HomeMy WebLinkAboutResolution No. 2009-71 RESOLUTION NO. R2009-71
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FRIENDSWOOD, TEXAS, APPROVING THE FIRST BOND
ISSUANCE OF THE WEST RANCH MANAGEMENT DISTRICT,
FOR THE PROPOSED AMOUNT OF$8,100,000.
* * � * *
WHEREAS, the City of Friendswood consented to the creation of the West Ranch
Management District (the"District"), a municipal management district created by an Act of the 79�'
Legislature(SB 1806)in 2005; and
WHEREAS, the District entered into a Utility Services Agreement with the city effective
August 15, 2005; and
WHEREAS, the Agreement provided for the issuance of bonds by the District, under
certain terms and conditions; and
WHEREAS, the District has made application for its first issuance of bonds and has
requested the city approve the issuance; and
WHEREAS, the City is agreeable to approving the District's first issuance of bonds and
authorizing the District to issue bonds in the proposed amount of$8,100,000;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FRIENDSWOOD,TEXAS:
Section 1. That the City Council of the City of Friendswood, Texas ("City"), hereby
approves and authorizes the West Ranch Management District's first issuance of bonds in the
proposed amount of$8,100,000.
Section 2. That the pledge of any revenues from the operation of the District's water
and sewer and/or drainage system to the payment of the District's bonds will terminate when and
if the City dissolves the District, takes over the assets of the District, and assumes all of the
obligations of the District.
PASSED,APPROVED,AND RESOLVED this 7th day of December,2009.
Da d J. H. Smith
Mayor
ATTEST:
, '
� oF F R�ENOs
v o
Deloris McKenzie, TRMC �
City Secretary * *
s �
��°rF oF s�+
R2009-71 2