HomeMy WebLinkAboutResolution - 2001-R0067 - Contract Waiver - Texas Municipal Gas Corporation - 02/22/2001Resolution No. 2001-80067
February 22, 2001
Item No. 35
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to
execute for and on behalf of the City of Lubbock a Contract Waiver by the City of Lubbock for
Texas Municipal Gas Corporation regarding that Joint Gas Purchase Contract, dated April 1,
1998, and all related documents. Said Waiver is attached hereto and incorporated in this
Resolution as if fully set forth herein and shall be included in the minutes of the Council.
Passed by the City Council this 22nd day of February , 20N.
WINDY SITTON, MAYOR
ATTEST:
Rebecca Garza, City Secretar
APPR VER kS TO CONTENT:
Pau E. Thomps, n
Managing Director of Electric Utilities
APPROVED AS TO FORM:
Richard K. suer
Natural Resources Attorney
MLW:cp Cityatt/Matt &Ccdocs/TxMuniGasCorp-Waiver.Res
February 15, 2001
Resolution No. 2001-R0067
P.O. Box 2000 * 1625 13th Street • Lubbock, TX 79457
(806) 775-3002 9 Fax: (806) 775-2051
February 15, 2001
Texas Municipal Gas Corporation
Three River -way, Suite 1375
Houston, Texas 77056
Attention: Robert D. Murphy, Jr.
Executive Director
Dear Ladies and Gentlemen:
We hereby waive compliance with any obligation on your part to give us at least
75 days notice, pursuant to Section 16.03 of the Joint Gas Purchase Contract, dated as of
April 1, 1998, with your corporation and other Texas municipalities, of the issuance prior
to April 18, 2001, of up to $416 million aggregate principal amount of bonds to finance
the acquisition or development of mineral interests. We acknowledge that, by waiving
any obligation on your part to give us 75 days notice of the bond issue, we will remain
obligated, but only up to our gas requirements, to purchase gas produced from mineral
interests acquired or developed with proceeds of the bonds (as and to the extent and on
the conditions described in the Joint Gas Purchase Contract and our Purchaser Addendum
to the contract), unless we give you notice to phase out of our purchase commitment at
least 45 days before the bonds are issued..
Very truly your --
Windy Sitton
Mayor
ATTEST:
Rebecca Garza, City Secretar
Page 2 of 2
APPROVP AS TO CONTENT:
Paul V Thompson
Managing Director of Electric Utilities
APPROVED AS TO FORM:
Richard K. Casner
Natural Resources Attorney