HomeMy WebLinkAboutResolution - 2006-R0093 - Agree To Issuance Of Contract Revenue Bonds Br CRMWA-02_2402006 - 02_24_2006Resolution No. 2006-R0093
February 24, 2006
Item No. 6.12
RESOLUTION
WHEREAS, the Canadian River Municipal Water Authority ("CRMWA") has
been and continues to be, in pursuit of additional groundwater water interests and rights
in and around the John C.Williams Well Field (the "Well Field");
WHEREAS, due to such efforts, CRMWA has entered into agreements to
purchase additional groundwater interests and rights;
WHEREAS, in order for CRMWA to purchase such additional groundwater water
interests and rights, and to construct infrastructure related to the Well Field, it is
necessary for CRMWA to issue an additional $50 million in bonds in the year 2006 (the
"Bond Issuance");
WHEREAS, the City of Lubbock is in agreement to such issuance, NOW
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock execute, for and on behalf of the City of
Lubbock, that certain letter addressed to CRMWA attached hereto as Exhibit "A"
and made a part hereof for all purposes, evidencing the City of Lubbock's intent
to participate in the 2006 CRMWA Bond Issuance, as described therein.
Passed by the City Council this 24th day of
ATTEST:
Rebe ca Garza, City Secretary
APPROVED AS TO CONTENT:
I X
Tom Adams, Depufy City Manager
APPROVED AS TO FORM:
L .
Aorta . Burgess, City tto ey
ml/Richard/Resolutions/CR.M WA.res
February 3, 2006
Resolution No. 2006-R0093
TO: The Canadian River Municipal Water Authority (the "Authority")
Please be advised that in response to the Authority's notice of intent dated February
24 2006, the City of Lubbock , Texas (the "City°) advises that in connection with
the issuance of the Canadian River Municipal Water Authority Contract Revenue Bonds,
Series 2006 (Conjunctive Use Groundwater Supply Project)
Item 1- Authorize Issuance of Contract Revenue Bonds
x If all Member Cities also agree, the City agrees to the issuing
Contract Revenue Bonds, Series 2006 (Conjunctive Use Groundwater
Supply Project) for Project Construction Costs, exclusive of Financing
Costs not to exceed $50,000,000 with a total par amount of the
Authority's Revenue Bonds not to exceed $55,080,000, including
Financing Costs. The City further agrees to the Authority's issuance
of its Contract Revenue Bonds on April 12, 2006, or as soon
thereafter as possible.
The City does not agree to issuance of the Contract Revenue Bonds,
Series 2006 (Conjunctive Use Groundwater Supply Project)
Item 2 - Level of Participation
x The City will participate at a level that maintain its Share of Total
Goundwater Supply at the same percentage with the Additional Share
of Water Rights are added to its Original Groundwater Allocation.
Further the City wants any additional amount that becomes available.
The City will participate at its existing level of Groundwater Allocation
only.
The City will participate at a level of % of the Share of Additional
Water Rights [must be less than Original Groundwater Allocation].
The City will not participate in any of the Additional Water Rights at
this time.
Item 3 - Method of Funding Participation
The City will fund its portion of the Project Construction Costs:
x Solely through the participation in the Authority's Revenue Bonds.
Exclusively through its own funds and will provide certification of
availability of funds as required by the Conjunctive Use Groundwater
Supply Agreement between the Authority and the City.
A cash contribution of its own funds in an amount of $ ,
and will provide a certification of availability of funds as required by
the Contract between the Authority and the City, and the remainder
of its portion will be financed through participation in the Authority's
Revenue Bonds.
Is not participating.
Name:
Title: M YOR
Date: February 24, 2006 ATTEST:
CRMWA Gros rd Wat*Mft Resporme to Notleempd C),
Rebecca Garza
City Secretary