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HomeMy WebLinkAbout25-218RESOLUTIONNO. 25-218 A RESOLUTION OF THE CITY OF DENTON, TEXAS, SUPPORTING LEGISLATION RELATING TO THE POWERS AND DUTIES OF COLE RANCH IMPROVEMENT DISTRICT NO. 1 OF DENTON COUNTY, TEXAS TO ISSUE BONDS; AND PROVIDING AN EFFECTIVE DATE WHEREAS, pursuant to Section 59, Article XVI, Texas Constitution, Cole Ranch Improvement District No. 1 of Denton County, Texas (the “District”) has been created during the 86th Regular Session of the Texas Legislature through the passage of HB 4693 and codified under Chapter 3981, Special District Local Laws Code (the “District Act”), to include land within the City of Denton, Texas (the “City”), as a special district for the benefit of the public, including the acquisition, construction, improvement, financing, operation, and maintenance of water, wastewater, drainage, road, landscaping, park and recreational facilities; and WHEREAS, in satisfaction of the requirements of Section 3981.0109(a)(2) of the District Act, the City and the District have entered into that “Operating Agreement”, dated as of April 7, 2020 (the “Operating Agreement”); and WHEREAS, the City and District have agreed to amend the terms and provisions of the Operating Agreement and the City has adopted Ordinance No. 25-217, dated February 18, 2025, approving a First Amendment to Operating Agreement, between the City and the District (the “First Amendment”); and WHEREAS, the City desires to support legislation for the amendment of the District Act to develop the land within the District; and WHEREAS, the City is in support of such legislation and will continue to work with the Developer on issues, regulations, and agreements pertaining to the development of land within the District; NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION 1 . The facts and opinions in the preamble of this resolution are true and correct. SECTION 2. The City Council supports the passage of special legislation in the 89th Texas Legislature for the amendment of the District Act, provided that such legislation does not substantially differ from the legislation attached hereto as Exhibit A and incorporated herein for all purposes. SECTION 3. This resolution shall be in full force and effect from and after its passage. The motion to approve this resolution w„ m,d, by J,' I I J€5 +c, ,„d „,,„d,d by arc_ Jb.. CL..,e He(3, t The resolution was passed and approved by the following vote Ha: Aye X X X X X X X Nay Abstain Absent Mayor Gerard Hudspeth: Vicki Byrd, District 1 : Brian Beck. District 2: Paul Meltzer. District 3 Joe Holland. District 4: Brandon Chase McGee, At-Large Place 5 Jill Jester, At-Large Place 6 PASSED AND APPROVED this the 18th day of February ' 2025. GERARD HUDSPETH, MAYOR ATTEST: \\\llllllflZ LAUREN THODEN, CITY SECRETARY APPROVED AS TO LEGAL FORM: Mack lbihwaha MACK REINWAND. CITY ATTORNEY EXHIBIT “A“ Cole Ranch Improvement District No. 1 of Denton County, Texas Legislation - Bill By :No . A BILL TO BE ENTITLED AN ACT relating to the powers and duties of the Cole Ranch Improvement District No . 1 of Denton County, Texas ; providing authority to issue bonds ; providing authority to impose assessments , fees , and taxes . BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS : SECTION 1. Section 3981.0503 , Special District Local Laws Code, is amended to read as follows : Sec. 3981.0503 . AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS . ( a ) The district may borrow money on terms determined by the board . (b) The district may issue bonds , notes , or other obligations payable wholly or partly from ad valorem taxes , assessments , revenue , contract payments , grants , or other district money, or any combination of those sources of money, to pay for any authorized district purpose . (c) The principal amount of bonds secured by ad valorem taxes issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district . (d) The outstanding, aggregate principal amount of bonds secured by contract payments meeting the requirements of Section 3981.0504 ( 2 ) issued by the district in the aggregate may not exceed an amount equal to 10 percent of the value of the taxable property in the districts making payments under the contract . SECTION 2 . The Cole Ranch Improvement District No . 1 of Denton County, Texas , retains all the rights , powers , privileges , authority, duties , and functions that it had before the effective date of this Act . SECTION 3 . ( a) The legislature validates and confirms all governmental acts and proceedings of the Cole Ranch Improvement District No . 1 of Denton County, Texas , that were taken before the effectIve date of this Act . (b) This section does not apply to any matter that on the effective date of this Act : ( 1 ) is involved in litigation if the litigation ultimately results in the matter being held invalid by a final court ]udgment ; or ( 2 ) has been held invalid by a final court judgment . SECTION 4 . ( a) The legal notice of the intention to introduce this Act, setting forth the general substance of this Act , has been published as provided by law, and the notice and a copy of this Act have been furnished to all persons , agencies , officials , or entities to which they are required to be furnished under Section 59, Article XVI , Texas Constitution, and Chapter 313 , Government Code . (b) The governor , one of the required recipients , has submitted the notice and Act to the Texas Commission on Environmental Quality . (c) The Texas Commission on Environmental Quality has filed its recommendations relating to this Act with the governor, the lieutenant governor , and the speaker of the house of representatives within the required time . (d) All requirements of the constitution and laws of this state and the rules and procedures of the legislature with respect to the notice, introduction, and passage of this Act are fulfilled and accomplished . SECTION 5 . This Act takes effect immediately if it receives a vote of two–thirds of all the members elected to each house , as provided by Section 39, Article III , Texas Constitution . If this Act does not receive the vote necessary for immediate effect , this Act takes effect September 1, 2025 .