HomeMy WebLinkAboutRES 920320 - Agmt with BRA1,30WOR1113V Z �=
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WHEREAS, the Cities of Georgetown and Round Rock and Jonah Water Supply have contracted
with the Brazos River Authority ("BRA") to manage the design and construction of a water line from
Lake Stillhouse Hollow to Lake Georgetown (the "Project"); and
WHEREAS, BRA has advanced the Project funds to complete the preliminary phase which
includes construction design plans and easement acquisition; and
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: "The City will provide
water 'wastewater, electricity, and solid waste collection services which meet the immediate and future
needs of all citizens and which encourages and provides for economic development."; and further finds
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SECTION 2. The Mayor is hereby authorized to execute, and the City Secretary to attest thereto
an agreement with the Brazos River Authority (attached as Exhibit A) on behalf of the City of
Georgetown.
SECTION 3. This resolution shall be effective immediately upon adoption.
RESOLVED this day of D 1992.
ATTEST: THE.CITY OF GEOR17GET N:
Elizabeth Gray By: LEO WOOD
City Secretary Mayor
APPROVED AS TO FORITj--.
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BRA Agreement Resolution No.q.—M10
Page 1 of 1
AGREEMENT FOR REPAYMENT TO BRAZOS RIVER AUTHORITY
FOR ADVANCES MADE IN REDEEMING BONDS FOR CITY OF GEORGETO
CITY OF ROUND ROCK AND JONAH WATER SUPPLY CORPORATION I
The City of Georgetown, the City of Round Rock, Jonah Water
Supply Corporation (Participants) and Brazos River Authority,
(Authority) are parties to the "Williamson County Regional Raw
Water Line Agreement" (Agreement), the purpose of which is to
provide for Authority to design, construct and operate
facilities for transporting water from Lake Stillhouse Hollow
for Participants.
The Agreement directed in part that immediately upon
execution, the Authority would begin and diligently pursue the
work necessary for the issuance of Bonds, if that is
determined by Authority to be the best means for obtaining
funds to begin work on the Preliminary Design Phase.
In early 1986, the Authority was in the process of "issuing
Brazos River Authority Variable Rate Demand Bonds, Series
1986, to fund another project and the decision was made to
increase that issue by $1,953,112 to fund the Preliminary
Design Phase of the Williamson County Regional Raw Water line.
The Agreement contemplated that permanent financing would be
in place before July 1, 1991, the maturity date of the 1986
Bonds; however, this did not take place and the Authority
redeemed the Bonds on July 1, 1991.
The purpose of this Agreement is to formalize arrangements
between each Participant and Authority for Participant to
repay to Authority the amount advanced for such Participant by
the Authority (i.e., City of Georgetown, $100,910.35; City of
Round Rock, $318,850.11; and Jonah Water Supply Corporation,
$22,945.45). It is agreed that the respective amount is due
upon signing this Agreement. Repayment of the principal
amount will be made over a five-year period beginning July 1,
1991 with equal annual payments (the first being due July 1,
1992). Interest will be paid each July 1 on the average
monthly balance over the period following the previous
principal payment at an annual interest rate equal to that
offered for a one-year certificate of deposit under the
Authority's depository agreement with its servicing bank as
determined on the first day of each month and averaged over
the period following the previous principal payment. In the
absence of such depository agreement, the rate will be the
average of the "asked" yield as quoted in the Wall Street
Journal for one-year U.S. Treasury Bills plus 10 basis
points. The Participant may, at any time, pay the balance
owed plus interest as described above.
By:
Title:
City of Georgetown
Attest:
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BY
General Manager
Brazos River Authority