HomeMy WebLinkAboutR11-244Resolution R11 -244
A RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS, AUTHORIZING
PARTICIPATION IN THE AMOUNT OF PROJECT CONSTRUCTION
COSTS FOR THE CANADIAN RIVER MUNICIPAL WATER AUTHORITY
AND THE APPROVAL OF AN AMENDMENT TO THE CITY'S
CONJUNCTIVE USE GROUNDWATER SUPPLY AGREEMENT WITH
THE CANADIAN RIVER MUNICIPAL WATER AUTHORITY
WHEREAS, the City of Plainview, Texas (the "City has entered into that certain
Agreement for the Purchase and Acquisition of Conjunctive Use Groundwater Supply
(the "Agreement entered into as of May 15, 1996, as amended, with the Canadian
River Municipal Water Authority (the "Authority and
WHEREAS, the Authority has entered similar agreements with each of the other
cities that are members of the Authority (the "Member Cities and
WHEREAS, the Authority issued and has outstanding its Canadian River
Municipal Water Authority Contract Revenue Bonds, Series 2005 (Conjunctive Use
Groundwater Supply Project); Canadian River Municipal Water Authority Contract
Revenue Refunding Bonds, Series 2005 (Conjunctive Use Groundwater Supply
Project); Canadian River Municipal Water Authority Contract Revenue Bonds, Series
2006 (Conjunctive Use Groundwater Supply Project); Canadian River Municipal Water
Authority Contract Revenue Bonds, Series 2009 (Conjunctive Use Groundwater Supply
Project); and Canadian River Municipal Water Authority Contract Revenue Refunding
Bonds, Series 2010 (Conjunctive Use Groundwater Supply Project); and
WHEREAS, the Agreement requires certain notice requirements before the
Authority may issue Additional Bonds, as defined in the Agreement; and
WHEREAS, the Authority has given notice, as required under the Agreement,
that it needs to issue an amount not to exceed $94,275,000 in Additional Bonds for the
acquisition of Additional Water Rights for the Conjunctive Use Groundwater Supply
Project (the "Project and
WHEREAS, the additional amount needed in Project Construction Costs,
exclusive of Financing Costs, is $93,000,000; and
WHEREAS, to reduce the amount of bonds to be issued, the City agrees to the
Authority's issuance of bonds as Subordinate Lien Bonds to eliminate the need of a
reserve fund; and
WHEREAS, the City agrees that the Additional Water Rights should be acquired,
and a total par amount for the Canadian River Municipal Water Authority Subordinate
Lien Contract Revenue Bonds, Series 2011 (Conjunctive Use Groundwater Supply
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Project) should be issued for such purpose in a principal amount not to exceed
$94,275,000 (the "Series 2011 Bonds and
WHEREAS, the City agrees that the Authority may issue the Series 2011 Bonds
on or after July 15, 2011.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEXAS:
SECTION 1. That the City agrees that the proposed total amount of Project
Construction Costs for the acquisition of Additional Water Rights, exclusive of Financing
Costs, should not exceed $93,000,000, and a total par amount for the Canadian River
Municipal Water Authority Subordinate Lien Contract Revenue Bonds, Series 2011
(Conjunctive Use Groundwater Supply Project) should be issued for such purpose in a
principal amount not to exceed $94,275,000, with the Authority contributing the amount
necessary for the funding of the debt service reserve fund.
SECTION 2. That the City has received notice and waives the timing
requirement of Section 4.1 of the Agreement and agrees that the Authority may issue
the Series 2011 Bonds on or after July 15, 2011.
SECTION 3. That Amendment No. 5 to the Agreement for the Purchase and
Acquisition of Conjunctive Use Groundwater Supply is hereby approved.
SECTION 4. That the City Secretary be and is hereby authorized to deliver
certified copies of this Resolution and minutes pertaining to its adoption and
Amendment No. 5 to the Agreement for the Purchase and Acquisition of Conjunctive
Use Groundwater Supply to the Secretary of the Canadian River Municipal Water
Authority in such numbers as may be requested for said Authority's records and
proceedings.
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ATTEST:
City Secretary
City of PlainviE 'w, Texas
[City Seal]
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PASSED, APPROVED AND ENACTED this the 14 day of June, 2011.
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