Title
Consider a resolution regarding the Brazos River Authority Contract Revenue Refunding Bonds, Series 2020, related to the financing of the Williamson County Regional Raw Water Line Project.
Body
The Brazos River Authority (BRA) is in the process of issuing Bonds, in order to refinance the payments required to be made by the City of Round Rock pursuant to the Brazos River Authority Contract Revenue and Refunding Bonds, Series 2011 for the Williamson County Regional Raw Water Line Project (WCRRWL) and to fund the Copper Ion Generator Project. This process includes amending and restating the various Project Agreements by entering into a new “Amended and Restated” Project Agreement that will supersede all prior versions, amendment, and supplements.
The savings from the proposed refinancing will offset the additional cost of the Copper Ion Generator Project and leave the City's current annual debt payments on the WCRRWL approximately the same.
In order for the BRA to sell the Bonds and for the Texas Attorney General to approve the Bonds, the following documentation will be required from the City:
1. Resolution adopted by City Council, approving the Bond issue, approving documents below, and confirming the City's obligations under the A&R Project Agreements.
2. General Certificate of the City, which is required by Texas Administrative Code Title 1, Part 3, Chapter 53.
3. Closing Certificate of the City, which will be required by the Underwriters of the Bonds.
4. A&R Project Agreement, which requires each Participant to make payments of debt service on the Bonds.
Background on the Williamson County Regional Raw Water Line project:
In 1986, BRA, City of Round Rock, City of Georgetown and Jonah Water Supply Corporation entered into an agreement for BRA to construct a raw water line to store water in and to divert water from Stillhouse Hollow Lake and Lake Georgetown. The agreement also provided for BRA to operate the facilities for transporting the water. ...
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