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R-2021-142 - 5/27/2021
RESOLUTION NO. R-2021-142 WHEREAS, the City of Round Rock ("City") has previously entered into a Wastewater Service Agreement ("Agreement") with Fern Bluff Municipal Utility District ("District"); and WHEREAS, the City Council now wishes to enter into a Third Amendment to the Agreement to amend Exhibit "A" to outline the debt service schedule to be paid by the District, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Mayor is hereby authorized and directed to execute on behalf of the City, Third Amendment to the Wastewater Service Agreement Between the City of Round Rock and Fern Bluff Municipal Utility District, a copy being attached hereto as Exhibit "A" and incorporated herein for all purposes. 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 5 51, Texas Government Code, as amended. RESOLVED this 27th day of May, 2021. ---dAl CRAIGX40'RGP<, Mayor City of Round Rock, Texas ATTEST: SARA L. WHITE, City Clerk 01 12.2-212, 00472255 EXHIBIT '"A�FAF THIRD AMENDMENT TO THE WASTEWATER SERVICE AGREEMENT BETWEEN THE CITY OF ROUND ROCK AND FERN BLUFF MUNICIPAL UTILITY DISTRICT THIS THIRD AMENDMENT TO THE WASTEWATER SERVICE AGREEMENT BETWEEN THE CITY OF ROUND ROCK AND FERN BLUFF MUNICIPAL UTILITY DISTRICT (the "Third Amendment') is dated and entered into as of the day of 2021 , by and between the City of Round Rock, Texas ("Round Rock") a homemrule municipality (the "City") and Fern Bluff Municipal Utility District, (the "District"). RECITALS WHEREAS, Round Rock and the Distr41 ict have entered lento that certain Wastewater Service Agreement Between the City of Round Rock and Fern Bluff Municipal Utility District, (the "Agreement") effective as of December 8, 20094P and WHEREAS, Exhibit "A" to the Agreement sets forth the debt service payments to be made by the District to Round Rock for the purposes of the District Capital Charge; and WHEREAS, the Agreement provides for the District to fund its share of Required Improvements; and WHERFAS, the pert issued by the Texas Commission on Envimironmental Quality ("TCEQ") requires the System to be improved i*n order to treat wastewater to a higher standard; and WHEREAS, Required Improvements to the System are currently under construction which will meet the requirements of TCEQID5 and WHEREAS, pursuant to §6.09(a)(1*v) of the Agreement, the District has elected to not pay cash for its share of the cost of the Required Improvements; and WHEREAS, Round Rock has agreed to pay the District's share of the cost of the Required Improvements on condition that Round Rock recover its cost, plus interest from the District, in the form of a Required Improvements Charge.,olo NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the sufficiency of which are hereby conclusively acknowledged, and subject to the terms and conditions hereinafter set forth, Round Rock and the District mutually agree to approve this Third Amendment, which shall read as follows: 00469497,DOCX ARTICLE 1 DEFINITIONS Section 1.1 All terms used herein shall have the meanings assigned to them in the Agreement, unless the context clearly requires otherwise. "TCEQ Required Improvements" means the improvements required by the TCEQ t o enable the System to treat the wastewater to a higher standard as required by the permit issued by TCEQ. The TCEQ Required Improvements meet the definition of a "Required Improvement" in the Agreement. ARTICLE II 