R-07-11-08-10C3 - 11/8/2007 RESOLUTION NO. R-07-11-08-10C3
WHEREAS, the Board of Directors of the Round Rock Transportation
System Development Corporation ( "RRTSDC") wishes to enter into a State
Infrastructure Bank Loan Agreement with the State of Texas for the
improvements in the Hesters Crossing area, and
WHEREAS, the City Council wishes to approve of such action, Now
Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the City Council hereby approves the action of the Round Rock
Transportation System Development Corporation in entering into a State
Infrastructure Bank Loan Agreement with the State of Texas to borrow up
to $16, 000, 000 for improvements in the Hesters Crossing area.
The City Council hereby finds and declares that written notice of
the date, hour, place and subject of the meeting at which this
Resolution was adopted was posted and that such meeting was open to the
public as required by law at all times during which this Resolution and
the subject matter hereof were discussed, considered and formally acted
upon, all as required by the Open Meetings Act, Chapter 551, Texas
Government Code, as amended.
RESOLVED this 8th day of November, 20
NY WEL yor
Ci y of Round Rock, Texas
l
l
CHRISTINE R. MARTINEZ, City Secre ry
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S2007-006-04 (FIN)
Round Rock Transportation System Development Corporation, Austin District
CSJ# 0015-09-150
THE STATE OF TEXAS §
EXHIBIT
COUNTY OF TRAVIS §
E riAn
STATE INFRASTRUCTURE BANK (SIB)
LOAN AGREEMENT
THIS AGREEMENT IS MADE BY and between the State of Texas, acting by and through
the Texas Department of Transportation, hereinafter called the "State," and the Round
Rock Transportation System Development Corporation, hereinafter called the
"Corporation", a public instrumentality and non-profit industrial development corporation
created pursuant to the Development Corporation Act of 1979, Article 5190.6, §4(b),
Vernon's Annotated Texas Civil Statutes, as amended, (the "Act") and acting herein by
and through its Board of Directors.
WITNESSETH
WHEREAS, Section 350 of the National Highway System Designation Act of 1995 (Public
Law No. 104-59) authorizes states to establish a State Infrastructure Bank ("SIB") for the
purpose of making loans and providing other financial assistance to public and private
entities, so as to encourage public and private investment in transportation facilities,
expand the availability of funding for transportation projects, and reduce State costs; and
WHEREAS, pursuant to this legislation, Transportation Code, Chapter 222, Subchapter D,
created a SIB within the Texas Department of Transportation (TxDOT); and
WHEREAS, pursuant to that subchapter, the Texas Transportation Commission has
adopted administrative rules implementing the subchapter and establishing eligibility
criteria for an entity applying for financial assistance from the SIB, codified as Title 43,
Texas Administrative Code (TAC), Part 1, Chapter 6; and
WHEREAS, the Corporation is authorized to promote economic development within the
City of Round Rock, TX (the "City"), and the State of Texas in order to eliminate
unemployment and underemployment and to promote and encourage employment and
the public welfare of, for, and on behalf of the City, and for streets, roads, drainage, and
other related transportation systems improvements, including the payment and
maintenance and operating expenses associated with such authorized projects in
accordance with §4(b) of the Act; and
WHEREAS, in accordance with 43 TAC §6.23, the Round Rock Transportation System
Development Corporation has submitted an application to borrow Sixteen Million dollars
($16,000,000.00) from the SIB to pay for construction projects in the Hester's Crossing
area; and
WHEREAS, the planned project includes a collector-distributor, modifications to the
eastern intersection at Dell Way, reconstruction of the existing bridge and other ancillary
items in the city of Round Rock, Texas (the "Project"). The planned construction will
improve access to some of the City's largest commercial employers and major retail
developments, while reducing congestion and improving traffic flow through Hester's
Crossing intersections with the frontage roads and Business 1-35/South Mays Street; and
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WHEREAS, in accordance with 43 TAC §6.32(d)(1), a study of the social, economical, and
environmental impact of the project, consistent with the National Environmental Policy Act
(42 U.S.C. §4321 et seq.), and Title 23, U.S.C. §109(h); and in compliance with the
requirements of the department's environmental rules as stated in Chapter 2, Subchapter
C of 43 TAC, was conducted as part of the department's environmental assessment of the
project resulting in a State Categorical Exclusion (SCE) for the entire project limits; and
WHEREAS, in accordance with 43 TAC §6.32(e), the Texas Department of Transportation
has reviewed, analyzed, and found the application to be in compliance with the
requirements of 43 TAC, Chapter 6; and
WHEREAS, the Round Rock Transportation System Development Corporation Board of
Directors, passed a Resolution dated the 22" day of February, 2007, attached hereto and
made a part of this financial assistance agreement as Exhibit A. The Board of Directors
