HomeMy WebLinkAbout05-17-10-2a - Resolution - 05/17/2010RESOLUTION NO. 05- 17 -10 -2 a
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION
APPROVING A MEMORANDUM OF UNDERSTANDING WITH THE CITY OF BRYAN,
TEXAS FOR REIMBURSEMENT OF DEBT SERVICE RELATED PAYMENTS FROM
BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY FOR CERTIFICATES OF
OBLIGATION ISSUED BY EACH CITY FOR CONSTRUCTION OF THE TWIN OAKS
LANDFILL AND AUTHORIZING THE MAYOR TO SIGN THE MEMORANDUM OF
UNDERSTANDING.
WHEREAS, THIS Memorandum of Understanding attached hereto as Exhibit A is between the City of
College Station, a Texas Home -Rule Municipality, and the City of Bryan, a Texas Home -Rule
Municipality (CITIES); and
WHEREAS, it has been found and determined by the City Council of the City of College Station, Texas,
and by the City Council of the City of Bryan, Texas, that it is in the best interest of the citizens of the
respective cities that the CITIES jointly own and operate the Twin Oaks Landfill through the Brazos
Valley Solid Waste Management Agency, Inc. ( BVSWMA), a local government corporation; and
WHEREAS, the CITIES issued debt related to BVSWMA with the anticipation that each city will be
reimbursed for the debt service related to the debt issued.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS:
PART 1: That the City Council hereby approves the Memorandum of Understanding.
PART 2: That the City Council hereby approves the Mayor signing the Memorandum of
Understanding between the City of College Station and the City of Bryan regarding
reimbursement for debt service related to debt issued for BVSWMA by each City.
PART 3: That this resolution shall take effect immediately from and after its passage.
ADOPTED this 17th day of May , A.D. 2010.
ATTEST:
" , . 'q, P,
City Secretary
APPROVED:
Mayor
APPROVED:
City Attorney
Resolution No. 05- 17 -10 -2a
EXHIBIT A
MEMORANDUM OF LTNDERSTANDING
This document constitutes a memorandum of understanding between the City of Bryan, Texas
and the City of College Station, Texas (CITIES). This Memorandum of Understanding provides:
1. The City of College Station issued debt on July 9, 2009, a portion of which in the amount
of $5,145,000 is intended to reimburse the Brazos Valley Solid Waste Management
Agency (BVSWMA) for a portion of the construction costs related to the Twin Oaks
Landfill in Grimes County. The portion of the debt issue relating to the Twin Oaks
Landfill is amortized over a period of twenty (20) years. The final debt service schedule
for the City of College Station, Texas, Certificates of Obligation, Series 2009 is attached
as Attachment A.
2. The City of Bryan issued debt on April 13, 2010, a portion of which in the amount in the
amount of $5,145,000 is intended to reimburse BVSWMA for a portion of the
construction costs related to the Twin Oaks Landfill in Grimes County. The portion of
the debt issue relating to the Twin Oaks Landfill is amortized over a period of nineteen
(19) years. The estimated debt service schedule is attached as Attachment B and will be
replaced by the final debt service schedule for the City of Bryan, Texas, Combination
Tax and Revenue Certificates of Obligation, Series 2010.
3. It is the intent of the CITIES to be reimbursed for their respective related debt service
through BVSWMA revenues according to those certain terms and conditions to be set out
in a separate BVSWMA Operating Agreement.
Resolution No. 05- 17 -10 -2a
4. Payments in reimbursement for the respective related debt service will be made to each
city at least five (5) working days prior to the date that such debt service payment is to be
made according to the attached debt service schedules for each city.
Signed this the 17th day of M 5 2010
Mayor
City of College Station, Texas
Attest:
Connie Hooks, City Secretary
City of College Station, Texas
Mayor
City of Bryan, Texas
Mary Lynn Stratta, City Secretary
City of Bryan, Texas
Resolution No. 05- 17 -10 -2a
APPENDIX A - City of College Station
Interest 2,381,979
DEBT SERVICE
SCHEDULE OF REQUIREMENTS
Certificates of Obligation, Series 2009
PRINCIPAL - Landfill Portion $5,145,000
PAYMENT
PRINCIPAL
INTEREST
TOTAL DUE ON
TOTAL DUE
PRINCIPAL AMOUNT"
DATE
AMOUNT
INTEREST RATE
AMOUNT
PAYMENT DATE
EACH YEAR
OUTSTANDING
5,145,000.
2 -15 -10
175,000'
3.000%
104,402
279,402,'
8 -15 -10
96,805
96,805
376,207;
4,970,000
2 -15 -11
205,000
3.000%
96,805,
301,805
8 -15 -11
93,730'
93,730
395,535
4,765,000.
2 -15 -12
215,0
3.000%
93,7301.
308,730`
8 -15 -12
90,5051
90,505'
399,235
4,550,0001
2 -15 -13
220,000
3.000%
90,505;
310,505
8 -15 -13
87,205
87,205'
397,710
i 4,330,000
2 -15 -14
230,000
3.000%
87,205'
317,205 .
8 -15 -14
83,755
83,755'
400,960
4,100,000'
2 -15 -15
240,000
3.000%
83,755
323,755
815 -15
80,155
80,155
4 03,9 10
3,860,000,
2 -15 -16
250,000
3.000%
80,155-
330,155
8 -15 -16
76,405
76,405
406,560'
3,610,000,
2 -15 -17
210,000
1500%
76,405
286,405
8 -15 -17
72,730
72,730
359,135.