0 DISTRIC-T'S-CONSE-NT, Section 2.1 Pursuant to §6.09(a)(I*v) of the Agreement, the District hereby acknowledges that i*t has previously consented to the construction of the TCEQ Required Improvements. ARTICLE III REQUIRED IMPROVEMENTS CHARGE Section 3.1 Pursuant to §6.09(a)(iv) of the Agreement., the District elects to not pay cash for its I* share of the construction cost of the TCEQ Required Improvements. Round Rock has elected to not issue additional debt for the DisEri....A's share of the costs, but has elected to pay cash. Accordingly, the District and Round Rock have agreed to amend Exhibit A of the Agreement to add the District's share of�111 the TCEQ Required Improvements as a Required Improvements Charge to its schedule of debt owed to Round Rock. ARTICLE IV AMENDED EXHIBIT A Section 4.1 The document marked "Exhibit A", entitled "City of Round Rock Texas, 2016 Refunding, 2017 Refunding, and 2021 Required Improvements Charge for Fern Bluff MUD Portion Only" attached to and incorporated herein replaces the previous "Exhibit A"' attached to the Agreement. Everywhere the Agreement refers to "Exhibit A," it is agreed that henceforth it will be understood to refer to the attached `Exhibit A". ARTICLE V MISCELLANEOUS Section 5.1 To the extent necessary to effect the terms and provisions of this Third Amendment., Is the Agreement is hereby amended and modified. In all other respects, the aforesaid Agreement is hereby ratified and confirmed. Section 5.2 This Third Amendment may be executed in counterparts, each of which shal1 bean original and all of which together shall constitute but one and the same instrument. 2 0 IN WITNESS WHEREOF, the parties hereto acting under authorlty of their respective governing bodies have caused this Third Amendment to be duly executed as of the day and year first above written. Attest0 : Attest: Sara White, City Clerk FERN BLUFF MUNICIPAL UTILITY DISTRICT Secretary 0 President CITY OF ROUND ROCK, TEXAS 92 Craig Morgan, Mayor 3 Exhibit A "City of Round Rock Texas., 2016 Refunding, 2017 Refunding, and 2021 Required Improvements Charge for Fern Bluff MUD Portion Only" 4 City of Round Rock, Texas $35518500 Utility System Revenue Refunding Bonds, Series 2016 Fern Bluff MUD Portion Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P+I Fiscal Total 08/01 /2020 - - - - - 02/01 /2021 - - 14,950.00 143,950.00 - 08/01 /2021 - - 149950.00 14,950.00 - 09/30/2021 - - - - 29,900.00 02/01 /2022 - _ - 14,950.00 14,950.00 - 08/01/2022 - - 14,950.00 14,950.00 - 09/30/2022 - - - - 29,900.00 02/01 /2023 - - 14,950.00 14,950.00 - 08/01/2023 - - 14,950.00 14,950.00 - 09/30/2023 - - - - 29,900.00 02/01/2024 - _ _ - 14,950.00 141,950.00 - 08/01 /2024 - - 141,950.00 14,950.00 - 09/30/2024 - - - - 29,900.00 02/01/2025 - - 14,950.00 14,950.00 - 08/01/2025 65,000.00 5.000% 14,950.00 _ 79,950.00 - 09/30/2025 - - - - 94,900.00 02/01/2026 - - 13,325.00 13,325.00 - 08/01/2026 70,000.00 5.000% 13,325.00 83,325.00 - 09/30/2026 - - - - 96,650.00 02/01/2027 - - 113,575.00 11,575.00 - 08/01/2027 70,000.00 2.500% 11,575.00 81,575.00 - 09/30/2027 - - - - 93,150.00 02/01/2028 - - 109700.00 10,700.00 - 08/01/2028 75,000.00 2.500% 10,700.00 85,700.00 - 09/30/2028 - - - _ - 962400.00 02/01/2029 _ - - 9,762.50 9,762.50 - 08/01 /2029 75,000.00 2.750% 9,762.50 84,762.50 - 09/30/2029 - - - - 94,525.00 02/01/2030 - - 8,731.25 8,731.25 - 08/01/2030 75,000.00 2.750% 8,731.25 83,731.25 - 09/30/2030 - - - - 92,462.50 02/01 /2031 - - 7,700.00 7,700.00 - 08/01/2031 80,000.00 3.000% 7,700.00 87,700.00 - 09/30/2031 - - - - 95,400.00 02/01/2032 - - 6,500.00 6,500.00 - 08/01/2032 80,000.00 3.000% 6,500.00 86,500.00 - 09/30/2032 - - - - 93,000.00 02/01/2033 - - 5,300.00 5,300.00 - 08/01/2033 85,000.00 4.000% 5,300.00 90,300.00 - 09/30/2033 - - - - 95,600.00 2016 Utility Rev Ref allo I Fern Bluff MUD 1 4/ 5/2021 1 10:13 AM EXHIBIT k 0 City of Round Rock,Texas $355185,000 Utility System Revenue Refunding Bonds, Series 2016 Fern Bluff MUD Portion Debt Service Schedule Part 2 of 2 Date Principal Coupon Interest Total P+I Fiscal Total 02/01/2034 - - 31)600.00 3,600.00 - 08/01/2034 901000.00 4.000% 31,600.00 93,600.00 - 09/30/2034 - - - - 975200.00 02/01/2035 - - 1,800.00 1,800.00 - 08/O1/2035 90,000.00 4.000% 11800.00 91,800.00 - 09/30/2035 - - - - 93,600.00 Total $855,000.00 - $307,487.50 $1,162,487.50 - Yield Statistics Bond Year Dollars $8,815.00 Average Life _ _ 10.310 Years Average Coupon 3.4882303% DVO I 728.75 Net Interest Cost(NIC) 3.4882303% Tnie Interest Cost(TIC) 3.4807094% Bond Yield for Arbitrage Pwposes 3.4615175% All Inclusive Cost(AIC) 3.4807094% IRS Form 8038 Net Interest Cost 3.4882303% Weighted Average Maturity 10.310 Years i i i f f 2016 Utility Rev Ref allo Fern Bluff MUD 1 4/5/2021 1 10:13 AM Specialized Public Finance •.•- Austin, Texas6 City of Round Rock, Texas $3257855000 Utility System Revenue Refunding Bonds, Series 2017 Fern Bluff MUD Portion Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P+I Fiscal Total 08/01 /2020 - - - - - 02/01 /2021 - - 13,625.00 13,625.00 - 08/01 /2021 45,000.00 5.000% 13,625.00 583625.00 - 09/30/2021 - - - - 72,250.00 02/01/2022 - - 12,500.00 12,500.00 - 08/01/2022 - J 50,000.00 5.000% 123500.00 62,500.00 - 09/30/2022 - - - - 753000.00 02/01 /2023 - - 11,250.00 11,250.00 - 08/01/2023 50,000.00 5.000% 11,250.00 61,250.00 - 09/30/2023 - _ _ _ - - 72,500.00 02/01 /2024 _ _ - - 10,000.00 10,000.00 - 08/01 /2024 60,000.00 5.000% 10,000.00 70,000.00 - 09/30/2024 - - - - 80,000.00 02/01 /2025 - - 8,500.00 8,500.00 - 08/01/2025 - - 8,500.00 85500.00 - 09/30/2025 _ - - - - 17,000.00 02/01/2026 - - 8,500.00 8,500.00 - 08/01 /2026 - - 8,500.00 8,500.00 - 09/30/2026 - - - - 17,000.00 02/01/2027 - - 8,500.00 8,500.00 - 08/01 /2027 - - 8,500.00 8,500.00 - 09/30/2027 - - - - 17,000.00 02/01/2028 - - 8,500.00 8,500.00 - 08/01/2028 - - 8,500.00 8,500.00 - 09/30/2028 - - - - 17,000.00 02/01/2029 - - 8,500.00 8,500.00 - 08/01/2029 - - 8,500.00 8,500.00 - 09/30/2029 - - - - 17,000.00 02/01/2030 - - 8,500.00 8,500.00 - 08/01/2030 - - 8,500.00 8,500.00 - 09/30/2030 - - - - 17,000.00 02/01/2031 - - 8,500.00 8,500.00 - 08/01/2031 - - 8,500.00 8,500.00 - 09/30/2031 - - - - 17,000.00 02/01/2032 - - _ 8,500.00 8,500.00 - _ 08/01/2032 _ - - 8,500.00 8,500.00 - 09/30/2032 - - - - 17,000.00 02/01/2033 - - 8,500.00 8,500.00 - 08/01/2033 - - 8,500.00 8,500.00 - 09/30/2033 - - - - 1700.00 2017 Utility Rev Ref all© I Fern Bluff MUD 1 4/ 5/2021 1 10:17 AM City of Round Rock, Texas $32,7855000 Utility System Revenue Refunding Bonds, Series 2017 Fern Bluff MUD Portion Debt Service Schedule Part 2 of 2 Date Principal Coupon Interest Total P+1 Fiscal Total . 