Presenter: Steve Whiston
Commission Agenda Item No. 6
FY03 General Obligation Bonds/Resolution
I. Discussion: In November 2001, Texas voters approved Proposition 8, one of 19 constitutional amendments authorizing up to $850 million in general obligation bonds for 13 state agencies. The amendment will fund $101.5 million for repairs and improvements to Texas Parks & Wildlife (TPW) state parks, wildlife management areas, and fish hatcheries. The bonds are scheduled for release in five different issues over the next three bienniums, if authorization is granted from the Legislature and Texas Public Finance Authority (TPFA). The Seventy-seventh Legislature authorized the appropriation of $36.68 million for 02/03 Biennium. For the issuance of these bonds, a resolution authorizing a request for financing and the execution of documents is required between TPW and TPFA.
II. Recommendation: The staff recommends the Texas Parks and Wildlife Commission adopt the following motion:
“The Texas Parks and Wildlife Commission adopts by resolution (Exhibit A), the authority to request financing of construction and repair projects (Exhibit B) through general obligation bonds and for the execution and delivery of documents to effect such financing.”
Agenda Item No. 6
Authorizing a Request for
and the Execution and Delivery
of Documents Required
To Effect Such Financing
Whereas, the Texas Public Finance Authority (the “Authority”) is authorized to issue bonds to finance the cost of certain projects (“Projects”) for the use and benefit of the Texas Parks and Wildlife (the” Agency”) pursuant to Chapter 1232, Texas Government Code, as amended and Article III, Section 50-f, Texas Constitution; and S.B. 1, Article VI, page 38, section 30, General Appropriations Acts, 77th Legislature, R.S., 2001 (collectively, the “Authorizing Law”).
Whereas, the Agency desires and intends to request the Authority to finance the cost of the Projects as permitted by the Authorizing Law;
Whereas, the Agency recognizes that in order to finance the cost of the Projects, the Authority may issue short term obligations, general obligation bonds, or both (“Obligations”) in an aggregate principle amount not to exceed $36,680,000 with the costs of issuance and other ancillary costs to be determined at the time of issuance;
Whereas, the form of a Request for Financing, dated as of May 30, 2002, (the “Request for Financing”), from the Agency to the Authority, which includes a detailed description of the Projects and a proposed expenditure schedule, is presently before the Texas Parks and Wildlife Commission (“Commission”) attached hereto as Exhibit A;
NOW THEREFORE BE IT RESOLVED by the Texas Parks and Wildlife Commission that;
Section 1. The Commission hereby ratifies and confirms that the purpose of the financing is to be used for the cost of construction and repair projects and for the purchase of needed equipment and that financing thereof is appropriate at this time. Accordingly, the execution and delivery of the Request for Financing to the Authority pursuant to the Authorizing Law is hereby ratified, approved and confirmed.
Section 2. The Commission hereby empowers, authorizes and directs the Executive Director of the Agency Robert L. Cook for and on the behalf of the Commission and the Agency, to negotiate, date, sign, and otherwise execute (i) a Memorandum of Understanding (the “Memorandum of Understanding”) between the Authority and the Agency and to deliver the Memorandum of Understanding; (ii) a financing Agreement (the “Agreement”) between the Authority and the Agency, and to deliver the Agreement; (iii) such other Documents (the “Other Documents”) as are necessary or desirable to effect the issuance of the Obligations, provide the Projects, and to deliver such Other Documents.
Upon execution by both the parties thereto and delivery thereof, the Memorandum of Understanding, the Agreement, and the Other Documents shall be binding upon the Authority and the Agency in accordance with the terms and provisions thereof.
Section 3. The Agency recognizes that the Authority will proceed to issue the Obligations to provide the requested financing.
Section 4. The Executive Director of the Agency is hereby authorized to cooperate with the Authority, and its consultants, to prepare an Official Statement in connection with the sale of the Obligations and to take any other action necessary to assist in such sale.
Section 5. All actions not inconsistent with provisions of this Resolution heretofore taken by the Agency and the Executive Director thereof and the other officers of, or consultants to the Agency, directed toward the financing of the Projects and the issuance of the Obligations, is hereby ratified, approved and confirmed.
Section 6. The officers of the Agency and the Executive Director thereof shall take all action in conformity with the Authorizing Law to effect the issuance of the Obligations and complete the Projects as provided in the Agreement and to take all action necessary or desirable or in conformity with the Authorizing Law for carrying out, giving effect to, and consummating the transactions contemplated by the Memorandum of Understanding, the Agreement, the Obligations, and the Request for Financing, including without limitation, the execution and delivery of any closing documents in connection with the closing of the Obligations.
Section 7. If any section, paragraph, clause, or provision of this Resolution shall be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining portions of this Resolution.
Section 8. This Resolution was adopted at a meeting open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Ch. 551, Texas Government Code.
Agenda Item No. 6
Parks and Wildlife
FY03 General Obligation
Initiate the renovation and constructions projects at:
- San Jacinto – $2,000,000
- Levi-Jordan Plantation – $500,000
- Admiral Nimitz (National Museum of the Pacific War) – $600,000
- Sheldon Lake – $2,580,000
Major Repairs to State Parks, Wildlife Management Areas, Fisheries, and Administrative Facilities Statewide.
- Water Wastewater Renovations – $12,143,648
- Critical Facility Repairs – $17,280,881
- Renovations/repairs to bring facilities into compliance with the Americans with Disabilities Act (ADA) – $1,575,471