Presenter: Rich McMonagle
Commission Agenda Item No. 6
FY 2010 General Obligation Bond Program
New Bond Proceeds
Weather Related Damage Repairs Resolution
August 27, 2009
I. Executive Summary: In May 2009, the 81st Legislature authorized the issuance of and debt service for $10 million in general obligation bonds for Texas Parks and Wildlife Department for statewide weather-related damage repairs.
II. Discussion: For the issuance of the $10 million of General Obligation bonds authorized by the 81st Legislature, a resolution authorizing a request for financing and the execution of financing documents is required between TPWD and the Texas Public Finance Authority (TPFA).
III. 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 "Resolution Authorizing a Request for Financing and the Execution and Delivery of Documents Required to Effect Such Financing."
Attachments - 2
A Resolution for Weather Related Damage Repairs
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 50g, Texas Constitution; Chapter 1232, Texas Government Code; Article VI, Texas Parks and Wildlife Department, Rider 2, pp vi-33 and vi-34, Senate Bill 1, (General Appropriations Act) 81st Texas Legislature, R.S. (2009); Article IX, Sec. 17.11, Informational Listing General Obligation Bond Proceed, pp ix-70 and ix-71, Senate Bill 1, 81st Texas Legislature, R.S. (2009) (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 $10,000,000, plus the costs of issuance and related administrative costs, if any, which will be determined at the time of issuance; and
Whereas, pursuant to Article VI, Texas Parks and Wildlife Department, Rider 31, pg vi-40 and Article IX, Section17.11, pp ix-70 and ix-71 of Senate Bill 1 (2009), projects funded with bond proceeds are subject to approval of the Legislative Budget Board;
Whereas, the form of a Request for Financing, dated as of August 27, 2009, (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, 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. The proposed Projects will be submitted to the Legislative Budget Board for its approval.
Section 6. 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.
In official recognition of the adoption of this resolution in a lawfully called public meeting of the Texas Parks and Wildlife Commission, we hereby affix our signatures this 27th day of August 2009.
Peter M. Holt, Chairman
T. Dan Friedkin, Vice Chairman
Mark E. Bivins, Member
Ralph H. Duggins, Member
Antonio Falcon, M.D., Member
Karen J. Hixon, Member
Dan Allen Hughes, Jr., Member
Margaret Martin, Member
S. Reed Morian, Member
|Location||Description||Project Overview||Estimated Project Cost|
|Mother Neff State Park||Redevelop Park Above Flood Plain||Move park administration, maintenance, overnight facilities out of the flood plain, and up to higher ground. Extend road access and relocate parking to the high ground. Repair the existing Day Use facilities and historic CCC structures. Includes planning, design, and construction.||$6,478,404|
|Palo Duro State Park||Flood Mitigation Improvements||Relocate the Cottonwood and Juniper camp grounds and sites along with their associated facilities, parking, and paving to higher ground.
Build low profile box culvert bridges in lieu of low water crossings to mitigate road shut downs and improve emergency egress from the canyon.
|Government Canyon State Natural Area||Flood Damage Repairs and Replace Restrooms||Repair flood damaged trails and retaining walls. Replace flood damaged vault toilets with new restrooms/showers.||$665,136|
|Total Estimated Project Cost||$10,000,000|