HomeMy WebLinkAbout24-562RESOLUTION NO. 24-562
A RESOLUTION OF THE CITY OF DENTON AUTHORiZrNG THE SUBMISSION OF AN
APPLICATION THROUGH THE WATER UTILITIES DEPARTMENT TO THE TEXAS
WATER DEVELOPMENT BOARD FOR FINANCIAL ASSISTANCE VIA A FIXED RATE
LOAN IN THE AMOUNT OF $195,845,000 FROM THE STATE WATER
IMPLEMENTATION FUND FOR TEXAS TO FUND THE RAY ROBERTS WATER
TREATMENT PLANT EXPANSION PROJECT; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Texas Water Development Board's mission is to provide leadership,
technical services, and financial assistance to support planning, conservation and responsible
development of water for Texas; and
WHEREAS, the State Water Implementation Fund for Texas provides fixed rate loans
offered at below-market interest rates to help communities develop and optimize water supplies at
cost effective rates; and
WHEREAS, the City of Denton, Texas (the "City") may apply to the Texas Water
Development Board (TWDB) for financial assistance in an amount not to exceed $195,845,000 to
fully fund the Ray Roberts Water Treatment Plant Expansion project; and
WHEREAS, the City submitted an abridged application to the Texas Water Development
Board on February 1, 2024, stating the City’s interest in submitting a complete application; and
WHEREAS, in accordance with the rules and regulations for making such application to
the Texas Water Development Board, a resolution adopted by City Council must accompany such
application; and
WHEREAS, the City has developed the necessary application materials and desires to
make a complete application to the Texas Water Development Board State Water Implementation
Fund for Texas; and
WHEREAS, once TWDB evaluates the initial applications, the City anticipates an
invitation from TWDB to submit the complete application by the Texas Water Development
Board, which will be due 30 days after such invitation; NOW THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES:
SECTION 1. The recitals are hereby incorporated and made part of this resolution for all
purposes.
SECTION 2. Submittal of the application for the Texas Water Development Board’s State
Water Implementation Fund for Texas by the City is hereby approved and authorized.
SECTION 3. The City Manager, or designee, is designated, delegated, and authorized to
execute and submit to the Texas Water Development Board an application for financial assistance
via a fixed rate loan in an amount not to exceed of $195,845,000 from the State Water
Implementation Fund for Texas, and act on behalf of the City of Denton in all matters related to
the loan application, receipt of funds, and any subsequent loan contracts and projects that may
result; and the City Manager, together with the City Attorney's Office, City’s Bond Counsel, City’s
Financial Advisor, and Engineers named in such application are hereby authorized to appear before
the Texas Water Development Board in support of such application and project.
SECTION 4. The City Manager is further specifically authorized to make the required
assurances to the Texas Water Development Board in accordance with the rules, regulations and
policies of the Texas Water Development Board.
SECTION 5. A certified copy of this Resolution shall be attached to the application for
financial assistance herein authorized to be prepared and submitted to the Texas Water
Development Board.
SECTION 6. The funds will be used solely for the purposes for which they are intended
under the SWIFT loan.
SECTION 7. This resolution is effective immediately upon its passage.
The motion to approve this ordinance was made by [Q. b,+) 1 and seconded by [B . au. ZA 1.
The ordinance was passed and approved by the following vote a– I– J :
Aye Nay Abstain Absent
Mayor Gerard Hudspeth:./
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Vicki Byrd, District 1 :
Brian Beck, District 2:
Paul Meltzer, District 3 :
Joe Holland, District 4:
Brandon Chase McGee, At Large Place 5 :
Chris Watts, At Large Place 6:
anD A
PASSED AND APPROVED this the a day of H1 , 2024.
GERARD HUDSPETH, MAYOR
ATTEST:
JESUS SALAZAR, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
Digitally signed by Susan Keller
Susan Keller ;HE::'31EIIBiE:?--'
email=Susan.Keller@cityofdenton.com
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