Resolution authorizes the Round Rock Transportation System Development Corporation
to enter into a financial assistance agreement with the State for a loan in the amount of
Sixteen Million dollars ($16,000,000.001 to finance the cost of construction projects in the
Hester's Crossing area including a collector-distributor, modifications to the eastern
intersection at Dell Way, reconstruction of the existing bridge and other ancillary items in
the city of Round Rock, Texas; and
WHEREAS, the Texas Transportation Commission, in Minute Order No. 110941 dated
May 24, 2007, attached hereto and made a part of this financial assistance agreement as
Exhibit B. The State Resolution granted final approval of an application from the
Corporation to borrow Sixteen Million dollars ($16,000,000.001 from the SIB, which was
approved by the Corporation's Board of Directors, and authorized the Executive Director of
the Texas Department of Transportation to enter into a financial assistance agreement
with the Round Rock Transportation System Development Corporation for the proposed
construction projects in the Hester's Crossing area; and
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, to be kept and performed by all parties as hereinafter set forth, the State and the
Round Rock Transportation System Development Corporation do hereby mutually agree
as follows:
AGREEMENT
Article 1. Definitions
When used herein, the following words and phrases shall have the meanings set forth
below:
"Annual Expenditure Report" shall mean a report listing actual expenditures of SIB loan
proceeds including the date of payment of the expenditure, the vendor name, a short
description of services or products delivered, and the amount of the expenditure. The
report shall also contain the beginning and ending balance of loan proceeds in the SIB
loan Project Account. This report shall be submitted annually on the Payment Date until all
loan proceeds have been spent and reported.
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Round Rock Transportation System Development Corporation, Austin District
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"Parity Obligations" means the Round Rock Transportation System Development
Corporation Senior Lien Sales Tax Revenue Bonds, Series 2001, Round Rock
Transportation System Development Corporation Senior Lien Sales Tax Revenue
Refunding Bonds, Series 2006, and any other bonds, notes, warrants, certificate of
obligation or other debt obligations which the Corporation reserves the right to issue or
enter into, as the case may be, in the future which obligations are equally and ratably
secured by a first lien on and pledge of the Pledged Revenues.
"Pledged Revenues" shall mean the Sales Tax plus any interest earnings thereon less any
amounts due or owing to the Comptroller of Public Accounts of the State of Texas as
charges for collection or retention by the Comptroller for refunds and to redeem
dishonored checks and drafts, to the extent such charges and retention are authorized or
required by law.
"Sales Tax" shall mean the one-half of one percent sales and use tax levied by the
Corporation within the boundaries of the Corporation as they now or hereafter exist,
together with any increases in the aforesaid rate if provided and authorized by the laws of
the State of Texas, including specifically the Act and collected for the benefit of the
Corporation, all in accordance with the Act, including particularly Section 4(b) thereof.
"Subordinate Lien Obligation" means any bonds, notes, warrants, certificates of obligation
or other debt obligations which the Corporation reserves the right to issue or enter into, as
the case may be, in the future which obligations are equally and ratably secured by a lien
of the Pledged Revenues which lien is subordinate and inferior to the lien on and pledge
of the Pledged Revenues that are or will be pledged to the payment of any Parity
Obligations and the obligation under this Agreement.
Article 2. Financial Assistance
A. The State will lend the Round Rock Transportation System Development Corporation
the amount of Sixteen Million dollars ($16,000,000.00) to finance the actual cost of the
Project, within the limits of the Corporation as described in Article 3 of this Agreement.
After final execution of this Agreement and within thirty (30) days of a written
notification by the Corporation to the State to transfer the SIB funds, the State will
transfer the amount of Sixteen Million dollars ($16,000,000.00) from the SIB to the
Corporation for deposit in the Corporation's depository bank (Bank of America), into a
Project Account to fund the necessary Project funding costs as described in this
Agreement. The Project Account shall be secured by the Corporation pursuant to its
depository agreement. The depository bank shall not commingle funds in the Project
Account with any other funds held by the bank. If, during the course of this Agreement,
the Corporation changes its depository bank, the Corporation shall cause the transfer
of any remaining loan proceeds into an equivalent account in the new depository bank,
subject to the same security and fund segregation requirements prescribed in this
paragraph. The date the loan proceeds are deposited into the Project Account is
hereinafter referred to as the "Deposit Date."
