HomeMy WebLinkAboutR-1985-11
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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
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Resolution No. 85-11, Page 2
WHEREAS, by Ordinance No. 1393, the City Council
of the City of La Porte, Texas (the "City"), duly annexed
all of the territory within the District and, by operation
of law, the District was abolished on March 27, 1984, and on
such date the City took over all of the properties and
assets of the District, assumed all debts, liabilities and
obligations of the District and commenced to perform all
functions and services of the District; and
WHEREAS, the City has now obtained an amended
waste discharge permit authorizing said 550,000 gpd expansion
of its sewage treatment plant and its engineers have now
prepared, and the City plans to submit to the Commission,
plans and specifications for the construction of such
expansion and for the construction of said 18" sanitary
sewer main (collectively, the "Project"); and
WHEREAS, the City desires to secure the release
from escrow of the amount of $2,175,500 in order to proceed
with the construction of the Project; therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
Section 1. That the recitals in the preamble of
this Resolution be, and are hereby, adopted as findings of
fact by the City Council of the City and made a part of this
Resolution for all purposes, and the terms defined in said
recitals shall have the same respective meanings when used
in the body of this Resolution.
Section 2. That a copy of this Resolution,' duly
certified by the City Secretary, shall be filed with the
Texas Water Commission as a formal request by the City for
authorization, approval or instruction of the release of the
amount of $2,175,500, plus all interest earned thereon, from
escrow with the Bank pursuant to the Escrow Agreement, in
order that such funds may be utilized to pay the costs of
construction of the Project.
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Resolution 85-11, Page 3
Section 3. That the appropriate officers of the
City and the City's Engineer and Attorney be, and they are
hereby, respectively authorized and directed to execute and
deliver all such documents and take all such further action
as they, or any of them, may deem necessary or appropriate
in order to secure the release of such funds from escrow or
otherwise to carry out the spirit and intent of this Reso-
lution.
Section 4. That this Resolution shall be effective
from and after its adoption.
Passed and approved on the ~~ay of August,
1985.
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ATTEST:
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S~hY ,Secretary, City of
................. :: La Porte
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APPROVED:
City Attorney,
La Porte
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