HomeMy WebLinkAboutR06-157RESOLUTION ROfa-157
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 its Canadian River Municipal Water Authority
Contract Revenue Bonds, Series 1996 (Conjunctive Use Groundwater Supply Project);
Canadian River Municipal Water Authority Contract Revenue and Refunding Bonds,
Series 1999 (Conjunctive Use Groundwater Supply Project); Canadian River Municipal
Water Authority Contract Revenue Bonds, Series 2005 (Conjunctive Use Groundwater
Supply Project) and Canadian River Municipal 1Nater Authority Contract Revenue
Refunding Bonds, Series 2005 (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, refunding bonds are Additional Bonds under the Agreement; and
WHEREAS, the additional amount needed in Project Construction Costs,
exclusive of Financing Costs is $50,000,000; and
WHEREAS, the City agrees that the Additional Water Rights should be acquired
and the Canadian River Municipal Water Authority Contract Revenue Bonds, Series
2006 (Conjunctive Use Groundwater Supply Project) should be issued for such
purpose.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEXAS:
SECTION 1. That the City agrees to proposed total amount of Project
Construction Costs for the Additional Water Rights should not exceed $55,080,000, with
the Project Construction Costs, exclusive of Financing Costs, not to exceed
$50,000,000.
Resolution R06-157 Canadian River Municipal Water Authority Page 1 of 2
SECTION 2. That the Amendment No. 3 to the Conjunctive Use Groundwater
Supply Agreement is hereby approved.
SECTION 3. 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 ENA ED this the 28th day of February, 2006.
~~ ~ ~
n Anderson ayor
ATTEST:
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Belinda Hinojosa, City Secretary
APPROVED AS TO FORM:
Lesll Spear Pearce, City Attorney
Resolution R06-157 Canadian River Municipal Water Authority Page 2 of 2