B. The amounts payable by the Corporation under this Agreement are a special obligation
of the Corporation and shall be secured by and payable from a lien on and pledge of
the Pledged Revenues, such pledge however, being junior and subordinate to the lien
and pledge securing the payment of Parity Obligations and prior in right and claims to
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the lien on and pledge of the Pledged Revenues securing the payment of any
Subordinate Lien Obligations. The Pledged Revenues are further pledged to the
establishment and maintenance of the Debt Service Fund as hereinafter provided.
Obligations under this Agreement are and will be secured by and payable only from the
Pledged Revenues and are not secured by or payable from a mortgage or deed of trust
on any real, personal or mixed properties constituting the project under this
Agreement. Neither the State of Texas, the Corporation, nor any political corporation,
subdivision or agency of the state of Texas, nor any member of the Board of Directors
of the Corporation, either individually or collectively, shall be obligated to pay the
principal of or the interest on the amounts payable under this Agreement. The State
shall not have the right to demand payment of the amounts payable under this
Agreement from any tax proceeds in excess of the Sales Tax levied for the benefit of
the Corporation by the Corporation pursuant to Section 4(b) of the Act, or from any
other source than the Pledged Revenues. The Corporation hereby covenants and
agrees that the loan will be secured by the Pledged Revenues to guarantee repayment
of the financial assistance to the SIB, and that the State has a contractual right to and
pledge of such revenue to guarantee repayment. The financial assistance is to be
repaid over a period of 15 years at 4.2% interest per annum. Interest on the original
amount of the loan shall accrue from the Deposit Date at the rate of 4.2% simple
interest per annum, and, if not paid, shall compound at the rate of 4.2% per annum
annually on the Deposit Date of each succeeding year. The compounded outstanding
balance from time to time of the loan is hereinafter referred to as the "Outstanding
Balance". Payment of the principal and interest on the Outstanding Balance of the loan
shall commence one year from the Deposit Date, hereinafter referred to as the ("Initial
Payment Date"). Principal and interest on the loan shall continue with payments being
made on each succeeding year on the Initial Payment Date (each "Payment Date"),
thereafter for fourteen (14)annual installments until the final Payment Date of the
fifteenth (15th) year after the Initial Payment Date (such date being referred to as the
"Maturity Date") when the Outstanding Balance shall be due and payable.
C. Funds from the Project Account shall only be drawn upon by the Round Rock
Transportation System Development Corporation to pay costs related to the Project
funding costs as described in this Agreement. All work performed in connection with
the Project shall be in accordance with all applicable policies of the State. All draws
from the Project Account for costs related to the proposed Project shall be in
accordance with a requisition prepared by and/or approved by the Round Rock
Transportation System Development Corporation, and all such requisitions, and project
costs shall be subject to the review and approval of the State.
D. The State will prepare and make a part of this financial assistance agreement as an
attachment, Exhibit C, a principal and interest repayment schedule for the loan. Exhibit
C is based upon the Deposit Date determined pursuant to Paragraph A of this Article,
the Initial Payment Date, and the annual Payment Dates in each succeeding year as
described in Article 2, Paragraph B. The principal and interest repayment schedule
shall provide for payment of the loan amount of Sixteen Million dollars
($16,000,000.00) over a fifteen ,15) year repayment period, and is subject to revision
pursuant to the terms and conditions of this Agreement. The Round Rock
Transportation System Development Corporation shall make payments in accordance
with the principal and interest repayment schedule attached herein as Exhibit C.
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E. The Round Rock Transportation System Development Corporation shall establish in its
depository bank a SIB Loan Debt Service Account. Pledged Revenue of the
Corporation as described in Article 2, Paragraph B shall be deposited into this account
by the Corporation prior to each "Annual Loan Payment". The Corporation shall make
one or more deposits to the credit of the SIB Loan Debt Service Account during this
twelve month period until the balance of such account equals the Annual Loan
Payment attached herein as Exhibit C. On or before the Initial Payment Date as
established in this Agreement and on or before each succeeding Payment Date
thereafter, through the Maturity Date, the Corporation shall cause its depository bank
to transfer to the State the applicable Annual Loan Payment as set forth in the
attached Exhibit C.
