Res 2010-108 - Laserfiche WebLink

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DRAFT DATE: JULY 6. 2O 1 O AMENDMENT NO. 1 TO FIRST AMENDED AND RESTATED REGIONAL PROJECT AGREEMENT BETWEEN CITY OF SAN MARCOS AND GUADALUPE - BLANCO RIVER AUTHORITY This AMENDMENT NO. 1 TO FIRST AMENDED AND RESTATED REGIONAL PROJECT AGREEMENT BETWEEN CITY OF SAN MARCOS AND GUADALUPE- BLANCO RIVER AUTHORITY (this "Amendment ") is made and entered as of the date on which this Amendment is executed by the last of the parties hereto. RECITALS The CITY OF SAN MARCOS, TEXAS (the "City ") and the GUADALUPE- BLANCO RIVER AUTHORITY ( " GBRA ") entered into an Agreement Between City of San Marcos and Guadalupe - Blanco River Authority, made and entered into as of July 1, 1997 (the "Original Agreement ") in connection with the development of a regional water project known generally as the San Marcos Regional Water Supply Project (the "Project "). On March 13, 2009, the City and GBRA entered into the FIRST AMENDED AND RESTATED REGIONAL PROJECT AGREEMENT BETWEEN CITY OF SAN MARCOS AND GUADALUPE - BLANCO RIVER AUTHORITY (the "Restated Agreement ") for the purpose of amending and restating the Original Agreement and all amendments thereto which had previously been approved by the parties. In 1998, GBRA issued $9,735,000 in principal amount of the GUADALUPE - BLANCO RIVER AUTHORITY REGIONAL RAW WATER DELIVERY SYSTEM CONTRACT REVENUE BONDS, SERIES 1998 (CITY OF SAN MARCOS, TEXAS PORTION) (the "Series 1998 Bonds ") to finance a portion of the 'Raw Water Delivery System" (as defined and described in the Restated Agreement). 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 other financial 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. The City and GBRA now desire to have GBRA issue a series of refunding bonds to refund all outstanding Series 1998 Bonds in order to achieve debt services savings for the City. The City and GBRA now deem it necessary and appropriate to amend the Restated Agreement in order to clearly provide that the term "Project Debt Instruments" includes any bonds issued by the City or GBRA to refund outstanding Project Debt Instruments so that the provisions of the Restated Agreement relating to the issuance and payment of Project Debt Instruments also shall apply to bonds issued to refund outstanding Project Debt Instruments.