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06-10-06-Resolution-Notice of Intent to Issue Certificates of Obligation 7M Water Sewer Electric Utility Improvements-06/19/2006.RESOLUTION 06-10-06 A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS AUTHORIZING AND APPROVING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION; AUTHORIZING THE HIRING OF FINANCIAL ADVISOR; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council (the "City Council") of the City of Sanger, Texas (the "City") has determined that it is advisable and necessary to issue and sell one or more series of certificates of obligations (the "Certificates") in an amount not to exceed $7,000,000 as provided pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Local Government Code, Section 271.041 through 271.063, for the purposes of paying contractual obligations of the City to be incurred for making permanent public improvements and for other public purposes, to -wit, (1) street improvements; (2) water, sewer and electric utility improvements (the "Project"); and (3) the payment for professional services related thereto; and WHEREAS, prior to the issuance of the Certificates, the City Council is required to publish notice of its intention to issue the Certificates in a newspaper of general circulationin the City, such notice stating (i) the time and place the City Council tentatively proposes to pass the Resolution authorizing the issuance of the Certificates, (ii) the maximum amount proposed to be issued, (iii) the purposes for which the Certificates are to be issued, and (iv) the manner in which the City Council proposes to pay the Certificates; and WHEREAS, the City Council has entered into or will enter into various contracts pertaining to the expenditure of lawfully available funds of the City to finance the costs of the Project; and WHEREAS, the City Council desires to hire Government Capital Securities Corporation as the City's financial advisor; and WHEREAS, the City Council hereby finds and determines that the adoption of this Resolution is in the best interests of the citizens of the City; now, therefore, BE IT RESOLVED BY THE OF THE CITY OF SANGER, TEXAS THAT: SECTION 1. The City Secretary is hereby authorized and directed to cause notice to be published of the City Council's intention to issue the Certificates in an amount not to exceed $7,000,000 for the purpose of paying contractual obligations of the City to be incurred for making permanent public improvements and for other public purposes, to -wit, (1) street improvements; (2) water, sewer and electric utility improvements; and (3) the payment for professional services related thereto. The Certificates will be payable from the levy of any annual ad valorem tax, within the limitations prescribed by law, upon all taxable property within the City and additionally from a pledge of and lien on surplus net revenues derived from the operation of the City's water and sewer system not to exceed $1,000. The notice hereby approved and authorized to be published shall read substantially in the form and content of attached hereto, which notice is incorporated herein by reference as a part of this Resolution for all purposes. HOU:2587330.1 SECTION 2. The City Secretary shall cause the notice described in Section 1 to be published in a newspaper of general circulation in the City, once a week for two consecutive weeks, the date of the first publication shall be at least fifteen (15) days prior to the date stated therein for passage of the Ordinance authorizing the issuance of the Certificates. SECTION 3. Government Capital Securities Corporation is hereby hired as the City's ftnancial advisor. SECTION 4. The City Secretary is directed to maintain a copy of this Resolution in the City's official records in a manner that will allow any member of the general public to review this Resolution during the normal business hours of the City during the period beginning thirty (30) days after the adoption hereof and ending on the date of issuance of the Certificates. SECTION 5. This Resolution may be relied upon by the appropriate officials at the Office of the Attorney General for the State of Texas, and established compliance by the City with the requirements of Texas law. SECTION 6. The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a part of the judgment. and findings of the City Council. SECTION 7. All Resolutions and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict, and the provisions of this Resolution shall be and remain controlling as to the matters resolved herein. SECTION 8. This Resolution shall be construed and enforced in accordance with the laws of the State of Texas. SECTION 9. If any provision of this Resolution or the application thereof to any person or circumstances shall be held to be invalid, the remainder of this Resolution and the application of such provision to other persons and circumstances shall nevertheless be valid, and the City Council hereby declares that this Resolution would have been enacted without such invalid provision. SECTION 10. It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by Chapter 551, as amended, Texas Government Code. SECTION 11. This Resolution shall be in force and effect from and after the date of its adoption, and it is so resolved. [The remainder of this page intentionally left blank.) HOU:2587330.1 PASSED AND ADOPTED, this the 19th day of June, 2006. ATTEST: (SEAL) _ _ s` 5 ppv 4' l } 4i c.¢'IYie . i4 r,, , ^'. . ,,3 r y a ✓' 9 .''F' V qv° ' _ ,✓ `4 l Goo m °° .®tl °ocac oeeo ` , t Haan.. .4 :,-. CITY OF SANGER, TEXAS vlayor Signature Page to Resolution Authorizing Publication ofNotice oflntention to Issue Certificates of Obligation HOU:2587330.1