CC Resolution No. 2176 - ApproveBAWABondsRESOLUTION NO.2176
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, APPROVING THE ISSUANCE OF BONDS BY THE BAYTOWN
AREA WATER AUTHORITY; AUTHORIZING REPRESENTATIVE TO
TAKE FURTHER ACTION ASSOCIATED WITH THE ISSUANCE OF THE
BONDS; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF.
WHEREAS, the Baytown Area Water Authority (the "Authority") is a governmental
agency and body politic operating and existing under the provisions of Chapter 600, Acts of the
63rd Legislature, Regular Session, 1973, as amended, and as codified in Chapter 8104, Texas
Special District Local Laws Code (the "Act"), and as a conservation and reclamation district
created pursuant to Article 16, Section 59, Texas Constitution; and
WHEREAS, there is an opportunity for the Authority to refund certain of its outstanding
obligations in order to achieve a present value debt service savings, which savings under current
market conditions are estimated to be approximately $239,000; and
WHEREAS, the City of Baytown, Texas (the "City") and the Authority have identified
the need to acquire and construct certain authorized equipment and improvements; and
WHEREAS, pursuant to Sections 8104.301 and 8104.302 of the Act and other applicable
law, the City Council of the City (the "Council") wishes to approve the issuance of bonds by the
Authority for the purposes of (i) refunding certain outstanding obligations of the Authority to
achieve debt service savings, (ii) acquiring and constructing certain authorized equipment and
improvements and (iii) paying the costs of issuing such bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BAYTOWN, TEXAS:
Section 1: The definitions, declarations, findings and determinations included in the
recitals to this resolution are hereby adopted, restated and made a part of the operative provisions
hereof.
Section 2: Approval of Issuance of the Bonds.
(a) The Council hereby approves the issuance by the Authority of bonds for the purposes
of (i) refunding certain outstanding obligations of the Authority to achieve debt service savings,
(ii) acquiring and constructing certain authorized equipment and improvements and (iii) paying
the costs of issuing such bonds.
(b) The portion of the bonds to be issued by the Authority for the purposes of
acquiring and constructing certain authorized equipment and improvements shall be in an
amount not to exceed $6,000,000, unless otherwise approved by Council. The portion of the
bonds to be issued for the purpose of refunding certain outstanding obligations of the Authority
shall be in an amount not to exceed $2,500,000, unless otherwise approved by Council.
Section 3: The City Manager, Assistant City Manager, Director of Finance, City
Attorney and their designees are hereby authorized to take such actions as may be necessary or
convenient in order to facilitate the issuance of the bonds by the Authority, including, without
limitation, providing information for, participating in the preparation of and approving
information related to the City contained in the preliminary official statement for the bonds and
assisting in the acquisition of ratings on the bonds.
Section 4: This resolution shall take effect immediately from and after its passage by
the City Council of the City of Baytown.
INTRODUCED, READ and PASSED, by the affirmativ te of the City Council of the
City of Baytown this the 12th day of January, 2012. 14
00' APPROVED AS TO FORM:
ACIO RAMIREZ, SR., Ci orney
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