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HomeMy WebLinkAboutRES 072412-F - Approve Assignment MUD 25RESOLUTION NO. ©`l ous F A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, APPROVING AUTHORIZING EXECUTION OF THE PARTIAL ASSIGNMENT OF RECEIVABLES FROM THE WILLIAMSON COUNTY MUNICIPAL UTILITY DISTRICT NO. 25 IN CONNECTION WITH THE WATER OAK DEVELOPMENT AS PROVIDED AND CONTEMPLATED IN SECTION 2.05(C) OF THE AMENDED AND RESTATED CONSENT AGREEMENT AND SECTION 2.8(C) OF THE AMENDED AND RESTATED DEVELOPMENT. WHEREAS, in December 2011, City Council approved the Amended and Restated Development Agreement. and Amended and Restated Consent Agreement for the Water Oak Development; and WHEREAS, Section 2.05(c) of the Consent Agreement provides for funding of the Master Development Fee from the issuance of MUD No. 25 bonds at the rate of at least 10% of each net bond reimbursement received by the Developmer from the District until the full amount of the Master Development Fee is paid to the City and WHEREAS, the Partial Assignment of Receivables allows the City to receive 10% of each Developer reimbursement from MUD No. 25 as bonds are issued; and WHEREAS, the City Council, finds that the Partial Assignment of Receivables should be executed. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, THAT: SECTION 1. The facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct, and are incorporated by reference herein and expressly made a part hereof, as if copied verbatim. The City Council hereby finds that this resolution implements Finance Policy End 14.00 oftheCentury Plan - Policy Plan Element, which states: "All municipal operations are conducted in an efficient business -like manner and sufficient financial resources for both current and future needs are provided' ; and further finds that the adoption of this resolution is not inconsistent or in conflict with any other Century Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan. SECTION 2. The Mayor is hereby authorized to execute, and the City Secretary to attest this Resolution. Resolution Number: 010 41 a -oF Page 1 of 2 Description: Water Oak Partial Assignment Date Approved: July 24, 2012 SECTION 3. The Mayor is hereby authorized to execute the Partial assignment of Receivables attached as Exhibit A. SECTION 4. This Resolution shall be effective immediately upon adoption. RESOLVED this azi day of July, 2012. ATTEST: B AdAjtct 1sica Brettle, Secretary APPROVFD AS TO FORM: Bridget Ghapmai Acting City Attorney THE CITY OF GEORGETOWN B: Geor.+y ` Garver, Mayor Resolution Number: Q1""''raga' F Page 2 of 2 Description: Water Oak Partial Assignment Date Approved: July 24, 2012 EXHIBIT K PARTIAL ASSIGNMENT OF RECEIVABLES Laredo W.O., Ltd. (the "Assignor") has entered into a Development Financing Agreement (the "Financing Agreement") with Williamson County Municipal Utility District No. 25 ("District") in connection with the design and construction of certain water, sewer, drainage, road and park and recreational facilities on the condition that the Assignor will be reimbursed in the future from the sale of bonds issued by the District for such purposes, subject to the terms and conditions of the Financing Agreement. Assignor hereby assigns ten percent of the proceeds received from the District through the issuance of one or more series of bonds by the District pursuant to the Financing Agreement ("Funds"), to the City of Georgetown, Texas ("Assignee") in satisfaction of the requirements of Section 2.05(c) of the Amended and Restated Consent Agreement by and between the Assignor, the Assignee and the District. Assignor and Assignee agrees that this partial assignment of the Funds shall terminate at such time as the Assignor has satisfied the requirements of Section 2.8(c) of the Amended and Restated Development Agreement between the Assignor and the Assignee relating to the development of property within the District Assignor and Assignee shall file an executed termination of partial assignment with the District at such time. By execution of this instrument, Assignee hereby accepts such assignment and assumes all of Assignor s lights, title, and interests in and to the Funds, and instructs the District to pay the Funds to the Assignee rather than the Assignor, subject to and in accordance with the terms and conditions of the agreement between the District and the Assignor. ABG MUD CONSENT EXHIBIT K Partial Assignment of Receivables Executed this the day of ASSIGNOR LAREDO W.O., LTD. a Texas limited partnership By: ABG Enterprises, Ltd., a Texas limited partnership, its General Partner By: GALO, INC., a Texas corporation, its General Partner By: The Assignee hereby accepts the Partial Assignment of Receivables. Executed this the ATTEST - day of , 20 ASSIGNEE CITY OF GEORGETOWN, TEXAS By: Mayor By: City Secretary ABG MUD CONSENT EXHI➢IT K Partial Assignment of Receivables The District hereby consents to the Partial Assignment of Receivables. Executed this the day of ,20 WILLIAMSON COUNTY MUNICIPAL UTILITY DISTRICT NO. 25 By: President ABG MUD CONSEM EXHIBIT K Panial Assignment of Receivables