F. The repayment of all or any portion of the Outstanding Balance of the loan shall not
entitle the Corporation to any subsequent advances from the State, nor shall the State
have any obligation to advance to or for the benefit of the Corporation any amount in
excess of the loan proceeds. All costs in excess of the loan amount shall be the
responsibility of the Corporation.
G. There shall be no penalty imposed by the State upon the Corporation for any or partial
early repayment of this SIB loan as outlined in the attached Exhibit C.
H. A late payment penalty (over 30 days past due date) will be added to the interest
charged for that payment period and the ending balance will be adjusted. The SIB will
adjust the current balance and will calculate the final loan payment accordingly.
Article 3. Project Description
The State will provide SIB financial assistance to the Round Rock Transportation System
Development Corporation for actual project costs including engineering, utility
adjustments, construction and right of way acquisition for the construction projects in the
Hester's Crossing_area including a collector-distributor, modifications to the eastern
intersection at Dell Way, reconstruction of the existing bridge and other ancillary items in
the city of Round Rock, Texas.
Article 4. Project Responsibilities
A. The Corporation is responsible for contracting for and funding all project costs as
outlined in Article 2 of this Agreement, in compliance with all applicable federal, state,
and local laws, regulations, policies, and ordinances. The State has certain review and
approval rights and responsibilities related to the Project as prescribed by this
Agreement, including ensuring that the completion of the Project is performed in
compliance with all applicable laws, regulations, and policies.
B. All plans and specifications for the Project shall be in compliance with the current
editions of the design and construction manuals of the Texas Department of
Transportation, and the Standard Specifications for the Construction and Maintenance
of Highways, Streets, and Bridges (the "Standard Specifications"), as they may apply.
All construction plans shall be signed and dated by a professional engineer licensed by
the State of Texas.
C. The actions and decisions regarding the Project made by the State shall not be
contestable by the Round Rock Transportation System Development Corporation.
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D. The Corporation shall provide the State and the Federal Highway Administration, or
their authorized representatives, with right of entry or access to all properties or
locations necessary to perform activities required to execute the work, inspect the
work, or aid otherwise in the prompt pursuit of the work. The Corporation shall also
provide the State, the Federal Highway Administration, the Comptroller General of the
United States, and the Texas State Auditor's Office, or their authorized
representatives, with right of access to any books, documents, papers, or other records
of the Corporation which are pertinent to the acquisition of the right-of-way or to its
financing as described in this Agreement, in order to make audits, examinations,
excerpts, and transcripts, or to complete the project accounting described in Article 5 of
this Agreement.
Article 5. Project Accounting
A. The Corporation shall account for all actual costs associated with the Project using
generally accepted state and federal accounting procedures. The Corporation will
make its accounting records available at reasonable times to the State for inspection
during the Project and upon its completion.
B. Commencing with the Initial Payment Date and annually on each succeeding Payment
Date, the Corporation shall provide to the State (one copy to the TxDOT District Office
and one copy to the TxDOT Finance Division) an accounting of the SIB loan proceeds
expended ("Annual Expenditure Report"). The Corporation will provide the Annual
Expenditure Report on each Payment Date until all loan proceeds have been
expended.
C. At the completion of the Project, the State shall use generally accepted accounting
procedures to determine the actual cost of the Project. Excess funds will be applied to
reduce the loan balance at the time of the final accounting, and the State shall provide
the Corporation with a revised principal and interest repayment schedule. If additional
funds are needed, the Corporation is responsible for any amount due for additional
funds.
D. The state auditor may conduct an audit or investigation of any entity receiving funds
from the state directly under the contract or indirectly through a subcontract under the
contract. Acceptance of funds directly under the contract or indirectly through a
subcontract under this contract acts as acceptance of the authority of the state auditor,
under the direction of the legislative audit committee, to conduct an audit or
investigation in connection with those funds. An entity that is the subject of an audit or
investigation must provide the state auditor with access to any information the state
auditor considers relevant to the investigation or audit.
Article 6. Project Termination
Should the project described in this Agreement be terminated for any reason, the Round
Rock Transportation System Development Corporation shall return any unexpended
portion of the loan amount to the State, which shall recalculate the principal and interest
repayment schedule attached herein as Exhibit C. The Round Rock Transportation
System Development Corporation is responsible for repaying expended amounts and the
interest thereon as if the project had been completed.
