HomeMy WebLinkAboutResolution - 2005-R0043 - Resolution Authorizing Participation To Finance Water Rights - Groundwater Proj. - 01_27_2005Resolution No. 2005-R0043
January 27, 2005
Item No. 48A
RESOLUTION AUTHORIZING THE CITY OF LUBBOCK TO
PARTICIPATE WITH THE MEMBER CITIES OF THE CANADIAN RIVER
MUNICIPAL WATER AUTHORITY TO FINANCE THE PURCHASE OF
WATER RIGHTS IN THE NORTHERN PANHANDLE AS A PART OF
THE CONJUNCTIVE USE GROUNDWATER SUPPLY PROJECT
WHEREAS, the Canadian River Municipal Water Authority (the "Authority") is in
the process of acquiring additional water rights, including the Duncan Ranch
water rights, and to investigate potential water rights purchases or other activities
related to securing groundwater rights or improving the well field in connection
with the Conjunctive Use Ground Water Supply Project ("Project"); and
WHEREAS, the Member Cities have been participating according to fixed shares
of the Project; and
WHEREAS, except for the Cities of Lubbock and O'Donnell, the remainder of the
Member Cities have funded their portion of the Project through the issuance of
the Authority's Contract Revenue Bonds, Series 1996 and Contract Revenue and
Refunding Bonds, Series 1999; and
WHEREAS, the City of Lubbock and the City of O'Donnell had previously elected
to self -fund its portion of the Project; and
WHEREAS, the City of Lubbock had previously assumed the City of O'Donnell's
share of the Project; and
WHEREAS, the Canadian River Municipal Water Authority (the "Authority") has
$2,207,482 remaining in its Project Account for funding the Conjunctive Use
Ground Water Supply Project ("Project"); and
WHEREAS, the amount attributable to the City of Lubbock in order to maintain
the same relationship of participation in the Project is $1,327,714, representing
$1,137,815 for the City of Lubbock and $9,899 for the City of O'Donnell; and
WHEREAS, the City of Lubbock desires to pay its share of the above -described
participation, being $1,327,714, in order to keep its original participation interest
in the Project; and
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LUBBOCK, TEXAS THAT
SECTION 1. The City of Lubbock shall participate in the Project by
providing $1,327,714 to the Authority to provide funds to maintain the City of
Lubbock's historical participation interests in the Project.
SECTION 2. 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 by the City Council this 27th day of January , 2005.
ATTEST:
Garza, City Secreta
APPROVED AS TO CONTENT:
Chester Carthel, Chief Engineer
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Lee Ann Dumbauld, Chief Financial Officer
APPROVED AS FORM:
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Richard K. Casner
First Assistant City Attorney
as/CityAtt/Richard/Lubbock Resolution
January 21, 2005