HomeMy WebLinkAboutResolution No. 2012-31 RESOLUTION NO. R2012-31
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FRIENDSWOOD, TEXAS, APPROVING THE FOURTH BOND
ISSUANCE OF THE WEST RANCH MANAGEMENT DISTRICT, FOR
THE PROPOSED AMOUNT OF$1,390,000.
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WHEREAS, in Resolution No. R2007-07, the City of Friendswood consented to the
creation of the West Ranch Management Dish•ict (the "DistricY'), a municipal management district
created by an Act of the 79`t'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 teims 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;
VVAEREAS,the District actually issued bonds in the ainount of$6,740,000; and
WHEREAS, the District 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
WFI�REAS, the District made application for its third issuance of bonds in 2011 for the
amount of$4,790,000 and the City approved the issuance on November 7, 2011, by Resolution No.
R2011-38; and
WI3EREAS, the City is agreeable to approving the DistricYs request for a fourth issuance
of bonds and authoi7zing the Disri7ct to issue bonds in the proposed amount of$1,390,000, as well
as a bond anticipation note to be redeemed by such bonds,the amount of$330,000;
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 DisriicYs third issuance of bonds in the
proposed amount of$1,390,000, as well as a bond anticipation note to be redeemed by such bonds,
in the amount of$330,000.
Section 2. That the pledge of any revenues from the operation of the DistricYs water
and sewer and/or drainage systein to the payment of the Dish•icYs 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 Sth day of November,2012.
Kevin M. H�I
Mayor
ATTEST:
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Melinda Welsh, TRMC � �V � ':� °
CitySecretary :*�' °�_
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