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Article 7. Default on Loan Payment
A. Should the Corporation not repay the loan as set forth in Article 2 as stated above, the
State shall declare the Corporation in default. If the Corporation fails to remit to the
State the payments the Corporation owes pursuant to this Agreement, the State will
take no further action nor resume its obligations under this Agreement until such
payments are no longer in default. The Corporation shall also be responsible for
reimbursing the State for all costs or other losses of funds resulting from any default or
failure to perform by the Corporation. The State shall provide the Corporation with a
revised principal and interest repayment schedule after the Corporation cures any
default for a loan payment.
B. The Round Rock Transportation System Development Corporation acknowledges and
agrees that the State has no adequate remedy at law to enforce this Agreement and
therefore equitable relief (including mandatory injunctions requiring the Corporation to
perform its obligations hereunder) will be appropriate upon a default by the Corporation
under this Agreement.
Article 8. Indemnification
The Round Rock Transportation System Development Corporation agrees that it is solely
responsible for all losses, costs, expenses, penalties, claims, and liabilities due to
activities of the Corporation and its agents, employees, officers, or contractors performed
under this Agreement, and which result from an error, omission, or negligent act of the
Corporation or any agent, employee, official, or contractor of the Corporation.
Notwithstanding anything in this Agreement to the contrary, this provision shall survive any
termination of this Agreement.
Article 9. Termination
Including the provisions established herein, this Agreement may be terminated upon the
occurrence of any of the following conditions:
A. If both parties to this Agreement agree in writing to such termination; provided,
however, that any such termination is specifically subject to the requirements of Article
6 of this Agreement;
B. If the State is unable to advance the proceeds of the loan to the Round Rock
Transportation System Development Corporation within the period prescribed in Article
2 of this Agreement, the Corporation may terminate this Agreement by written notice to
the State;
C. If the Round Rock Transportation System Development Corporation is in default on a
loan payment required under this Agreement, the State may declare the Agreement to
be terminated, or may exercise any of the rights granted the State in Article 7 of this
Agreement;
D. Upon repayment in full by the Round Rock Transportation System Development
Corporation of this SIB loan, and compliance by the Corporation with all other
requirements of this Agreement, the State shall execute and deliver to the Corporation
a certificate of payment, provided that, upon the execution and delivery of the
certificate of payment by the State, this Agreement shall automatically terminate except
with respect to any obligation of a party related to any losses, costs, expenses,
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penalties, claims, and liabilities due to the activities of a party, or any agent, employee,
official, or contractor of a party, which obligations shall survive such termination.
Article 10. Notices
All notices to either party by the other party required under this Agreement will be
delivered personally or sent by U.S. Mail, postage prepaid, addressed to such party at the
following respective addresses:
State: Corporation:
Texas Department of Transportation Round Rock Transportation System
Attn: Chief Financial Officer Development Corporation
125 East 11 th Street Office of the President
Austin TX 78701-2483 221 East Main Street
Round Rock, TX 78664
All notices shall be deemed so delivered or deposited in the mail, unless otherwise
provided herein. A party hereto may change the above address by sending written notice
of such change to the other party in the manner stated in Article 10.
Article 11. Legal Construction
In case one or more of the provisions contained in this Agreement shall for any reason be
held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision thereof and this Agreement shall be
construed as if such invalid, illegal, or unenforceable provision had never been contained
herein.
Article 12. Written Amendments
Any changes in the character, agreement, terms, or responsibilities of the parties must be
enacted through a written amendment. No amendment to this Agreement shall be of any
effect unless in writing and executed by both parties.
Article 13. Successors and Assigns
This Agreement shall bind, and shall be for the sole and exclusive benefit of, the
respective parties and their legal successors, including, without limitation, any successor
agency of a party. Other than as provided in the preceding sentence, each party is
prohibited from assigning any of the rights or obligations conferred by this Agreement to
any third party without the advance written approval of the other party. Any attempted
assignment or other transfer of the rights or obligations of this Agreement without the
consent of the other party shall be void and may be grounds for termination of this
Agreement.
Article 14. Relationship of the Parties
Nothing in this Agreement shall be deemed or construed by the parties, or any third party,
as creating the relationship of principal and agent between the State and the Round Rock
Transportation System Development Corporation.
Article 15. Interpretation
No provision of this Agreement shall be construed against or interpreted to the
disadvantage of any party by any court or other governmental or judicial authority by
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reason of such party having or being deemed to have drafted, prepared, structured, or
dictated such provision.
