HomeMy WebLinkAboutR-1990-03
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RESOLUTION NO. 90-3
RESOLUTION REQUESTING APPROVAL
OF RELEASE OF FUNDS FROM ESCROW
WHEREAS, the Texas Water Commission (the "Commission"), 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 the College View Municipal
Utility District (the "District"); and
WHEREAS, the Order required, among other things, that the
District deposit in escrow 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
inch 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 the First City National Bank of
Houston, and its successor First City Texas (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,
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 Ordinance No. 1400, the
City abolished the District effective 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 obtained an amended waste discharge permit
authorizing said 550,000 gpd expansion of its sewage treatment
plant, and the City submitted to the Commission plans and
specifications for the construction of such expansion and for the
construction of said 18 inch sanitary sewer main (the "Fairmont
Parkway Relief Sanitary Sewer"); and
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Resolution 90-3, Page 2
WHEREAS, the City requested that the Commission release from
escrow the amount of $2,175,500 to proceed with construction; and
WHEREAS, the Commission subsequently released from escrow
$2,175,500 for the construction of the Expansion of the La Porte
Sewage Treatment Plant and the construction of the Fairmont
Parkway Relief Sanitary Sewer, and construction was completed on
July 27, 1988; and
WHEREAS, the City has retained
prepare plans and specifications for
500,000 gallon elevated water storage
lines (the "Project"); and
engineering services to
the construction of a
tank and related water
WHEREAS, the City desires to secure the release from escrow
the amount of $356,500 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 $356,500,
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 the construction of the Project.
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 Resolution.
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Resolution 90-3, Page 3
Section 4. That this Resolution shall be effective from and
after its adoption.
Passed 'and approved on the ~'~day of March, 1990.
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P'M yor, City 0 L Porte
ATTEST:
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City Secretary, City of
La Porte
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APPROVED:
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City Attorney, City of
La Porte