From
Tannie Camarata, Cash & Debt Manager
Title
Resolution approving and authorizing the execution of a Loan Forgiveness Agreement between the Texas Water Development Board and the City of Grand Prairie, Texas
Presenter
Diana G. Oritz, Chief Financial Officer
Recommended Action
Approve
Analysis
As part of the financing with the Texas Water Development Board (TWDB) the City Council needs to approve the 15% loan forgiveness agreement. The amount of the loan forgiveness is $87,000.
Financial Consideration
The City's Bond Counsel (Fulbright and Jaworkski) prepared the resolution approving the loan forgiveness agreement.
Body
A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN FORGIVENESS AGREEMENT BETWEEN THE TEXAS WATER DEVELOPMENT BOARD AND THE CITY OF GRAND PRAIRIE, TEXAS
WHEREAS, the Texas Water Development Board (the “TWDB”) adopted Resolution No. 12-63 on July 19, 2012 (the “TWDB Resolution”) making a commitment to provide financial assistance to the City of Grand Prairie, Texas (the “City”) in the amount of $582,000 from the Clean Water State Revolving Fund to finance wastewater system improvements; and
WHEREAS, in connection with such commitment, the TWDB determined that the City qualifies for a subsidy as a disadvantaged community and agreed, pursuant to the TWDB Resolution, to provide a loan in the amount of $495,000 to the City (evidenced by the issuance of the $495,000 “City of Grand Prairie, Texas, Water and Wastewater System Revenue Bonds, New Series 2012” authorized pursuant to an ordinance adopted on the date hereof) and further agrees that $87,000 will be forgiven upon execution of a Loan Forgiveness Agreement; and
WHEREAS, the City Council hereby finds and determines that the Loan Forgiveness Agreement between the City and the TWDB (substantially in the form and content of Exhibit A attached hereto) should be approved and authorized to be executed; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAND...
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