R-12-05-10-F3 - 5/10/2012 I
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RESOLUTION NO. R-12-05-10-F3
WHEREAS, the Council of the City of Round Rock, Texas, has previously consented to the
creation of The Meadows at Chandler Creek Municipal Utility District, and
WHEREAS, The Meadows at Chandler Creek Municipal Utility District (the "District") is a
conservation and reclamation district, a body corporate and politic and governmental agency of the
State of Texas, created under Article XVI, Sec. 59 of the Texas Constitution by order of the Texas
Water Commission, now the Texas Commission on Environmental Quality ("the TCEQ"), and the s
District operates under Chapters 49 and 54 of the Texas Water Code, as amended, and
WHEREAS, the City of Round Rock, Texas (the "City") previously granted its consent to the
creation of the District, and the City, the District and Nash Phillips/Copus, Inc. entered into an 4
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"Agreement Concerning Creation and Operation of The Meadows at Chandler Creek Municipal Utility
District" (the "Consent Agreement"), which sets forth the terms and conditions for creation and
operation of the District, and
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WHEREAS, the District issued its Combination Unlimited Tax and Revenue Bonds, Series
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2001 in the original aggregate principal amount of $1,950,000 (the "2001 Bonds"), of which an s
aggregate principal amount of $1,300,000 remains outstanding, and its Combination Unlimited Tax
and Revenue Bonds, Series 2003, in the original principal amount of$5,355,000 (the "2003 Bonds"),
of which an aggregate principal amount of$3,610,000 remains outstanding, and
WHEREAS, the District proposes to refund all of the remaining outstanding 2001 Bonds and
2003 Bonds in order to provide for a gross debt service savings and net present value savings, and
WHEREAS, the Consent Agreement provides that the issuance of bonds be approved by the
City Council of the City of Round Rock, Texas, and
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WHEREAS, the District has submitted to the City for review and approved a substantial draft £
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of the 2012 Bond Order and requested approval of the District's Series 2012 Unlimited Tax Refunding
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Bonds,Now Therefore,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS
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1. The issuance by the District of the Series 2012 Unlimited Tax Refunding Bonds in an amount
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not to exceed $4,910,000 is hereby approved.
2. The City Council approves the substantial draft of the 2012 Bond Order, the form and substance
of which is attached as Exhibit "A" incorporated by reference, and is approved.
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
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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 10th day of May, 2012.
Alan McGraw, Mayor
City of Round Rock, Texas
ATTEST:
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Sara L. White, City Clerk
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ROUNDROCK,TEXAS City Council Agenda Summary Sheet
PURPOSE PASSION.PROSPERITY. Q
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Agenda Item No. F3.—CONSENT AGENDA
Consider a resolution approving the issuance by Meadows at Chandler Creek Municipal
Utility District of approximately $4,909,998 in Unlimited Tax Refunding Bonds, Series
Agenda Caption: 2012.
Meeting Date: May 10, 2012
Department: Finance
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Staff Person making presentation: Cheryl Delaney
Finance Director
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Item Summary:
The creation and operations agreement for The Meadows at Chandler Creek Municipal Utility District (MCCMUD)
requires that the City of Round Rock review and approve bond issuances (refundings) since the MUD is located in ¢'
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the extraterritorial jurisdiction of Round Rock.
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The proceeds will be used to refund a portion of the District's bonds.The MCCMUD will issue$4,909,998 in bonds to
refund 2001 & 2003 outstanding bonds and the cost of issuance. This transaction will reduce their overall debt fi
service expense by taking advantage of favorable interest rates. Finance has reviewed the proposed refunding
documents and agrees that the MCCMUD should move forward with this refunding opportunity.
These refunding bonds will be repaid by Meadows at Chandler Creek MUD property tax collections. The City of
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Round Rock is in no way responsible for the debts of the MCCMUD.
Cost:
Source of Funds:
Date of Public Hearing(if required): N/A
Recommended Action: Approval
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