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CC Resolution No. 877 1589 RESOLUTION NO. 877 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS , AMENDING RESOLUTION NO. 639 ADOPTED ON AUGUST 24 , 1978 ; CONCERNING CONSENT TO THE FORMATION OF A MUNICIPAL UTILITY DISTRICT TO BE KNOWN AS LAKE MUNICIPAL UTILITY DISTRICT OF HARRIS COUNTY. WHEREAS , under Texas Law, before any area located within the extraterritorial jurisdiction of any home rule city can be included within the boundaries of any municipal utility district created under the provisions of Section 54 . 016 of the Texas Water Code , there must first be obtained the consent of such city having such extraterritorial jurisdiction over the area to be included within such district; and WHEREAS, by Resolution No. 639 , passed on August 24 , 1978 , the City Council consented to the formation of Lake Municipal Utility District of Harris County, on certain terms and conditions contained therein; and WHEREAS, the City Council desires to amend Resolution No. 639 in certain respects; Now, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN: Section 1 : Paragraph (a) of Section 1 of City of Baytown Resolution No. 639 is hereby amended to read as follows : " (a) Bonds will be issued by the district only for the purpose of purchasing and construct- ing, or purchasing or constructing, or under contract with the City of Baytown, or otherwise acquiring waterworks systems , sanitary sewer systems , storm sewer systems and drainage facil- ities , or parts of such systems or facilities, and to make any and all necessary purchases, construc- tions , improvements, extensions , additions and repairs thereto, and to purchase or acquire all necessary land, right of way easements , sites, equipment, buildings , plants , structures and facilities therefor, and to operate and maintain same , and to sell water, sanitary sewer and other services within or without the boundaries of the district and to refund previously issued bonds at or before their scheduled maturities or otherwise. Such bonds will expressly provide that the dis- trict reserves the right to redeem said bonds on any interest payment date subsequent to the fifteenth (15th) anniversary of the date of issuance without premium and all such bonds , other than refunding bonds , will be sold only after the taking of public bids therefore, and none of such bonds , other than refunding bonds , will be sold for less than 95% of par; provided that the net effective interest rate on bonds so sold, taking into account any discount or premium as well as the interest rate borne by such bonds , will not exceed two per cent (2%) above the highest average 1590 interest rate reported by the Daily Bond Buyer in its weekly "20 Bond Index" during the one-month period next preceding the date notice of the sale of such bonds is given, and that bids for bonds other than refunding bonds will be received not more than forty-five (45) days after notice of sale of the bonds is given. The resolution authorizing the issuance of the district' s bonds will contain a provision that the pledge of the revenues from the operation of the district' s water and/or drainage system to the payment of the district ' s bonds will terminate when and if the City of Baytown, Texas , annexes the district, takes over the assets of the district and assumes all of the obligations of the district. No land will be added or annexed to the district until the City of Baytown has given its written consent by resolution of the City Council to such addition or annexation. " Section 2 : Except as amended by this Resolution, Resolution No. 639 shall remain in full force and effect. Section 3 : This resolution shall take effect immedi- ately from and after its passage by the City Council of the City of Baytown, Texas . INTRODUCED, READ, AND PASSED by the affirmative vote of the City Council of the City of Baytown, Texas , on this the A2 Al day of , 1984 . Mayor ATTEST: ;� � � City Clerk APPROVED: City Attorney -2-