HomeMy WebLinkAboutR04-142.... RESOLUTION R04-142
A RESOLUTION BY THE CITY OF PLAINVIEW, TEXAS, AUTHORIZING
AN INCREASE IN THE AMOUNT OF PROJECT CONSTRUCTION
COSTS IN 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 an
agreement with the Canadian River Municipal Water Authority (the "Authority") for the
purchase and acquisition of Conjunctive Use Ground Water Supply; and
WHEREAS, the Authority has entered similar agreements with each of the other
cities that are members of the Authority; and
WHEREAS, the Authority issued its $13,505,000 Canadian River Municipal
Water Authority Contract Revenue Bonds, Series 1996 (Conjunctive Use Groundwater
Project) by resolution dated July 10, 1996 (the "Series 1996 Bonds"); and
WHEREAS, the Authority issued its $52,825,000 Canadian River Municipal
Water Authority Contract Revenue and Refunding Bonds, Series 1999 (Conjunctive Use
Groundwater Project) by resolution dated May 15, 1999 and amended and restated on
July 10, 1999 (the "Series 1999 Bonds"); and
WHEREAS, as a result of increased demand for water and additional needs
associated with the Project, it is necessary to increase the amount of Project
Construction Costs authorized in the Conjunctive Use Groundwater Agreements; and
WHEREAS, in order to increase the amount of Project Construction Costs, all
Member Cities must agree to the increase; and
WHEREAS, the additional amount needed in Project Construction Costs,
exclusive of Financing Costs, is $50,000,000; and
WHEREAS, the additional amount needed in Financing Costs should not exceed
$7,000,000; and
WHEREAS, the City agrees that the amount should be increased; and
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEXAS:
SECTION 1 That the City agrees the increase in the total amount of Project
Construction Costs from $96,570,000 to $153,570,000 with the Project Construction
Costs, exclusive of Financing Costs increased from $85,500,000 to $135,500,000.
Resolution R04-142
Canadian River Municipal Water Authority
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SECTION 2. That the Amendment No. 2 to the Conjunctive Use Groundwater
Supply Agreement is hereby approved.
SECTION 3. That the Mayor is authorized to sign the Amendment No. 2 to the
Conjunctive Use Groundwater Supply Agreement and that the City Secretary be and is
hereby authorized to deliver certified copies of this Resolution and minutes pertaining to
its adoption and the Amendment to the Conjunctive Use Groundwater Supply
Agreement to the Secretary of the Canadian River Municipal Water Authority in such
number as may be requested for said AUthority's records and proceedings.
PASSED, APPROVED AND ENACTED this the 14th dayof December, 2004.
~o~-, City of-~lain'~iew, Texas
ATTEST:
[City Seal]
Resolution R04-142
Canadian River Municipal Water Authority
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