Res 2010-108 - Laserfiche WebLink

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DRAFT DATE: JULY 6, 2010 RESOLUTION APPROVING THE ISSUANCE BY THE GUADALUPE - BLANCO RIVER AUTHORITY OF APPROXIMATELY $7,060,000 IN PRINCIPAL AMOUNT OF CONTRACT REVENUE REFUNDING BONDS TO REFUND CERTAIN OUTSTANDING BONDS ISSUED IN 1998 TO FINANCE A RAW WATER DELIVERY SYSTEM TO TRANSPORT RAW WATER TO THE CITY'S WATER TREATMENT PLANT IN ORDER TO ACHIEVE DEBT SERVICE SAVINGS FOR THE CITY, APPROVING AN AMENDMENT TO THE FIRST AMENDED AND RESTATED AGREEMENT BETWEEN THE CITY AND GBRA RELATED TO SUCH RAW WATER DELIVERY SYSTEM IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS, AND APPROVING A CONTINUING DISCLOSURE AGREEMENT THE STATE OF TEXAS COUNTY OF HAYS CITY OF SAN MARCOS F WHEREAS, pursuant to the terms of a FIRST AMENDED AND RESTATED REGIONAL PROJECT AGREEMENT BETWEEN CITY OF SAN MARCOS AND GUADALUPE- BLANCO RIVER AUTHORITY, made and entered into as of March 13, 2009 (the "Restated Agreement ", which amended and restated an original agreement between the parties, dated as of July 1, 1997, and all previous amendment thereto), the GUADALUPE- BLANCO RIVER AUTHORITY (" GBRA ") owns and operates a raw water delivery system (the "Raw Water Delivery System ") which transports raw water to a water treatment plant owned and operated by the CITY OF SAN MARCOS, TEXAS (the "City "); and WHEREAS, the Raw Water Delivery System was financed, in part with proceeds of the GUADALUPE- BLANCO RIVER AUTHORITY REGIONAL RAW WATER DELIVERY SYSTEM CONTRACT REVENUE BONDS, SERIES 1998 (CITY OF SAN MARCOS, TEXAS PORTION), issued in the original principal amount of $9,735,000 (the "Series 1998 Bonds "); and WHEREAS, the Series 1998 Bonds are considered "Project Debt Instruments" within the meaning of the Restated Agreement, which term is defined therein to mean "all notes, bonds, or otherfinancial obligations made to construct, complete, improve, or repair the Raw Water Delivery System or the Plant.... "; however, the Restated Agreement does not make any reference to the issuance of bonds to refund any Project Debt Instruments; and WHEREAS, the Series 1998 Bonds are currently outstanding in the aggregate principal amount of $7,090,000, bear interest at rates ranging from 4.30% - 4.75 %, and are now subject to redemption on any date at the option of GBRA; and WHEREAS, pursuant to Section 22 of the Restated Agreement, the City is responsible for paying certain costs and expenses related to the Raw Water Delivery System, including all debt service on the Series 1998 Bonds; and