HomeMy WebLinkAboutResolution No. 2010-41 RESOLUTION NO.R2010-41
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF FRIENDSWOOD, TEXAS, APPROVING THE
SECOND BOND ISSUANCE OF THE WEST RANCH
MANAGEMENT DISTRICT, FOR THE PROPOSED
AMOiTNT OF$1,815,000.
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WHEREAS, in Resolution No. R2007-07, 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 conditions to the City's consent to formation of the District and the Utility
Services Agreement provided for the issuance of bonds by the District, under certain terms and
conditions; and
WHEREAS, the District made application for its first issuance of bonds in 2009 for the
amount of$8,100,000 and the City approved the issuance on December 7, 2009, by Resolution No.
R2009-71; and
WHEREAS, the City is agreeable to approving the District's request for a second issuance
of bonds and authorizing the District to issue bonds in the proposed amount of$1,815,000;
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 second issuance of bonds in the
proposed amount of$1,815,000.
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 shall 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 18th day of October,2010.
I
avid J. H. mith
Mayor
ATTEST:
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Melinda Welsh, TRMC
City Secretary �F FR�EN�s
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