Article 16. Signatory Authority
Each party to this Agreement represents to the other that it is fully authorized to enter into
this Agreement and to perform its obligations hereunder, and that no waiver, consent,
approval, or authorization from any third party is required to be obtained or made in
connection with the execution, delivery, or performance of this Agreement. Each signatory
on behalf of the State and the Round Rock Transportation System Development
Corporation, as applicable, is fully authorized to bind that entity to the terms of this
Agreement.
IN WITNESS WHEREOF, the State and the Round Rock Transportation System
Development Corporation have executed triplicate counterparts of this agreement.
ROUND ROCK TRANSPORTATION SYSTEM DEVELOPMENT CORPORATION
By: Date:
Nyle Maxwell
President
Round Rock Transportation System Development Corporation
ATTEST:
By: Date:
(Susan Moss)
(Secretary)
THE STATE OF TEXAS
Executed for the purpose and effect of activating and/or carrying out the orders,
established policies, or work programs heretofore approved and authorized by the Texas
Transportation Commission.
By: Date:
James M. Bass
Chief Financial Officer
Texas Department of Transportation
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EXHIBIT
iRESOLUTION NO. R-07-01
WHEREAS, the Board of Directors of the Round Rock Transportation
System Development Corporation ( "RRTSDC") hereby finds and determines
that there is an urgent need for the City to construct improvements to
the City' s transportation system, and
WHEREAS, such capital improvements cannot be reasonably financed
unless financial assistance is obtained from the State Infrastructure
Bank, and
WHEREAS, the Board of Directors of the RRTSDC now desires to
request financial assistance in an amount not to exceed $16, 000, 000,
Now Therefore
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ROUND ROCK
TRANSPORTATION SYSTEM DEVELOPMENT CORPORATION, THAT
The Board hereby authorizes the President to execute appropriate
documents to make a request for financial assistance to the State
Infrastructure Bank in an amount not to exceed $16, 000, 000 to provide
for the costs of construction of improvements to the City of Round
Rock' s transportation system.
The Board of Directors hereby finds and declares that written
notice of the date, hour, place and subject of the meeting at which
this Resolution was adopted was posted and that such meeting was open
to the public as required by law at all times during which this
Resolution and the subject matter hereof were discussed, considered and
formally acted upon, all as required by the Open Meetings Act, Chapter
551, Texas Government Code, as amended.
0:\wd0x\RES0LUTI\rrtsdc\0701.WPD/xmc
RESOLVED this 22nd day of February, 2007 .
ROUND ROCK SPOR' ATI N SYSTEM
DEVELO N
By:
President
ATTEST:
4J.
Secretary
2
EXHIBIT B
TEXAS TRANSPORTATION COMMISSION
WILLIAMSON County MINUTE ORDER Page 1 of 1
AUSTIN District
On April 26,2007,by Minute Order Number 110915,the Texas Transportation Commission
(commission)granted preliminary approval of an application for financial assistance from the
Round Rock Transportation System Development Corporation to borrow$16 million from the State
Infrastructure Bank(SIB)to pay for construction projects in the Hester's Crossing area including a
collector-distributor,modifications to the eastern intersection at Dell Way,reconstruction of the
existing bridge and other ancillary items in the city of Round Rock(project).
Pursuant to the commission's preliminary approval,the executive director implemented and
completed negotiations and other actions authorized and required by commission rules. The
executive director affirms that the necessary social,economic,and environmental impact study has
been completed,and that the Texas Department of Transportation(department)has approved that
study. The executive director recommends that the commission grant final approval of the SIB
application for financial assistance.
The commission determines that providing financial assistance will protect the public safety
and prudently provide for the protection of public funds,while furthering the purposes of the SIB;
and that the project will provide for all reasonable and feasible measures to avoid,minimize,or
mitigate for adverse environmental impacts.
IT IS THEREFORE ORDERED that the financial assistance application submitted by the
Round Rock Transportation System Development Corporation to borrow$16 million from the State
Infrastructure Bank is granted final approval. The executive director is directed and authorized to
enter into the financial assistance agreement as negotiated with the Round Rock Transportation
System Development Corporation.The loan will be repaid over a period of no more than 15 years at
4.2 percent interest per annum.
