Title
Consider and take action on a Resolution of the City Council of the City of Round Rock, Texas Regarding Financing of Williamson County Regional Raw Water Line; Authorizing the Mayor, City Manager, and City Clerk to Take Appropriate Actions; and Declaring an Effective Date.
Body
Pursuant to separate and individual contacts, the City of Georgetown, the City of Round Rock, and Brushy Creek Municipal Utility District (collectively, the "Participants") have water contracts with the Brazos River Authority (BRA). The BRA has contracted to make available to the Participants water from Lake Stillhouse Hollow and to divert water from Lake Stillhouse Hollow to Lake Georgetown. Additional pumping infrastructure is necessary in order to divert the water to Lake Georgetown where the Participants currently have their intake structures.
The attached resolution provides that the Participants, including the City of Round Rock, have determined that it is beneficial and in the best interests of the Participants to issue bonds in order to fund a portion of the Phase III Pump Project. By adopting the attached resolution, the City of Round Rock is establishing, authorizing, ratifying, and confirming the contractual arrangements entered into by the Authority and the Participants.