Nov. 1-2, 2006 Commission Meeting Agenda
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Presenter: Steve Whiston

Commission Agenda Item No. 6
Action
East Texas Fish Hatchery Bond Resolution
November 2006

I. Executive Summary: East Texas Fish Hatchery Revenue Bond Financing. In June 2005, the Seventy-Ninth Texas Legislature authorized the issuance of $15 million of revenue bonds to finance the construction of a freshwater fish hatchery in East Texas for the Texas Parks and Wildlife Department (TPWD). When the new freshwater fish hatchery becomes operational, the existing fish hatchery in East Texas will close. All outstanding debt obligations incurred by the issuance of the revenue bonds shall be retired by revenue from the freshwater fish stamp proceeds.

II. Discussion: For the issuance of the $15 million of revenue bonds authorized by the Seventy-Ninth Legislature, a resolution authorizing a request for financing and the execution of financing documents is required between TPWD and Texas Public Finance Authority.

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

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

Attachment – 1

  1. Exhibit A – Bond Financing Resolution

Commission Agenda Item No. 6
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 revenue bonds or other obligations for the purpose to finance the cost of construction, including construction project management and equipping, a freshwater fish hatchery in East Texas (“Project” herein) 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-32, vi-33 and Rider 24, pp vi-37, Senate Bill 1, 79th 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 Project as permitted by the Authorizing Law; and

Whereas, the Agency recognizes that in order to finance the cost of the Project, the Authority may issue bonds or obligations in an aggregate principal amount sufficient to finance project costs in the estimated amount of $15,000,000, plus the costs of issuance and related administrative costs, if any, which will be determined at the time of issuance.

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 first phase of the Project, 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:

  1. 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;
  2. cooperate with the Authority and its consultants to prepare an Official Statement in connection with the sale of the Obligations;
  3. 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 Project and the issuance of the Obligations, is 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 2nd day of November 2006.

  • Joseph B. C. Fitzsimons, Chairman
  • Donato D. Ramos, Vice-Chairman
  • Mark E. Bivins, Member
  • J. Robert Brown, Member
  • T. Dan Friedkin, Member
  • Ned S. Holmes, Member
  • Peter M. Holt, Member
  • Philip Montgomery III, Member
  • John D. Parker, Member
The State of Texas
County of Travis

I, the undersigned Executive Director of the Texas Parks and Wildlife Department, do hereby certify that the foregoing resolution is a true, full, and correct copy of a resolution adopted by the Texas Parks and Wildlife Commission of the State of Texas on the 2nd day of November 2006.

Executed under my hand and seal of said Commission on this the 2nd day of November 2006.

Robert L. Cook
Executive Director
Texas Parks and Wildlife Department