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RESOLUTION . 2008-12R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS APPROVING A REGIONAL WATER <br />SUPPLY CONTRACT TO BE ENTERED INTO BY THE HAYS <br />CALDWELL PUBLIC UTILITY AGENCY, THE CANYON <br />REGIONAL WATER AUTHORITY, THE CITY OF BUDA, THE <br />CITY OF KYLE, AND THE CITY OF SAN MARCOS; <br />AUTHORIZING THE INTERIM CITY MANAGER TO EXECUTE <br />THE CONTRACT; AND DECLARING AN EFFECTIVE DATE <br />RECITALS: <br />1. The Hays Caldwell Public Utility Agency (the "Agency") was formed by the <br />Canyon Regional Water Authority, the City of Buda, the City of Kyle, and the City of <br />San Marcos (the "Sponsoring Public Entities") for the purpose of developing a water <br />supply project (the "Project") in the Carrizo-Wilcox Aquifer. <br />2. The Agency's bond counsel and financial advisors have recommended that the <br />Agency enter into a water supply contract with the Sponsoring Public Entities to serve as <br />the primary mechanism for financing Agency activities and the development of the <br />Project, and to serve as the basis for issuance of debt obligations by the Agency. <br />3. The Agency Board of Directors (the "Agency Board"), at its meeting on <br />September 26, 2007, approved a Regional Water Supply Contract. Since that time, the <br />Agency's financial advisors suggested that the Agency and Sponsoring Public Entities <br />consider revising the contract to allow the Agency to issue bonds in four separate series, <br />one for each Sponsor. This would allow each Sponsor to structure its portion of the debt <br />in a manner best suited to its circumstances. On November 14, 2007, the Executive <br />Committee of the Agency Board recommended that the contract be revised to provide for <br />the issuance of Agency bonds in separate series for each Sponsor. At its meeting on <br />December 12, 2007, the Agency Board directed the Agency's bond attorneys and general <br />counsel to draft the needed revisions to the contract <br />4. The Agency's bond attorneys and general counsel revised the Regional Water <br />Supply Contract to provide for the issuance of Agency bonds in separate series for each <br />Sponsor, and the Agency Board approved the Regional Water Supply Contract as revised <br />on January 9, 2008. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS: <br />SECTION 1. The attached Regional Water Supply Contract is approved.