Res 1986-129 - Laserfiche WebLink

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sum of $222,771.88 which should have been included in the stated purchase price and that the purchase price should have included a sum for material and supplies since both components were within the purchase price estimate for which the City of San Marcos has issued $16,355,000 in the City of San Marcos, Texas Electric Utility System Revenue Bonds, Series 1986; and WHEREAS, a payment for construction work in progress and for material and supplies were items included in Black and Veatch's Estimate of Investment to be Debt Financed, and the inclusion of these components in the purchase price is proper; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: 1. An amendment or addendum to Section 5.01 or a change in the language of the draft submitted and approved by the Council on October 27, 1986, is hereby authorized to be entered into to amend the purchase price to be $9,463,094.26 to reflect such construction work in progress and to recognize that such purchase price does not include "material and supplies" which shall be subsequently paid for after Lower Colorado River Authority has supplied appropriate information with respect thereto which shall be verified by audit by the City within thirty (30) days of the time of supplying such information. 2. That should any provision of this resolution be held invalid, inoperative, illegal, or unconstitutional by any court of competent jurisdiction, such provision shall be deemed separate, distinct and independent from other provisions of this resolution and such holding shall not affect the validity of the remaining portions thereof. -2-