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HomeMy WebLinkAbout26-1703 08-17-2026RESOLUTION NO. 26-1703 A RESOLUTION APPROVING THE TRINITY RIVER AUTHORITY OF TEXAS AMENDMENT TO TARRANT COUNTY WATER PROJECT CONTRACT BETWEEN THE CITY OF EULESS AND THE TRINITY RIVER AUTHORITY. WHEREAS, the City of Euless, Texas (the City) has duly executed and entered into a contract with the Trinity River Authority of Texas (the Authority) providing for a supply of treated water to the City (the Contract), to which Contract reference is hereby made for all purposes; and WHEREAS, the Contract provides that the Authority would, for the benefit of and to serve the City and others, issue its bonds for the purpose of constructing facilities to enable it to supply treated water to the City and to others (the Project) as described in the Contract; and WHEREAS, pursuant to the Contract, the Authority has duly issued and delivered bonds for the purpose of acquiring, constructing, equipping, completing, improving and extending the Project; and WHEREAS, the Contract requires that all Authority bond resolutions be submitted to the City for approval; and WHEREAS, the Authority and the City deem it to be in their respective best interests to amend the Contract to remove the requirement for the City approval of certain Authority bond resolutions. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EULESS, TEXAS, THAT: SECTION 1. 1. The City hereby approves and authorizes the City Manager of the City to sign, deliver, and execute and the City Secretary to sign, attest, and seal the "Trinity River Authority of Texas Amendment to Tarrant County Water Project Contract Between the Trinity River Authority and the City of Euless, Texas" (the Amendment) in substantially the form and substance attached to this Resolution and made a part hereof for all purposes. 2. Upon execution by the parties thereto, the Amendment shall be binding upon each party and shall become effective and enforceable in accordance with its terms immediately upon execution and delivery thereof for all intents and purposes. SECTION 2. This Resolution shall become effective immediately upon its passage and approval. APPROVED AND PASSED at a regular meeting of the Euless City Council on August 17, 2026, by a vote of 7 ayes, 0 nays, and 0 abstentions. APPROVED: Tim Stinneford, ► ayor ATTEST: Ki utter, TRMC, MMC City Secretary/Chief Governance Officer Resolution No. 26-1703, Page Page 2 of 5 TRINITY RIVER AUTHORITY OF TEXAS AMENDMENT TO TARRANT COUNTY WATER PROJECT CONTRACT BETWEEN THE TRINITY RIVER AUTHORITY AND THE CITY OF EULESS, TEXAS STATE OF TEXAS COUNTY OF TARRANT WHEREAS, the City of Euless, Texas (the "City') has duly executed and entered into a Contract as of January 21, 1972,•and amended as of January 22, 1975 and again on December 5, 1979, with the Trinity River Authority of Texas. (the "Authority') providing for a supply of treated water to the City (together, the "Contract'), to which Contract reference is hereby made for all purposes; and WHEREAS, the Contract provides that the Authority would, for the benefit of and to serve City and others, issue its bonds for the purpose of constructing facilities to enable it to supply treated water to City and to others (the "Project') as described in the Contract; and WHEREAS, pursuant to the Contract, the Authority has duly issued and delivered bonds for the purpose of acquiring, constructing, equipping, completing, improving and extending the Project; and WHEREAS, the Contract requires that all resolutions authorizing the issuance of bonds by the Authority ("Authority Bond Resolutions") be submitted to City for approval; and WHEREAS, Authority and City deem it to be in their respective best interests to amend the Contract to provide that the requirement for City approval of Authority Bond Resolutions shall not apply to any Authority Bond Resolutions authorizing the creation of an extendable commercial paper program or bonds issued to refund obligations under such program; NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the Authority and City agree as of August ( j, 2026, as follows: ARTICLE I A. That Section 2 of the Contract, which reads as follows: Section 2. CONSTRUCTION OF PROJECT. Authority will construct the Project in accordance with the Engineering Report. It is anticipated that such construction will be in phases and that each phase will be financed by Authority through the issuance of its Bonds. Authority will notify City at least one year in advance of the issuance of any Bonds, after Bonds for the first phase of construction, in accordance with the Engineering Report have been delivered. Provided, City may request Authority to finance and construct a phase of the Project at any time and Authority may issue Bonds without giving one year's notice in cases of emergency. Any resolution authorizing any Bonds shall be submitted to City for approval as to form and substance, except as to price, interest rate and purchaser. No such resolution shall be binding on City until approved by ordinance or resolution by City. Resolution No. 26-1703, Page Page 3 of 5 be OMITTED and DELETED in its entirety, and the following substituted in its place: "2. CONSTRUCTION OF PROJECT. Authority will construct the Project in accordance with the Engineering Report. It is anticipated that such construction will be in phases and that each phase will be financed by Authority through the issuance of its Bonds. Authority will notify City at least one year in advance of the issuance of any Bonds, after Bonds for the first phase of construction, in accordance with the Engineering Report, have been delivered. Provided, City may request Authority to finance and construct a phase of the Project at any time and Authority may issue Bonds without giving one year's notice in cases of emergency. Any resolution authorizing any Bonds shall be submitted to City for approval as to form and substance, except as to price, interest rate and purchaser; provided, however, that this approval requirement shall not apply to (i) any Authority resolution authorizing the creation of an extendable commercial paper program (the "ECP Program"), or (ii) any Authority resolution authorizing the issuance of bonds to refund, retire, or extinguish obligations previously issued under the ECP Program. No resolution described in the preceding sentence, other than an Authority resolution of the type described in clauses (i) or (ii) above, shall be binding on City until approved by ordinance or resolution by City." ARTICLE II This Amendment is effective [_], 2026, and it is the express intention of Authority and City that this Amendment be completely integrated and be construed in harmony and congruity with the Contract as a single instrument. [SIGNATURES ON THE FOLLOWING PAGE] Resolution No. 26-1703, Page Page 4 of 5 CITY OF EULESS, TEXAS TRINITY RIVER AUTHORITY OF TEXAS Chris Barker, City Manager J. KEVIN WARD, General Manager ATTEST: ATTEST: Kim Sutter, City Secretary ALEXIS LONG, Secretary Board of Directors (SEAL) (SEAL) Approved as to form: , City Attorney Resolution No. 26-1703, Page Page 5 of 5