BCRUA_R-12-12-05-7BRESOLUTION NO. R-12-12-05-1tS
A RESOLUTION BY THE BOARD OF DIRECTORS OF THE BRUSHY CREEK
REGIONAL UTILITY AUTHORITY, INC. DIRECTING THE USE OF SURPLUS
FUNDS FROM THE $65,870,000 BRUSHY CREEK REGIONAL UTILITY
AUTHORITY, INC. CITY OF ROUND ROCK, TEXAS CONTRACT REVENUE BONDS
(BRUSHY CREEK REGIONAL WATER TREATMENT AND DISTRIBUTION
PROJECT), SERIES 2009
WHEREAS, the Brushy Creek Regional Utility Authority ("BCRUA") has issued and
delivered the $65,870,000 Brushy Creek Regional Utility Authority, Inc. City of Round Rock,
Texas Contract Revenue Bonds (Brushy Creek Regional Water Treatment and Distribution
Project), Series 2009 (the "Round Rock Bonds") to the Texas Water Development Board (the
"TWDB"); and
WHEREAS, the project financed by the Round Rock Bonds has been completed and
there remains in the construction fund created for such project $8,475,000 in excess funds (the
"Surplus Funds"). Such excess amount is attributable only to the Round Rock Bonds and does
not take into account any excess funds attributable to any other participant City; and
WHEREAS, Section 33(c) of the Resolution authorizing the Bonds provides that:
(c) Final Accounting. Upon completion of the BCRUA Project, the
BCRUA shall render a final accounting of the cost of such project to the Texas
Water Development Board. If the total cost of such project, as finally completed,
is less than originally estimated, so that the proper share of the participation by
the Texas Water Development Board in such project is reduced, the BCRUA shall
return to the Texas Water Development Board the amount of such excess to the
nearest multiple of the denomination of the Bonds, whereupon the Texas Water
Development Board shall cancel and return to the BCRUA a like amount of said
Bonds held by the Texas Water Development Board. The Bonds to be canceled
and returned shall be chosen in inverse order of maturity. The remainder of any
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RIS HER FIELDER, President
Brushy Creek Regional Utility Authority
such excess, an amount less than $5,000, shall be deposited into the Debt Service
Fund; and
WHEREAS, the BCRUA, at the request of the City of Round Rock, Texas, now desires
to use the Surplus Funds to redeem a portion of the outstanding Round Rock Bonds;
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
BRUSHY CREEK REGIONAL UTILITY AUTHORITY, INC., THAT:
Section 1. The Board is hereby authorized and directed to use the Surplus Funds to
redeem a portion of the outstanding Round Rock Bonds.
Section 2. The Board and the Executive Director of the BCRUA are hereby
instructed to do any and all things necessary in order to accomplish the use of the Surplus Funds
for redemption of a portion of the Round Rock Bonds as described herein and will coordinate
with the TWDB in connection with such redemption.
The Board 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.
RESOL VED this 5th day of Decemb
ATTEST:
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~ROUND ROCK, TEXAS
PURPOSE. PASSION. PROSPERITY
October 17,2012
Mayor
Alan McGraw
Mayor Pro-Tem
Kris Whitfield
Councilmembers
Craig Morgan
George White
Joe Clifford
Carlos T. Salinas
John Moman
City Manager
Steve Norwood
Mr. Chris Lippe
Brushy Creek Regional Utility Authority
221 E. Main St.
Round Rock, Texas 78664
Re: $65,870,000 Brushy Creek Regional Utility Authority, Inc. City of Round Rock, Texas
Contract Revenue Bonds (Brushy Creek Regional Water Treatment and
Distribution Project)
Dear Chris,
The project financed by the above-referenced bonds (the "Bonds") has been completed and there
remains in the construction fund created for such project $8,475,000 in excess funds. Such excess
amount is attributable only to the Bonds issued for the City of Round Rock, Texas (the "City") and
does not take into account any excess funds attributable to any other participant City.
Section 33(c) of the Resolution authorizing the Bonds provides that:
(c) Final Accounting. Upon completion of the BCRUA Project, the BCRUA shall
render a final accounting of the cost of such project to the Texas Water Development
Board. If the total cost of such project, as finally completed, is less than originally
estimated, so that the proper share of the participation by the Texas Water Development
Board in such project is reduced, the BCRUA shall return to the Texas Water Development
Board the amount of such excess to the nearest multiple of the denomination of the
Bonds, whereupon the Texas Water Development Board shall cancel and return to the
BCRUA, a like amount of said Bonds held by the Texas Water Development Board. The
Bonds to be canceled and returned shall be chosen in inverse order of maturity. The
remainder of any such excess, an amount less than $5,000, shall be deposited into the
Debt Service Fund.
The City formally requests that the Board of Directors of the Authority take such actions as
necessary for the $8,475,000 excess proceeds to be used to redeem a like amount of the Bonds
held by the Texas Water Development Board in accordance with Section 33(c) of the Resolution.
The Board of Directors of the Authority will need to approve a resolution which supports this
request. The City is working with bond counsel to prepare the necessary resolution and would like
to seek approval from the Board of Directors of the Authority at the November meeting.
~ City Manager City Attorney
Stephan L. Sheets
CITY OF ROUND ROCK FINANCE DEPARTMENT, 231 East Main Street • Round Rock, Texas 78664
Phone 512.218.5400 • www.roundrocktexas.gov