HomeMy WebLinkAboutResolution - 2005-R0027 - Authorization Of Increase In Amount Of Groundwater Project Construction Costs - 01_13_2005Resolution No. 2005-R002i
January 13, 2005
Item No. 50
A RESOLUTION BY THE CITY OF LUBBOCK, 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 Lubbock, 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 LUBBOCK,
TEXAS:
SECTION 1. That the City agrees in 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.
SECTION 2. That the Amendment No. 2 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 ENACTED this the 13th day
of January , 20045
CITY OF LUBBO
MAYOR
ATTEST:
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Rebecca Garza, City Secretary
APPROVED,AS TO CONTENT:
Chester Carthel
Water Planning Engineer
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Lee Ann Dumbauld
Chief Financial Officer
AP ROVED AS TO FORM:
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Richard K. Casner
First Assistant City Attorney
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Resolution No. 2005-R0027
January 13, 2005
Item No. 50
AMENDMENT NO.2
TO AGREEMENT FOR THE PURCHASE AND ACQUISITION
OF CONJUNCTIVE USE GROUNDWATER SUPPLY
This Amendment No. 2 to the Agreement Between the Canadian River
Municipal Water Authority and the City of Lubbock, Texas (the "Amendment"),
entered into to be effective as of December 1, 2004, by and between the
Canadian River Municipal Water Authority (the "Authority") and the City of
Lubbock (the "City") amends that certain Agreement for the Purchase and
Acquisition of Conjunctive Use Groundwater Supply (the "Agreement") entered
into as of May 15, 1996, as amended, between the Authority and the City.
Capitalized terms used in this Amendment and not otherwise defined shall have
the same meanings as set forth in the Agreement.
Pursuant to the Agreement, the Authority and the City, together with the
other Member Cities have agreed to provide for the acquisition and financing of a
Conjunctive Use Groundwater Supply Project.
For and in consideration of the premises and the mutual covenants
hereinafter contained, and subject to the conditions herein set forth, the Authority
and the City hereby amend the Agreement as follows:
ARTICLE ONE
Section 2.30 of the Agreement is hereby amended by deleting the last
sentence of that section and replacing it with the following sentence in order to
increase the amount of Revenue Bonds that may be issued under the
Agreement:
Unless approved in writing by the City and each of the other
Member Cities, Project Construction Costs may not exceed
$153,570,000 (representing approximately $135,500,000 in project
costs and $18,070,000 in Financing Costs).
ARTICLE TWO
This amendment is contingent upon all of the other Member Cities also
executing a similar agreement to amend their respective Agreements for the
Purchase and Acquisition of Conjunctive Groundwater Supply.
ARTICLE THREE
Save and except as amended by this Amendment, the Agreement and all
provisions thereof shall remain in full force and effect in accordance with its
terms.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the dates above written.
AUTHORITY: CANADIAN RIVER MUNICIPAL WATER
AUTHORITY
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ATTEST:
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[SEAL] 6
CITY OF LUBBOCK
ATTEST:
Rebecca Garza, City Secreta
APPR VED TO CONTENT:
Chester Carthel
Water Planning Engineer
Lee Ann Dumbauld
Chief Financial Officer
APPROVED AS TO FORM:
L" C- L E � I ilnc e � )
Richard K. Casner
First Assistant City Attorney
as/CityAtt/Richard/AgrmtCanad ian RiverMunicipalWaterAuthodtyAmd2