Posting Language
Title
Approve an ordinance authorizing the issuance by Pilot Knob Municipal Utility District No. 3 (District) of Unlimited Tax Road Bonds, Series 2025, in an amount not to exceed $16,225,000, to be used for street extension projects on William Cannon Drive, Colton Bluff Springs Road, and Union Park Lane, William Cannon Drive landscaping, and related engineering costs and costs of issuing the bonds; and waiving City Code Sections 25-9-284 and 25-9-287 to waive notice of the District's application to Council and the Water and Wastewater Commission and waive Commission review of the application to the extent required; and declaring an emergency. Funding: This item has no fiscal impact.
Body
Lead Department
Austin Financial Services
Fiscal Note
This item has no fiscal impact.
For More Information:
Belinda Weaver, City Treasurer, 512-974-7885; Virginia Collier, Program Manager III, 512-972-0117; Evan Waring, Planner Senior, 512-978-1376
Additional Backup Information:
Pilot Knob Municipal Utility District No. 3, a political subdivision of the State of Texas, was created under the laws of the State of Texas by House Bill No. 1758, Acts of the 82nd Texas Legislature, Regular Session, codified as Chapter 8377, Texas Special District Local Laws Code (Enabling Legislation), and operates under Chapters 49 and 54 of the Texas Water Code. The Enabling Legislation became effective May 25, 2011, and created the District, subject to the consent of the City.
The City consented to the creation of the District by Council action taken March 22, 2012 (Consent Ordinance) and under the terms of the April 13, 2012 Consent Agreement among the City, the District, and Carma Easton LLC, a Texas limited liability company (Developer). The City and the District entered into a Strategic Partnership Agreement dated as of June 4, 2012 (SPA), as authorized by Section 43.0751, Texas Local Government Code. The SPA sets forth the terms and conditions of the City's annexation of...
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