HomeMy WebLinkAboutRES 111312-H - MUD 26/ Cimarron Hills AgmtSOLUTION NO. I 1 131 e
A SOLUTION OF THE CITY COUNCIL OF THE
CITY OF GEORGETOWN, TEXAS, APPROVING
AUTHORIZING EXECUTION OF THE P '°TIAL
ASSIGNMENT OF RECEIVABLES FROM THE
WILLIAMSON COUNTY MUNICIPAL UTILITY
DISTRICT NO. 26 IN CONNECTION WITH THE
CIMA ' ' ON HILLS DEVELOPMENT AS PROVIDED
AND CONTEMPLATED IN THE CONSENT
AG'. EMENT.
WHEREAS, in October 2012, City Council approved the Consent Agreement for
the Cimarron Hills Development; and
REAS, the Consent Agreement provides for funding of the Master
Development Fee from the issuance of MUD No. 26 bonds at the rate of at least 10% of
each net bond reimbursement received by the Developer 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. 26 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. 1'he facts .and recitations contained in the preamble of this
Resolution are hereby found and declaredto 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 of the
Century 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.
SPCTION3. 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.
Resolution Number: I ISlaati Page 1 of 2
Description: Partial Assignment of Receivables from Williamson County MUD 26 / Cimarron Hills
Date Approved: November 13, 2012
THE CITY OF GEORGETOWN
By:
George Garver, Mayor
RESOLVED this 13 day of November, 2012.
ATTEST:
By:
inn
ca Brettle,'City Secretary
APPROVED AS TO FORM:
By:
Bridget Cha�ma
Acting City Atto
Resolution Number: 1 13 1a-14 Page 2 of 2
Description: Partial Assignment of Receivables from Williamson County MUD 26 / Cimarron Hills
Date Approved: November 13, 2012
PARTIAL ASSIGNMENT OF RECEIVABLES
CIMARRON HILLS DEVELOPMENT, L.L.C. (the "Assignor") intends to enter into
an agreement (the "Financing Agreement") with Williamson County Municipal Utility
District No 26 ("District"), upon its creation and confirmation, setting forth the terms
and conditions pursuant to which Assignor shall fund, design and construct certain
water, sewer, drainage, road and park and recreational facilities on behalf of the District
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. In accordance with Section 2 02(b) of the Consent Agreement
(hereinafter defined), Assignor hereby assigns fifteen percent (15%) of the net proceeds
received from the District through the issuance of one or more series of bonds by the
District pursuant to the Fmancing Agreement (such percentage of the net proceeds
being referred to hereinafter as the "Funds"), to the City of Georgetown, Texas
("Assignee") until Assignee has received payment in full of the Master Development
Fee ("MDF") in the amount of ONE MILLION SIX HUNDRED EIGHTEEN THOUSAND
ONE HUNDRED NINETY FOUR DOLLARS AND SIXTY EIGHT CENTS. ($1,618,194.68)
in satisfaction of the requirements of Section 2.02(b) of the October J 2012 Consent
Agreement by and between the Assignor, the Assignee and the District.
Notwithstanding the foregoing, the percentage of net bond proceeds assigned by
Assignor to Assignee from the final net bond reimbursement prior to the MDF Due
Date (as that term is defined m the Consent Agreement) is subject to increase as the City
may determine. The District and Assignor shall ensure that each installment payment
will be paid to the City m conjunction and simultaneously with the Assignor's
reimbursement from the bond proceeds. Assignor and Assignee agree that this
assignment of the Funds shall terminate at such time as Assignor has satisfied the
requirements of Section 2.02(b) of the Consent Agreement between the. District,
Assignor and Assignee. Assignor and Assignee shall file an executed teruunation of
partial assignment with the District at such time.
By execution of this instrument, Assignee hereby accepts such partial assignment
and assumes all of Assignor's rights, title, and interests in and to the assigned Funds,
and instructs the District to pay the assigned Funds to the Assignee rather than the
Assignor, subject to and in accordance with the terms and conditions of the Financing
Agreement between the District and the Assignor. Nothing herein shall be construed to
entitle Assignee to any portion of the net bond proceeds paid by the District to Assignor
other than the assigned Funds.
Executed to be effective on the
day of , 20 .
(signatures follow)
ASSIGNOR
CIMARRON HILLS DEVELOPMENT, L.L.C., an
Arizona limited liability company
By
Name:
Title:
Date:
The Assignee hereby accepts the Partial Assignment of Receivables.
Executed this the day of , 2012.
ATTEST.
B
APPRSVED AS TO FORM:
B
City °-cretary
ASSIGNEE
CITY OF GEORGETOWN, TEXAS
By:/�
Mayor
Partial Assignment of Receivables
CIMARRON HILLS DEVELOPMENT, L L C
Williamson County MUD 26
Page 2 of 3
The District hereby consents to the Partial Assignment of Receivables.
Executed this the
day of , 20 .
WILLIAMSON COUNTY MUNICIPAL UTILITY DISTRICT NO. 26
By:
President
Partial Assignment of Receivables
CIMARRON HILLS DEVELOPMENT, L.L.C.
Williamson County MUD 26
Page 3 of 3