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HomeMy WebLinkAboutOrd 2000-03x GTUA Bonds.pdf0 ORDINANCE NO. 2000-03 AN ORDINANCE by the City Council of the City of Anna, Texas, relating to bonds proposed to be issued and delivered by the Greater Texoma Utility Authority, approving the issuance thereof, and the facilities to be constructed or acquired by such Authority. WHEREAS, the Greater Texoma Utility Authority (the "Authority") and the City of Anna, Texas (the "City"), have previously executed and delivered a Contract for Water Supply and Sewer Service (the "Contract") whereby the Authority is to provide water and sewer services to the City; WHEREAS, under Section 4.15 of the Contract, it is provided that the City shall approve the issuance by the Authority of any bonds which are to be payable from certain moneys which the City has contracted to pay under the provisions of the Contract; WHEREAS, in connection with the proposed "Greater Texoma Utility Authority Contract Revenue Bonds, Series 2000" (City of Anna Project) (the "Bonds"), the Texas Water Development Board (the "Board") has agreed, pursuant to an Application Requesting Financial Assistance (the "Application"), to purchase the Bonds and, therefore, it is neither necessary nor advisable for the Authority to prepare a Notice of Sale since, insofar as the City is concerned, the Application contains sufficient information to accomplish the purpose of a Notice of Sale; and • WHEREAS, the net effective interest rate on the Bonds will not exceed 15% per annum and it is now appropriate for this Council to approve the Application (in lieu of approving a Notice of Sale with respect to the Bonds) as well as the issuance and delivery of the Bonds and the facilities to be constructed or acquired with the proceeds of the Bonds for the Project described in Exhibit A attached to the Resolution of the Authority (the "Bond Resolution) authorizing the Bonds; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS: Section 1: The facilities to be acquired and/or constructed by the Authority with the proceeds of the Bonds for the Project described in Exhibit A attached to the Bond Resolution are hereby approved. The use of the proceeds of the Bonds, as described in Exhibit A attached to the Bond Resolution, is hereby approved. The Bond Resolution is approved as to form and content and the City of Anna acknowledges that the payment of principal of and interest on the Bonds is payable, in whole or in part, from payments to be made by the City of Anna under and pursuant to the Contract. The City agrees to provide the reports described in the Bond Resolution within the times specified therein, in compliance with the Water Development Board's commitment. The City agrees with the obligations and conditions set forth in the Board's Commitment 99-77. A copy of such commitment is attached hereto as Exhibit B. Section 2: It is the purpose and intent of the City Council of the City of Anna to approve the Bond Resolution, and the facilities to be constructed or acquired in full accordance with the provisions of the Contract mentioned in the preamble hereof. To the extent required by the Texas • Water Development Board or the Office of the Attorney General of Texas, the Authority is authorized by this City Council to make changes and revisions from the form approved by this ordinance in order to expedite the delivery of the Bonds. It is the intent of the City to authorize the 827934.01100003813 • 0 Authority to proceed with the construction or acquisition of the facilities at the earliest possible date, but nothing herein shall be construed as a limitation upon the right and power of the City to approve a change in the facilities for which the Bonds are to be issued (but not the purpose for which the Bonds are to be issued as set forth in the Bond Resolution), the City specifically reserving the right to modify the facilities for which the Bonds are being Issued if the Authority and the City agree such modification should be made. Section 3: The Contract is amended to include the definition of Project attached hereto as Exhibit A. A copy of Exhibit A shall be attached to the Contract, as Exhibit C. In all other respects the Contract is reapproved and shall be and remain in full force as the agreement of the parties. 827934.01/09903813 2 11 • n U PASSED AND APPROVED, thisag_tVay of March, 2000. Mayor City of Anna, Texas ATTEST: City Secretary City of Anna, Texas (Seal) 827834,01/08803013 S-1 0 EXHIBIT A • • PROJECT DESCRIPTION The project proposes the construction of a water well and elevated storage tank with pipeline to improve the City of Anna's public water supply system. The City currently has two water wells with a combined capacity rating of 260 gallons per minute, which is adequate for 433 water meters under Texas Natural Resource Conservation Commission standards, They system has a 50,000 gallon elevated storage tank, which is sufficient for 500 water service customers under Texas Natural Resource Conservation Commission standards. Anna currently has approximately 530 water service customers. Consequently, the public water supply system is deficient in water production capabilities and in elevated storage. The project proposes the development of a water plant on FM 455 approximately one mile west from State Highway 5. It is proposed that the City secure a site of approximately 3 acres that will be sufficient for two water wells, one developed in the Woodbine formation and one developed in the Paluxy formation. One of the water wells will be completed as part of the current project. Chlorination facilities will be installed with the new well. The 200,000 gallon elevated storage tank will be erected on the site and the site will be provided with a man -proof fence. The new water pant will be connected to the existing water system by the construction of an 8" water pipeline along FM 455 from the plant site to existing water lined at Highway 5. 827934.01/09903813 A-1 • EXHIBIT B • U COMMITMENT OF TEXAS WATER DEVELOPMENT BOARD 827934,01/09903813 B"1