HomeMy WebLinkAboutResolution No. 2014-19 RESOLUTION NO.R2014-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF FRIENDSWOOD, TEXAS, APPROVING THE SIXTH
BOND ISSUANCE OF THE WEST RANCH MANAGEMENT
DISTRICT,FOR THE PROPOSED AMOUNT OF$9,735,000.
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 79th 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;
WHEREAS,the District actually issued bonds in the amount 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
WHEREAS, 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
WHEREAS, the District made application for its fourth issuance of bonds in 2012 for the
amount of$1,390,000 and the City approved the issuance on November 5, 2012, by Resolution No.
R2012-31;and
WHERE S, the District made application for its fifth issuance of bonds in 2013 for the
amount of$1,270,000 and the City approved the issuance on October 7, 2013, by Resolution No.
R2013-19; and
WHEREAS,the City is agreeable to approving the District's request for a sixth issuance of
bonds and authorizing the District to issue bonds in the proposed amount of $9,735,000, which
includes a$660,000 bond anticipation note, subject to certain conditions;
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 sixth issuance of bonds in the
proposed amount of$9,735,000, which includes a bond anticipation note of $660,000; provided
that if the City notifies the District, of its intent to issue in calendar year 2015,the District shall not
issue tax-exempt bonds in the applicable calendar year in any amount (determined by the City's
staff financial advisor) that would cause the City's tax-exempt bonds to be ineligible as "qualified
tax exempt obligations"for purposes of section 265(b)of the Internal Revenue Code of 1986.
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
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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 8th day of September,2014.
Kevin M. Holla I
Mayor
ATTEST:
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Melinda Welsh, dTRMC '•�� ®00
City Secretary °
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