3,400,000'
2 -15 -18
220,000-
3.500%
72,730
292,730
8 -15 -18
68,880'
68,880
361,610
3,180,000:
2 -15 -19
230,000:
3.750%
68,880
298,880:.
8 -15 -19
64,568;
64,568;
363,448'-
2,950,000`
2 -15 -20
240,000
4.000%
64,5681
304,568
8 -15 -20
59,768
59,768
364,335;
2,710,000
2 -15 -21
250,000'
4.000%
59,768'
309,768;
8 -15 -21
54,768,
54,768
364,535
2,460,000;
2 -15 -22
260,000
4.000%
54,768:
314,768
8 -15 -22
49,568
49,568
364,335;
2,200,000
2 -15 -23
270,000
4.125%
49,568,
319,568
8 -15 -23
43,999
43,999`
363,566!
1,930,000'
2 -15 -24
285,000
4.250
43,999
328,999:
8 -15 -24
37,943
37,943
366,941'
1,645,000
2 -15 -25
300,000,
5.000%
37,943'
337,943
8 -15 -25
30,443
30,443
368,385
1,345,000
2 -15 -26
315,000
4.500%
30,443
345,443
8 -15 -26
23,355
23,355
368,798
1,030,000
2 -15 -27
330,000
4.500%
23,355'
353,355
8 -15 -27
15,930:
15,930:.
369,285,
700,000,
2 -15 -28
340,000
4.500%
15,930
355,930
8 -15 -28
' 8,280,
8,280'
364,210
, 360,000,
2 -15 -29
360,000
4.600%
8,280
368,280
368,280!
0;
Interest 2,381,979
Resolution No. 05- 17 -10 -2a
APPENDIX B - City of Bryan
DEBT SERVICE
SCHEDULE OF REQUIREMENTS
Combination Tax and Revneue Certificates of Obligation, Series 2010
PRINCIPAL - Landfill Portion $5,145,000
Payment
Principal
Interest
Interest
Total
Annual
Remaining
Date
Payment
Rate
Payment
Payment
Payment
Principal
2/15/2011
161,674.07
161,674.07
8/15/2011
145, 000.00
2.0000%
98,165.63
243,165.63
404, 839.69
5,000,000-00
2/15/2012
96,715.63
96,715.63
8/15/2012
205, 000.00
2.0000%
96, 715.63
301, 715.63
398, 431.25
4, 795, 000.00
2/15/2013
94,665.63
94,665.63
8/15/2013
210, 000.00
2.00009/6
94, 665.63
304, 665.63
399, 331.25
4, 585, 000.00
2/15/2014
92,565.63
92,565.63
8/15/2014
215, 000.00
4.0000%
92, 565.63
307, 565.63
400,131.25
4, 370, 000.00
2/15/2015
88,265.63
88,265.63
8/15/2015
220, 000.00
4.0000%
88, 265.63
308, 265.63
396, 531.25
4,150, 000.00
2/15/2016
83,865.63
83,865.63
8/15/2016
230,000.00
3.0000°%
83,865.63
313,865.63
397,731.25
3,920,000.00
2/15/2017
80,415.63
80,415.63
8/15/2017
235,000.00
4.0000%
80,415.63
315,415.63
395,831.25
3,685,000.00
2/15/2018
75,715.63
75,715.63
8/15/2018
250,000.00
4.0000%
75,715.63
325,715.63
401,431.25
3,435,000.00
2/15/2019
70,715.63
70,715.63
8/15/2019
255, 000.00
4.0000%
70, 715.63
325, 715.63
396, 431.25
3,180, 000.00
2/15/2020
65,615.63
65,615.63
8/15/2020
265, 000.00
4.0000%
65, 615.63
330, 615.63
396, 231.25
2, 915, 000.00
2/15/2021
60,315.63
60,315.63
8/15/2021
275, 000.00
4.0000%
60, 315.63
335, 315.63
395, 631.25
2,640,000-00
2/15/2022
54,815.63
54,815.63
8/15/2022
285,000.00
4.0000%
54,815.63
339,815.63
394,631.25
2,355,000.00
2/15/2023
49,115.63
49,115.63
8/15/2023
295, 000.00
4.0000%
49,115.63
344,115.63
393, 231.25
2, 060, 000.00
2/15/2024
43,215.63
43,215.63
8/15/2024
310,000.00
4.0000%
43,215.63
353,215.63
396,431.25
1,750,000.00
2/15/2025
37,015.63
37,015.63
8/15/2025
320,000.00
4.1250%
37,015.63
357,015.63
394,031.25
1,430,000.00
2/15/2026
30,415.63
30,415.63
8/15/2026
335,000.00
4.1250%
30,415.63
365,415.63
395,831.25
1,095,000.00
2/15/2027
23,506.25
23,506.25
8/15/2027
350,000.00
4.2500%
23,506.25
373,506.25
397,012.50
745,000.00
2/15/2028
16,068.75
16,068.75
8/15/2028
365,000.00
4.2500%
16,068.75
381,068.75
397,137.50
380,000.00
2/15/2029
8,312.50
8,312.50
8/15/2029
380,000.00
4.3750°%
8,312.50
388,312.50
396,625.00
-
Interest
-
2,402,483.44