Ord 2016-031/GBRA Bond - Laserfiche WebLink

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WHEREAS, pursuant to Section 23A of the Regional Agreement, as long as any GBRA Plant Expansion Debt Instruments are outstanding, the City charges GBRA one-twelfth (1/12) of the annual amount required to cover the City's payment obligations under the GBRA Plant Expansion Debt Instruments related to the GBRA Plant Expansion,plus a twenty percent(20%)debt coverage fee (collectively, the "Debt Service Charge"), and GBRA is obligated to pay the Debt Service Charge whether or not any water is treated and delivered to GBRA during the previous month; and WHEREAS, pursuant to Section 4(2) of the Regional Agreement, GBRA "has the right to prepay or defease any GBRA Plant Expansion Debt Instruments in accordance with the terms of such Instruments"; and WHEREAS, pursuant to the respective ordinances of the City which authorized the Series 2006 Bonds and the Taxable Series 2006A Bonds, such Bonds are subject to optional redemption on August 15, 2012, or on any date thereafter, at the redemption price of par plus accrued interest; and WHEREAS, the City has received notice from GBRA that GBRA desires to issue a series of its revenue bonds for the purpose of refunding and defeasing all outstanding Series 2006 Bonds and Taxable Series 2006A Bonds; and WHEREAS, on July 20, 2016, the Board of Directors of GBRA approved a resolution authorizing the issuance of up to $6,250,000 in principal amount of GUADALUPE-BLANCO RIVER AUTHORITY CONTRACT REVENUE REFUNDING BOND, SERIES 2016 (SAN MARCOS WATER TREATMENT PLANT PROJECT) (the "GBRA Refunding Bonds") for the purpose of refunding all outstanding Series 2006 Bonds and Taxable Series 2006A Bonds; however, the authority for authorized officials of GBRA to proceed with the issuance of the GBRA Refunding Bonds is contingent on the City Council of the City approving an appropriate resolution or ordinance calling the Series 2006 Bonds and Taxable Series 2006A Bonds for optional redemption on a date acceptable to GBRA; and WHEREAS, GBRA has notified the City that it currently expects to issue and deliver the GBRA Refunding Bonds on or about Thursday, September 29, 2016,and that it would like to be able to redeem the outstanding Series 2006 Bonds and Taxable Series 2006A Bonds on or about October 31, 2016; and WHEREAS, J.P. MORGAN CHASE BANK, N.A., Dallas, Texas, is the Paying Agent/Registrar for the Series 2006 Bonds and the Taxable Series 2006A Bonds; and WHEREAS,the ordinances which authorized the Series 2006 Bonds and the Taxable Series 2006A Bonds provide that at least 30 days prior to the date fixed for any redemption of the Series 2006 Bonds or the Taxable Series 2006A Bonds or portions thereof prior to maturity, a written notice of such redemption shall be sent by the Paying Agent/Registrar to the Registered Owner of each Series 2006 Bond or Taxable Series 2006A Bond to be redeemed; and 3