Title
Resolution approving a resolution by the Board of Directors of the Brushy Creek Regional Utility Authority, Inc. Authorizing the issuance of "Brushy Creek Regional Utility Authority, Inc. City of Round Rock, Texas Contract Revenue Bonds, (Brushy Creek Regional Water Treatment and Distribution Project), Series 2024"; Establishing the procedures for selling and delivering the bonds and resolving other matters incident and relating to the issuance, payment, security, sale and delivery of such bonds.
Body
The second $31,500,000 phase of the $90.45 million total debt package has been priced and sold by the Texas Water Development Board (TWDB), but is subject to TWDB's board approval on October 17, 2024. The true interest cost for this issue will be 3.12%. The estimated savings over open market will be provided at the meeting.
The issuance documents were approved by City Council and the BCRUA in August 2024 and the official application submission was approved by both entities in April 2023.
The final step requires the City and the BCRUA to approval the final package. The BCRUA is scheduled to approve the package at its October 23, 2024 meeting. Proceeds from the bond sale will be received in November 2024.
Staff recommends approval of this action.
Background
The City of Round Rock is a participating and founding member of the Brushy Creek Regional Utility Authority, Inc, (BCRUA) along with the Cities of Cedar Park and Leander. The City previously requested the BCRUA to approve and execute a financing agreement with the Texas Water Development Board (TWDB) for funding through the State Water Implementation Fund for Texas (SWIFT) to finance the City’s cost participation in Phase 1D and Phase 2 construction costs.
The BCRUA has two large projects underway. The City of Round Rock’s share of those costs is $90.45 million to be financed.
· The Phase 2 Deep Water Intake project is a permanent raw water intake on Lake Travis which will replace the floating i...
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