02/01/2034 - - 8,500.00 8,500.00 - 08101 /2034 - - 8,500.00 8,500.00 - 09/30/2034 - - - - 17,000.00 02/01/2035 - - 8,500.00 8,500.00 - 08/01/2035 - - 8,500.00 8,500.00 - _ 09/30/2035 — - - --- - - - 17,000.00 02/01 /2036 - - 8,500.00 8,500.00 - 08/01 /2036 100,000.00 4.250% 8,500.00 108,500.00 - 09/30/2036 - - - - 1175000.00 02/01/2037 - _ - 6,375.00 6,375.00 - 08/01 /2037 95,000.00 4.250% 6,375.00 101,375.00 - 09/30/2037 - - - - 107,750.00 02/01/2038 - - 4,356.25 4,356.25 - 08/01/2038 100,000.00 4.250% 43356.25 104,356.25 - 09/30/2038 - - - - 108,712.50 02/01/2039 - - 2,231.25 2,231.25 - 08/01 /2039 105,000.00 4.250% 2,231.25 107,231.25 - 09/30/2039 - - - - 109,462.50 Total $605,000.00 - $324,675.00 $92%675.00 - Yield Statistics Bond Year Dollars $7,545.00 Average Life _ -- �_ _ 12.471 Years ------- _ -- Average Coupon _ 4.3031809% DVO1 — _-.___-- ---____-- 542.05 _ Net Interest Cost (NIC) 4.3031809% True Interest Cost (TIC) — 4.3192370% Bond Yield for Arbitrage Purposes _ 4.3635779% All Inclusive Cost (AIC) 4.3192370% IRS Form 8038 Net Interest Cost _ 4.3031809% Weighted Average Maturity 12.471 Years 2017 Utility Rev Ref allo ( Fern Bluff MUD 1 4/ 5/2021 1 10:17 AM .•• Public Specialized Fern Bluff Municipal Utility District $402,000 Required Improvements Charge - East Plant Project, Series 2021 Final Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P+I Fiscal Total 02/01/2021 - - - - 08/01/2021 - - 3,618.00 3,618.00 - 09/30/2021 - - - - 3,618.00 02/01/2022 19,000.00 1.800% 3,618.00 22,618.00 - 08/01 /2022 - - 3,447.00 3,447.00 - 09/30/2022 - - - - 26,065.00 02/01 /2023 19,000.00 1.800% 3,447.00 22,447.00 - 08/01/2023 - - 3,276.00 3,276.00 - 09/30/2023 - - - - 252723.00 02/01/2024 20,000.00 _ 1.800% 33,276.00 23,276.00 - 08/01/2024 - _ - 3,096.00 3,096.00 - 09/30/2024 - - - - 26,372.00 02/01/2025 20,000.00 1.800% 3,096.00 23,096.00 - 08/01/2025 - - 2,916.00 2,916.00 - 09/30/2025 - - - - 26,012.00 02/01 /2026 21,000.00 1.800% 2,916.00 23,916.00 - 08/01/2026 - - 2,727.00 2,727.00 - 09/30/2026 - - - - 26,643.00 02/01/2027 21,000.00 1.800% 2,727.00 232727.00 - 08/01/2027 - - 2,538.00 2,538.00 - 09/30/2027 - - - - 267265.00 02/01/2028 21,000.00 1.800% 2,538.00 23,538.00 - 08/01/2028 - - 2,349.00 2,349.00 - 09/30/2028 - - - - 25,887.00 02/01/2029 22,000.00 1.800% u 2,349.00 24,349.00 08/01 /2029 - - 2,151.00 2,151.00 - 09/30/2029 - - - - 26,500.00 02/01 /2030 22,000.00 1.800% 2,151.00 24,151.00 - 08/01/2030 - - 1,953.00 1,953.00 - 09/30/2030 - - - _ - 26,104.00 02/01/2031 _ 22,000.00 _ _i 1.800% 1,953.00 23,953.00 - 08/01/2031 - - 1,755.00 1,755.00 - 09/30/2031 - - - - 25,708.00 02/01/2032 23,000.00 1.800% 1,755.00 24,755.00 - 08/01/2032 - - 1,548.00 1,548.00 - 09/30/2032 - - - - 26,303.00 02/01/2033 23,000.00 1.800% 1,548.00 24,548.00 - 08/01/2033 - - 1,341.00 1,341.00 - 09/30/2033 - - - - 25,889.00 02/01/2034 24,000.00 1.800% 1)341.00 25,341.00 - 2021 FBMUD East Plant Pro I SINGLE PURPOSE 1 41 5/2021 1 11:41 AM Fern Bluff Municipal Utility District $402,000 Required Improvements Charge - East Plant Final Debt Service Schedule Date Principal Coupon O8/01/2034 - 09/30/2034 - - 02/01/2035 24,000.00 1.800% 08/01 /203 5 - - 09/30/2035 - - 02/01/2036 25,000.00 1.800% 08/01/2036 - - 09/30/2036 - - 02/01/2037 25,000.00 1.800% 08/01/2037 - - 09/30/2037 - - 02/01/2038 25,000.00 1.800% 08/01/2038 - - 09/30/2038 - - 02/01/2039 26,000.00 1.800% 09/30/2039 - - Total $4029000.00 - `• Yield Statistics Bond Year Dollars _ Average Life Average Coupon DVO 1 Net Interest Cost (NIQ _True Interest Cost (TIC) Bond Yield for Arbitrage Purposes All Inclusive Cost (AIC) IRS Form 8038 Net Interest Cost Weighted Average Maturity 2021 FBMUD East Plant Pro ( SINGLE PURPOSE 1 4/ 512021 ( 11:41 AM Specialized Public •