Submitted and reviewed by: Recommended by:
\—�. ZJ'
Chief Financial Officer Executive Director
110941 MAY 24 0 7-
Minute Date
Number Passed
EXHIBIT
10/22/2007 Loan Details Actual and (Calculated for Forecast purposes)
Loan Number: S2007-006-04 District: TX Action: FINAL
Loan Amount: $16,000,000.00 Borrower: Round Rock TSDC
Draw Date: 11/01/2007 Payment Due: 11/01/2008 Application Received: 03/12/2007
CSJ#: 0015-09-150 Project Cost: $29,281,730.00 Payment Amount: $1,459,254.92
Agenda: 05/29/2007 Terms: 15 Bond Rate: A1,A+,AA-
Maturity Date: 11/01/2022 Improvement Types: Road Construction Interest Rates: 4.20%
Comments:
Due Date OI d Balance APR Payment Principal Interest New Balance Type
1 11/01/2008 $16,000,000.00 4.20% $1,459,254.92 $787,254.92 $672,000.00 $15,212,745.08 Calculated
2 11/01/2009 $15,212,745.08 4.20% $1,459,254.92 $820,319.63 $638,935.29 $14,392,425.45 Calculated
3 11/01/2010 $14,392,425.45 4.20% $1,459,254.92 $854,773.05 $604,481.87 $13,537,652.40 Calculated
4 11/01/2011 $13,537,652.40 4.20% $1,459,254.92 $890,673.52 $568,581.40 $12,646,978.88 Calculated
5 11/01/2012 $12,646,978.88 4.20% $1,459,254.92 $928,081.81 $531,173.11 $11,718,897.07 Calculated
6 11/01/2013 $11,718,897.07 4.20% $1,459,254.92 $967,061.24 $492,193.68 $10,751,835.83 Calculated
7 11/01/2014 $10,751,835.83 4.20% $1,459,254.92 $1,007,677.82 $451,577.10 $9,744,158.01 Calculated
8 11/01/2015 $9,744,158.01 4.20% $1,459,254.92 $1,050,000.28 $409,254.64 $8,694,157.73 Calculated
9 11/01/2016 $8,694,157.73 4.20% $1,459,254.92 $1,094,100.30 $365,154.62 $7,600,057.43 Calculated
10 11/01/2017 $7,600,057.43 4.20% $1,459,254.92 $1,140,052.51 $319,202.41 $6,460,004.92 Calculated
11 11/01/2018 $6,460,004.92 4.20% $1,459,254.92 $1,187,934.71 $271,320.21 $5,272,070.21 Calculated
12 11/01/2019 $5,272,070.21 4.20% $1,459,254.92 $1,237,827.97 $221,426.95 $4,034,242.24 Calculated
13 11/01/2020 $4,034,242.24 4.20% $1,459,254.92 $1,289,816.75 $169,438.17 $2,744,425.49 Calculated
14 11/01/2021 $2,744,425.49 4.20% $1,459,254.92 $1,343,989.05 $115,265.87 $1,400,436.44 Calculated
15 11/01/2022 $1,400,436.44 4.20% $1,459,254.77 $1,400,436.44 $58,818.33 $0.00 Calculated
Totals: $21,888,823.65 $16,000,000.00 $5,888,823.65
..... ................
DATE: November 1, 2007
SUBJECT: City Council Meeting - November 8, 2007
ITEM: 10C3. Consider a resolution approving the action of the Round Rock
Transportation System Development Corporation in entering into a
State Infrastructure Bank Loan Agreement with the State of Texas
for the improvements in the Hesters Crossing area.
Department: Finance Department
Staff Person: Cindy Demers, Finance Director
Justification:
The Round Rock Transportation System Development Corporation has made an application
to the State Infrastructure Bank (SIB) for a loan not to exceed $16 million for the
improvements in the Hester's Crossing area.
Loan terms:
4.2% per annum to maturity
15 year amortization with equal annual principal and interest payments
No debt service reserve requirement
Subordinate lien position
No additional bonds test
The loan will be repaid from the 1/2 % sales tax dedicated to transportation improvements.
TXDOT gave final approval of the loan transaction at its regular meeting on May 24, 2007.
Funding:
Cost: N/A
Source of funds: 1/2 % sales tax dedicated to transportation improvements.
Outside Resources: N/A
Background Information:
State will provide funding for actual project costs for the construction projects in the
Hester's Crossing area including a collector-distributor, modifications to the eastern
intersection at Dell Way, reconstruction of the existing bridge and other ancillary items in
the City.
Public Comment: N/A