HomeMy WebLinkAboutRES 022608-FF - MUD Water OakResolution No. 0.2 Zta ©8 -Fr A RESOLUTION GRANTING THE CONSENT OF THE CITY OF GEORGETOWN, TEXAS, TO THE CREATION OF WILLIAMSON COUNTY MUNICIPAL UTILITY DISTRICT NO. 25 WITHIN THE CITY LIMITS OF THE CITY OF GEORGETOWN, TEXAS. WHEREAS, the City of Georgetown (the "City") received a "Petition for Consent to the Creation of a MUNICIPAL UTILITY DISTRICT" for 249.786 acres of land currently located in the corporate limits of the City, a copy of which petition is attached as Exhibit A; (the "Petition") and WHEREAS, Section 54.016 of the Texas Water Code and Section 42.042 of the Local Government Code provide that land within the corporate limits of a municipality may not be included within a district without the municipality's written consent; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS: Section 1: That the City Council of the City of Georgetown, Texas, gives its written consent to the creation of the Williamson County Municipal Utility District No 25 on 249.786 acres of land, said consent being subject to the conditions set forth in the Petition (including but not limited to the condition set forth in Article VIII of the Petition), and further subject to the terms and conditions of the December 12, 2007 Consent Agreement between Laredo W.O., Ltd., the City and the District (the "Consent Agreement"); as well as to the Offsite Utility Construction and Cost Reimbursement Agreement for ABG Subdivision, as amended; and the Development Agreement Concerning the ABG Subdivision, as amended. Section 2: That the District provide to the City a final Texas Commission on Environmental Quality (the "Commission") order that contains a finding, made in accordance with the Commission's then existing rules, that it is feasible to sell Bonds and maintain a projected District service tax rate of not more than $0.50 per $100 in assessed valuation. Section 3: That the cumulative total amount of the Bonds issued by the District shall not exceed ONE HUNDRED ELEVEN MILLION, TWO HUNDRED SIXTY EIGHT THOUSAND, EIGHT HUNDRED NINETY FOUR DOLLARS ($111,268,894.00), as adjusted by the Southwest Regional Consumer Price Index, plus the creation and operation of the district (including but not limited to bond issuance costs) plus interest costs related to the Project (as defined in the Development Agreement, as amended); plus soft costs related to improvements financed by the District; plus up to fifty percent (50%) of the cost of decertifying or dually certifying that portion of the land in the District that is in the Chisholm Trail Special Utility District water Certificate of Convenience and Necessity. Section 4: That before the submission of an application of approval of issuance of Bonds to the Commission or to the Texas Attorney General, whichever occurs first, the District's financial advisor (which shall be the same as the City's financial advisor) certifies in writing to the City that the Bonds are being issued within the then -current economic feasibility guidelines Resolution No. 02 ZQ 0 `FF MUD for Water Oak Page I of 2 established by the Commission for districts in Williamson County and in conformity with Sections 5 01, 5.02 and 5.03 of the Consent Agreement Section 5. This Resolution shall become effective on its final passage. PASSED AND APPROVED on the day of ATTEST: Sandra D. Lee, City Secretary , 2008. Resolution No. 022401 Ff MUD for Water Oak Page 2of2