R-1985-11 - Laserfiche WebLink

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..'..... f. . RESOLUTION NO. 85-ll RESOLUTION REQUESTING APPROVAL OF RELEASE OF FUNDS FROM ESCROW ~vHEREAS, the Texas Water Commission (the "Commis- sion"), by Order dated February 17, 1984 (the "Order"), approved an application for approval of an engineering project and bonds in the amount of $3,350,000 submitted by College View Municipal Utility District (the "District"); and WHEREAS, the Order required, among other things, that the District deposit in e~crow the sum of $2,532,000. of the proceeds from the sale of such bonds until the Commission had received and approved plans and specifications for the construction of (a) a 310,000 gallon elevated water storage tank ($356,500), (b) an 18" sanitary sewer main from the District to the City of La Porte's sewage treatment plant ($1,543,000) and (c) a 550,000 gpd expansion to the City of La Porte's sewage treatment plant ($632,500, the Order also requiring an amended waste discharge permit for such expansion); and WHEREAS, the District subsequently issued and sold, pursuant to and in accordance with the terms of the Order, its Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1984, dated as of February 15, 1984, in the aggregate' principal amount of $3,350,000; and WHEREAS, pursuant to the requirements of the Order, the District placed in escrow with First City National Bank of Houston (the "Bank") the sum of $2,532,000 pursuant to an Escrow Agreement between the Bank and the District dated March 26, 1984 (the "Escrow Agreement"), providing for such sum to be held in escrow by the Bank until it received written authorization, approval or other instructions from the Commission to deliver said sum or any part.thereof and any interest earned thereon to, or in accordance with the directions of, the District; and