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<br />RESOLUTION NO. 90-3
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<br />RESOLUTION REQUESTING APPROVAL
<br />OF RELEASE OF FUNDS FROM ESCROW
<br />
<br />WHEREAS, the Texas Water Commission (the "Commission"), by
<br />Order dated February 17, 1984 (the "Order"), approved an
<br />application for approval of an engineering project and bonds in
<br />the amount of $3,350,000 submitted by the College View Municipal
<br />Utility District (the "District"); and
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<br />WHEREAS, the Order required, among other things, that the
<br />District deposit in escrow the sum of $2,532,000 of the proceeds
<br />from the sale of such bonds until the Commission had received and
<br />approved plans and specifications for the construction of (a) a
<br />310,000 gallon elevated water storage tank" ($356,500), (b) an 18
<br />inch sanitary sewer main from the District to the City of La
<br />Porte's sewage treatment plant ($1,543,000) and (c) a 550,000 gpd
<br />expansion to the City of La Porte's sewage treatment plant
<br />($632,500, the Order also requiring an amended waste discharge
<br />permit for such expansion); and
<br />
<br />WHEREAS, the District subsequently issued and sold, pursuant
<br />to and in accordance with the terms of the Order, its Waterworks
<br />and Sewer System Combination Tax and Revenue Bonds, Series 1984,
<br />Dated as of February 15, 1984, in the aggregate principal amount
<br />of $3,350,000; and
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<br />WHEREAS, pursuant to the requirements of the Order, the
<br />District placed in escrow with the First City National Bank of
<br />Houston, and its successor First City Texas (the "Bank") the sum
<br />of $2,532,000 pursuant to an Escrow Agreement between the Bank
<br />and the District dated March 26,1984 (the "Escrow Agreement"),
<br />providing for such sum to be held in escrow by the Bank until it
<br />received written authorization, approval or other instructions
<br />from the Commission to deliver said sum or any part thereof and
<br />any interest earned thereon to, or in accordance with the
<br />directions of, the District; and,
<br />
<br />WHEREAS, by Ordinance No. 1393, the City Council of the City
<br />of La Porte, Texas ( the "City"), duly annexed all of the
<br />territory within the District and, by Ordinance No. 1400, the
<br />City abolished the District effective March 27, 1984, and on
<br />such date the City took over all of the properties and assets of
<br />the District, assumed all debts, liabilities and obligations of
<br />the District and commenced to perform all functions and services
<br />of the District; and
<br />
<br />WHEREAS, the City obtained an amended waste discharge permit
<br />authorizing said 550,000 gpd expansion of its sewage treatment
<br />plant, and the City submitted to the Commission plans and
<br />specifications for the construction of such expansion and for the
<br />construction of said 18 inch sanitary sewer main (the "Fairmont
<br />Parkway Relief Sanitary Sewer"); and
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