HomeMy WebLinkAboutResolution No. 2011-38 RESOLUTION NO.R2011-38
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FRIENDSWOOD, TEXAS, APPROVING TI�E TffiRD BOND
ISSUANCE OF THE WEST I2ANCH MANAG�MENT DISTRICT,FOR
THE PROPOSED AMOUNT OF$4,790,000.
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WIIEREAS, in Resolution No. R2007-07, the City of Friendswood consented to the
creation of the West Ranch Management District (the "DistricY'), a municipal management district
created by an Act of the 79ih Legislature(SB 1806)in 2005; and
WHEREAS, the Dish�ict entered into a Utility Seivices Agreement with the city effective
August 15,2005; and
WHEREAS,the conditions to the City's consent to foimation of the District and the Utility
Seivices Agreement provided for the issuance of bonds by the District, under certain teims and
conditions; and
WIIEREAS, the District made application for its first issuance of bonds in 2009 for the
amount of$6,740,000 and the City approved the issuance on December 7, 2009, by Resolution No.
R2009-71; and
WII�REAS, the Dishict made application for its second issuance of bonds in 2010 for the
amount of$1,815,000 and the City approved the issuance on October 18, 2010, by Resolution No.
R2010-41;and
WIIEREAS, the City is agreeable to approving the DistricYs request for a third issuance of
bonds and authorizing the District to issue bonds in the proposed amount of$4,790,000;
B� IT RESOLV�D BY THE CITY COUNCIL OF TI3E CITY OF ',
FRIENDSWOOD,TEXAS: ',
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Section 1. That the Ciry Council of the City of Friendswood, Texas ("City"), hereby
approves and authorizes the West Ranch Management Disri•icYs third issuance of bonds in the
proposed amotmt of$4,790,000.
Section 2. That the pledge of any revenues from the opexation of the DistricYs water
and sewer and/or drainage system to the payment of the DistricYs bonds shall terminate when
and if the City dissolves the Dish•ict, takes over the assets of the District, and assumes all of the
obligations of the Distxict.
PASSED,APPROVED,AND RESOLVED this 7th day of November,20ll.
ly
avid J. . mith
Mayor
ATTEST: �o� �R��N��
, l�l,u'v`-b l � �
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Melinda Welsh, TRMC � �
City Secretaiy s�, ��
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R20ll-38 2 � �
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