HomeMy WebLinkAbout1987-1203 TX Water Comm App for Project & Bonds ApprovalRESOLUTION AUTHORIZING APPLICATION TO THE
TEXAS WATER COMMISSION FOR APPROVAL
OF PROJECT AND BONDS
WHEREAS, Denton County Municipal Utility District
No. 3, of Denton County, Texas (the "District"), desires to
commence acquisition and construction of the initial phase
of its waterworks, sanitary sewer, storm sewer and drainage
system to serve the land within its boundaries; and
WHEREAS, Section 54.516, Texas Water Code, requires the
District, when it desires to issue bonds, to submit in
writing to the Texas Water Commission (the "Commission") an
application for the investigation of the project proposed to
be constructed and of the District's bonds proposed to be
issued, together with a copy of the engineer's report and a
copy of the data, plats, profiles, maps, plans and
specifications prepared in connection with such project; and
WHEREAS, the Board of Directors desires to secure the
approval of the Commission to the purchase and construction
of water, sewer and drainage facilities and services
necessary to serve the District, and to the issuance of the
bonds hereinafter described in Section 1(a) of this
resolution; NOW, THEREFORE
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BE IT RESOLVED BY THE BOARD OF DIRECTORS OF DENTON
COUNTY MUNICIPAL UTILITY DISTRICT NO. 3, OF DENTON COUNTY,
TEXAS, THAT:
Section 1: The President and Secretary of the Board of
Directors of the District are hereby authorized and directed
as follows:
(a) To make application to the Commission pursuant to
Section 54.516, Texas Water Code, for an investigation and
report on the feasibility of the District's purchasing or
constructing water, sewer and drainage facilities and
services necessary to serve areas within the District; and
(b) To request the Commission to approve the bonds of
the District in the principal amount of $3,780,000, bearing
interest at a rate not exceeding two percentage points above
the Daily Bond Buyer's "20 -Bond Index", and maturing
serially in accordance with a schedule to be furnished in an
engineering report to the Commission by the District's
engineers; and
(c) To request the Commission to approve that portion
of the District's system described in Section 1(a) and to
make a written report thereon, with such report to be filed
in the office of the Commission and a copy to be furnished
to the Attorney General of Texas and to the Board of
Directors of the District.
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(d) To request the Commission to conditionally waive
the developer cost participation requirements of §293.47 of
the Rules of the Commission in anticipation of the receipt
by the District of an acceptable credit rating.
Section 2: By this application, the District assures
the Commission that, to the extent applicable, it will abide
by the terms and conditions prescribed by the Commission,
and it will retain ten percent (10%) of all sums due all
construction contractors on such portion of the District's
system to assure that the system is completed in accordance
with the approved plans and specifications.
Section 3: Carter & Burgess, Inc., the District's
engineers, are hereby authorized and directed to prepare an
engineering report in such form as may be required by the
Commission to submit the same to the Commission in support
of this application.
Section 4: The President and Secretary of the Board of
Directors, the District's engineers, the District's
financial advisors, Southwest Securities, Inc., and the
District's attorney, Michael G. Page, are hereby authorized
and directed to do any and all things necessary and proper
in connection with this application.
Section 5: A certified copy of this resolution shall
constitute an application and request on behalf of the
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District to the Commission pursuant to Section 54.516, Texas
Water Code, and the Rules of the Commission for approval of
that part of the District's waterworks, sanitary sewer and
drainage system described in Section 1(a) hereof and of the
bonds described in Section 1(b) hereof.
PASSED AND APPROVED this 3rd day of December, 1987.
/sj Michael J. Osborn
,
President, Board of Directors
ATTEST:
/s/ Tom Nickols
Secretary, Board of Directors
(SEAL)
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