HomeMy WebLinkAboutR08-194266
RESOLUTION NO. R08-194
A RESOLUTION OF 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); Canadian River Municipal Water Authority Contract Revenue
Refunding Bonds; Series 2005 (Conjunctive Use Groundwater Supply Project); and
Canadian River Municipal Water Authority Contract Revenue Bonds, Series 2006
(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 $21,600,000 in Additional Bonds for
infrastructure in the well field for the Conjunctive Use Groundwater Supply Project (the
"Project"); and
WHEREAS, the additional amount needed in Project Construction Costs,
exclusive of Financing Costs of approximately $500,000, is $21,100,000; and
WHEREAS, to reduce the amount of bonds to be issued, the City agrees to the
use of the Authority's operating reserves on the Project to fund the debt service reserve
fund for the Bonds; and
WHEREAS, the City agrees that the infrastructure for the well field should be
constructed and acquired and the Canadian River Municipal Water Authority Contract
Revenue Bonds, Series 2009 (Conjunctive Use Groundwater Supply Project) should be
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issued for such purpose in a principal amount not to exceed $21,600,000 (the "Series
2009 Bonds"); and
WHEREAS, the City agrees that the Authority may issue the Series 2009 Bonds
on or after January 14, 2009.
NOW, THEREFORE, The City of Plainview Hereby Resolves That:
SECTION I. The City agrees that the proposed total amount of Project
Construction Costs for the infrastructure for the well field to be constructed and acquired
with the Project Construction Costs, exclusive of Financing Costs, should not exceed
$21,100,000, and a total par amount for the Canadian River Municipal Water Authority
Contract Revenue Bonds, Series 2009 (Conjunctive Use Groundwater Supply Project)
should be issued for such purpose in a principal amount not to exceed $21,600,000,
with the Authority contributing the amount necessary for the funding of the debt service
reserve fund.
SECTION II. 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 2009
Bonds on or after January 14, 2009.
SECTION III. Amendment No. 4 to the Agreement for the Purchase and
Acquisition of Conjunctive Use Groundwater Supply is hereby approved and
incorporated into this Resolution as Exhibit "A".
SECTION IV. The City Secretary be and is hereby authorized to deliver certified
copies of this Resolution and minutes pertaining to its adoption and Amendment No. 4
to 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.
PASSED AND APPROVED this 9th day of December, 2008.
Anderson,(I~/layor
ATTEST:
~~ ~ ~~
~~~~
Belinda Hinojosa, City Secre ry
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APPROVED AS TO CONTENT:
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Gre m, Cit anager
APPROVED AS TO FORM:
Leslie Spear Pe rce, City Attorney
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