Res 2007-058 - Laserfiche WebLink

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I I I INTERLOCAL AGREEMENT FOR INTERIM FUNDING OF HAYS CALDWELL PUBLIC UTILITY AGENCY This Interlocal Agreement for Interim Fundmg (thIS "Agreement") is entered mto as of March I, 2007 between the Hays Caldwell Public Utihty Agency (the "Agency") and the City of San Marcos (the "City") (individually, "Party," and together, the "Parties"), for the purposes and mutual benefits to be derived by the Parties as described herein. RECITALS 1. WHEREAS, the Agency is a public utility agency created by the cities of San Marcos, Kyle and Buda and Canyon Regional Water Authority (together, the "Sponsors") and operating pursuant to Chapter 422 of the Texas Local Government Code, and other applicable laws of the State of Texas. 2. WHEREAS, the City is a home-rule mUlllclpal corporation of the State of Texas. 3. WHEREAS, the Agency lS pursuing a project for the development of a water supply in the Carrizo-Wilcox Aquifer (the "Project") for the benefit of the Sponsors as part of their joint efforts to provide adequate supply for their current and future needs while achieving their mutual goal of reducing dependence upon the Edwards Aquifer in the central Texas region. 4. WHEREAS, the Agency is governed by a Board of Directors (the "Agency Board") composed of representatives appointed by each of the Sponsors. 5. WHEREAS, the Agency is incurring engineenng, administrative, legal and other expenses for the Proj ect. 6. WHEREAS, to provide funding for the Agency's expenses in advance of the Agency's issuance of bond obligations, the Agency IS entering mto agreements with each of the Sponsors to provide interim funding for the Agency's activities, WIth the shares of funding for each Sponsor determined by their respective water supply needs in relation to the overall capacity of the Project. 7. WHEREAS, the Agency Board approved a resolution on February 28, 2007 authorizing the Agency to reimburse the engineenng, adml111strative, legal and other expenses for the Project out of the proceeds of bond obligations Issued by the Agency. NOW, THEREFORE, in consideration of the mutual promises, obligations, and benefits to be derived by the Parties, and other good and valuable consideratiOn, the receipt and sufficiency of which IS expressly acknowledged by the Parties, the Agency and the City agree as follows: AGREEMENT PART 1. AGREEMENTS BY THE AGENCY Section 1.1. Engagements for Services. The Agency agrees to enter into agreements with qualified firms for the performance of the following servIces related to the Project for the