AN ORDINANCE authorizing the issuance of "CITY OF GRANBURY, TEXAS, COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2016B"; providing for the payment of said certificates of obligation by the levy of an ad valorem tax upon all taxable property within the City and a pledge of the surplus revenues of the City's combined water, sewer, and electric systems; specifying the terms and conditions of such certificates of obligation; resolving other matters incident and relating to the issuance, payment, security, sale, and delivery of said certificates of obligation, including the approval and execution of a Paying Agent/Registrar Agreement and an Escrow Agreement; and providing an effective date.
The City Council hereby finds and determines that $2,720,000 principal amount of the certificates of obligation described in such notice should be authorized at this time; now, therefore,
BE ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRANBURY, TEXAS:
Authorization - Designation - Principal Amount - Purpose. Certificates of obligation of the City shall be and are hereby authorized to be issued in the aggregate principal amount of $2,720,000 to be designated and bear the title "CITY OF GRANBURY, TEXAS, COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2016B" (hereinafter referred to as the "Certificates"), for the purpose of paying contractual obligations to be incurred for (i) constructing improvements and extensions to the City's water system (the "Project") and (ii) professional services rendered in connection therewith, all in accordance with the authority conferred by and in conformity with the Constitution and laws of the State of Texas, including Texas Local Government Code, Subchapter C of Chapter 271, as amended.
IN WITNESS WHEREOF, the City Council of the City has caused this Certificate to be duly executed under the official seal of the City as of the Certificate Date.
Effective Date. This Ordinance shall take effect and be in force from and after its passage and approval in accordance with the provisions of Texas Government Code, Section 1201.028, as amended.
PASSED AND APPROVED, this the 7th day of June, 2016.
This ordinance is on file in the Office of the City Secretary, 116 W Bridge St and can be seen in its entirety Monday through Friday from 8:00 AM to 5:00 PM.
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