Title
Consider a resolution authorizing the Brushy Creek Regional Utility Authority to file an application with the Texas Water Development Board for financial assistance for the expansion of the floating raw water intake and water treatment plant.
Body
The BCRUA submitted an Abridged SWIFT Loan Application to the Texas Water Development Board (TWDB) on January 23rd. The TWDB Board acted on March 29th, and has invited BCRUA (and its three member cities) to submit a full and formal application for the Phase 1C Construction Project loan. BCRUA has been coordinating with TWDB, the Cities of Cedar Park, Leander and Round Rock, and various engineering, financial and bond counsel representatives in order to complete and submit the loan application package before the deadline of 5:00 p.m., on Friday, April 28th.
The Board resolution authorizes filing of the SWIFT Loan Application, sets the not-to-exceed amount of $16,995,000, appoints Tom Gallier, the General Manager, as the authorized representative of BCRUA for the purposes of the application, and further authorizes the engineer, Financial Advisors, and Bond Counsels each City selects to assist in preparation of the application, as well as communicate with TWDB on behalf of BCRUA, or any of the three partner cities.
The loan application, as was the case with the Phase 1A TWDB loan package, will ultimately result in three separate bond issues, covering each City’s portion of the total loan. That breakout is as follows:
BCRUA - Cedar Park: $ 4,430,152 ( 26.07%)
BCRUA - Leander: $ 8,134,696 ( 47.86%)
BCRUA - Round Rock: $ 4,430,152 ( 26.07%)
TOTALS $16,995,000 (100.0%)
A strict time-line will need to be followed, if we are to work within the Board’s and the three City Council’s regular meeting schedules. That schedule is as follows:
BCRUA: Wednesday, April 19th
Leander: Thursday, April 20th
Cedar Park: Thursday, April 27th
Rou...
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