Res 1986-129 - Laserfiche WebLink

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69 RESOLUTION 1986-l29R A RESOLUTION APPROVING AN AMENDMENT TO THE PURCHASE AGREEMENT BETWEEN THE LOWER COLORADO RIVER AUTHORITY AND THE CITY OF SAN MARCOS TO CORRECT AN ERROR IN SECTION 5.01 RELATING TO THE FUNDS TO BE PAID TO LOWER COLORADO RIVER AUTHORITY AT CLOSING OF THE PURCHASE OF THE SAN MARCOS ELECTRIC DISTRIBUTION SYSTEM AND TO PROVIDE FOR AN AMENDMENT TO THE PURCHASE AGREEMENT REQUIRING AN AUDIT OF ALL UNDETERMINED PAYMENTS TO BE MADE SUBSEQUENT TO THE DATE OF CLOSING. WHEREAS, the City Council approved by resolution on October 27, 1986, a Purchase Agreement dated October 30, 1986 between the Lower Colorado River Authority and the City of San Marcos, Texas, for the purchase by the City of the San Marcos Electric Distribution System; and WHEREAS, the Lower Colorado River Authority has advised the City of San Marcos that by Lower Colorado River Authority's mistake, two components to the purchase price denominated "construction work in progress" and "material and suppliesll were not included in the figures set out in Section 5.01 of the Purchase Agreement, which figure was $9,240,322.38; and WHEREAS, the sum of money representing the construc- tion work in progress as of June 30, 1986 was the sum of $222,771.88, and the figure for material and supplies cannot be determined until the Lower Colorado River Authority closes its books on October 31, 1986; and WHEREAS, Black and Veatch, Consulting Engineers to the City of San Marcos, Texas, have verified that the Lower Colorado River Authority mistakenly omitted the construction work in progress component in Section 5.01 and have verified that it was a component of the purchase price and with respect to construction work in progress has verified that it is the