tentatively set for the ordinance authorizing the issuance of the Bonds. SECTION 3. The Mayor and the City Secretary are hereby authorized and directed to execute the Certificate to which this Resolution is attached on behalf of the City Council and to do any of all things proper and necessary to carry out the intent thereof. EXHIBIT A NOTICE OF INTENTION T© ISSUE REVENUE BONDS NOTICE is hereby given that it is the intention of the City Council (the "City Council") of the City of College Station, Texas (the "City'), to adopt an Ordinance providing for the issuance of interestbearing revenue bonds of the City presently contemplated to be designated and known as the "CITY OF COLLEGE STATION, TEXAS UTILITY SYSTEM REVENUE BOND, SERIES 1998" (The "Bonds") for the purpose of providing approximately $2,700,000 for the extensions and improvements to the City's wastewater system and the payment of contractual obligations for professional services in connection therewith (including by not limited to, financial advisory, legal, and engineering). The City Council tentatively propose to authorize the issuance of the Bonds at its regular meeting place in the City Hall, College Station, Texas, at a Regular Meeting of the Council to be commenced at 7:00 p.m., on the 23rd day of April, 1998 in an amount expected not to exceed $2,700,000. The City Council proposes to provide for payment of the Bonds for a pledge of the net revenues of the City's water system, sewer system, and electric light and power system. Connie Hooks, City Secretary L~nn~Mc haney, Mayor/