Presenter: Steve Whiston

Commission Agenda Item No. 11
Action
FY06 General Obligation Bond Program
Resolution
November 2005

I. Executive Summary: FY06 General Obligation Bond Financing: In November 2001 Texas voters approved Proposition 8 authorizing the issuance of $850 million in general obligation bonds for 13 state agencies, including $101.5 million for renovations and improvements for the Texas Parks and Wildlife Department. On October 17, 2002, the Texas Bond Review Board granted its approval for the Texas Public Finance Authority to issue $36.68 million for the Department against this authorization. In June 2005, the 79th Texas Legislature authorized the issuance and appropriated debt service for an additional $18.075 million of these voter approved bonds.

II. Discussion: For the issuance of the $18.075 million of General Obligation bonds authorized by the 79^th Legislature, a resolution authorizing a request for financing and the execution of financing documents is required between TPWD and TPFA

III. Recommended The staff recommends the Texas Parks and Wildlife Commission adopt the following motions:

“The Texas Parks and Wildlife Commission adopts by resolution (Exhibit A) the “Resolution Authorizing a Request for Financing and the Execution and Delivery of Documents Required to Effect Such Financing.”

Attachments – 1

Commission Agenda Item No. 11
Exhibit A

A Resolution Authorizing a Request for Financing
and the Execution and Delivery of Documents
Required to Effect Such Financing

Whereas, the Texas Public Finance Authority (the “Authority”) is authorized to issue general obligation bonds to finance the cost of certain projects for the use and benefit of the Texas Parks and Wildlife Department (“Agency”) pursuant to Article III, Section 50-f, Texas Constitution, Chapter 1232, Texas Government Code, as amended, and Article VI, Texas Parks and Wildlife Department, Rider 2, pp vi-31, vi-32, Senate Bill 1, 79^th Texas Legislature, R.S. (2005), (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; and

Whereas, the Agency recognizes that in order to finance the cost of the projects, the Authority may issue short-term obligations, general obligation bonds, either or both (“Obligations”) in an aggregate principal amount sufficient to finance project costs in the estimated amount of $18,075,000, plus the costs of issuance and related administrative costs, if any, which will be determined at the time of issuance; and

Whereas, the form of a Request for Financing, dated as of November 3, 2005, (the “Request for Financing”), from the Agency to the Authority, which includes a detailed description of the projects to be financed for the Agency (“Projects “ herein) and a proposed expenditure schedule, is presently before the Texas Parks and Wildlife Commission.

Now Therefore Be It Resolved by the Texas Parks and Wildlife Commission that:

Section 1. The purpose of the financing is to provide funds sufficient to complete the Projects, and the 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 Executive Director of the Agency is hereby authorized, empowered and directed to:

a. sign and deliver any and all documents necessary or desirable to effect the financing and provide the projects, which documents may include but not be limited to a Memorandum of Understanding and a Financing Agreement between the Agency and the Authority;

b. cooperate with the Authority and its consultants to prepare an Official Statement in connection with the sale of the Obligations;

c. and to take any other action necessary to assist in such sale.

Section 3. All actions not inconsistent with provisions of this Resolution heretofore taken by the Agency, its officers, employees, agents or consultants, directed toward the financing of the Projects and the issuance of the Obligations, are hereby ratified, approved and confirmed.

Section 4. The officers and employees of the Agency 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 5. 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.

Adopted by the affirmative vote of a majority of the Texas Parks and Wildlife Commission present and voting on this 3rd day of November 2005.

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Joseph B. C. Fitzsimons, Chairman

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Mark E. Bivins, Member

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J. Robert Brown, Member

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T. Dan Friedkin, Member

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Ned S. Holmes, Member

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Peter M. Holt, Member

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Philip Montgomery, III, Member

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John D. Parker, Member

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Donato D. Ramos, Member