HomeMy WebLinkAboutRES 950711-P - Escrow Agmt Utility BondRESOLUTION NO. q507
RE, SOLUTION APPROVING ASSIGNMENT AGREEME NT RELATED •
THE ESCROW AGREEMENT FOR "CITY OF GEORGE, TOWN, TEXA-'s
UTILITY SYSTEM REVENUE BONDS, SERIE S 1995"
WHEREAS, the City of Georgetown, Texas (the "City") has previously issued its Utility
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System Revenue Bonds, Series 1995 (the "Bonds"); and
WHEREAS, in connection with the issuance of the Bonds, the City entered into an
Escrow Agreement dated June 20, 1995 between the City and Hartland Bank, as Escrow Agent,
gent,
which Agreement governs the expenditure of certain Bond proceeds in accordance with the Texas
Water Development Board rules and regulations; and
WHEREAS, the City desires to transfer the Escrow Agent function to the Texas Treasury
Safekeeping Trust Company and the City agrees to look only to the Texas Treasury Safekeeping
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Trust Company to perform the function and discharge the obligations otherwise imposed upon
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Hartland Bank under the Escrow Agreement and that Hartland is relieved of any continuing
obligation to perform the functions or discharge the obligations otherwise imposed upon Hartland
Bank under the Escrow Agreement.
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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 Utilities/Energy Policy 5 of the Century Plan - Policy Plan Element, which states:
"Water, wastewater, electricity and solid waste collection services meet the immediate and future
needs of all citizens and encourage and provide for economic development; " and further finds that
the enactment 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 City hereby approves the Assignment Agreement attached hereto and the
Mayor is authorized to execute the Assignment Agreement attached hereto.
Section 3. This resolution shall be effective immediately upon adoption.
RESOLVED this 11th day of July, 1995.
ATTEST:
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Sandra D. Lee
City Secretary
Marianne Landers Banks
City Attorney
GEORGr-I'OWN/UTli.ri-yn-3-95.RE'i: 7/3195
1-17,11
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By: LEO WOOD
Mayor