HomeMy WebLinkAbout021484 RES - 09/22/1992A RESOLUTION
AUTHORIZING THE CITY MANAGER TO EXECUTE AN
AGREEMENT ACCEPTING AN ASSIGNMENT FROM
THE PORT OF CORPUS CHRISTI AUTHORITY OF AN
OPTION AGREEMENT TO PURCHASE 41,280 ACRE-
FEET OF WATER PER ANNUM FROM THE LAVACA-
NAVIDAD RIVER AUTHORITY
WHEREAS, present water supplies are insufficient to meet the future needs
of Corpus Christi and surrounding communities; and
WHEREAS, the health, welfare, and economic prosperity of our citizens
depends upon acquiring adequate water supplies; and
WHEREAS, acquisition of long-term water supplies is a lengthy process
requiring responsible and prudent planning and action by our citizens and elected officials;
and
WHEREAS, the City of Corpus Christi has the opportunity to secure options
on substantial additional water supplies and to participate in studies providing a sound basis
for future decisions.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI, TEXAS:
The City Manager is hereby authorized to execute an agreement accepting an
assignment from the Port of Corpus Christi Authority of an Option Agreement to purchase
41,280 acre feet of water per annum from the Lavaca-Navidad River Authority, as set forth
in the attached Exhibit A, incorporated herein.
City Secretary
MAYOR /
THE CITY OF CORPUS CHRISTI
APPROVED: I I DAY OF Ser{ , 19 V.
James R. Bray, Jr., City Attorney
By �• „`
ORDS: 91181
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021484
MICROFJLMED
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Corpus Christi, Texas
Z day of „)P,r ? (Y1 ael , 190 2
The above resolution was passed by the following vote:
Mary Rhodes
Cezar Galindo
Leo Guerrero
Betty Jean Longoria
Edward A. Martin
Joe McComb
Dr. David McNichols
Clif Moss
Mary Pat Slavik
066
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021484
ASSIGNMENT OF OPTION AGREEMENT
WHEREAS, on June 18, 1992, the Lavaca-Navidad River Author-
ity ("LNRA") and the Port of Corpus Christi Authority of Nueces
County, Texas (the "Port Authority"), entered into the "Option
Agreement" granting to the Port Authority and its permitted
assigns, an exclusive right and option to enter into an attached
Water Delivery and Conveyance Contract, the terms of said Option
Agreement and attachment being incorporated herein by reference;
and
WHEREAS, paragraph 6 of said Option Agreement permits
assignment of said Option Agreement to the City of Corpus
Christi, Texas (the "City"); and
WHEREAS, the Port Authority desires to assign the Option
Agreement to the City for the consideration recited below.
NOW, THEREFORE, CITY AND PORT AUTHORITY AGREE AS FOLLOWS:
1. Pursuant to paragraph 6 of the Option Agreement,
the Port Authority hereby assigns to the City, and
the City hereby accepts, all rights and obliga-
tions of the Port Authority under the Option
Agreement.
2. In consideration of said assignment, the City
shall pay to the Port Authority $ 15 4..Qlf.39
for the option price and expenses incurred by the
Port Authority to acquire the option set forth in
the Option Agreement.
3. This Assignment of Option Agreement shall be
effective upon execution by both parties and
approval by LNRA.
ATTEST: CITY OF CORPUS CHRISTI
By: By:
City Secretary Juan Garza, City Manager
Date
APPROVED AS TO LEGAL FORM
THIS ;L' DAY OF SEPTEMBER, 1992
JAMES R.
By:
A
BRAY, JR., CITY ATTORNEY
City At(tjorney
T l
PORT OF CORPUS CHRISTI AUTHORITY
OF NUECES COUNTY, TEXAS
By:
By:
By:
By:
Bv:
By:
By:
ton
J. L. Laird
/ddie^&
Richard R. Valls
ichard L. Bowe s
anales
ITS POT COMMISSIONERS
"Port Authority"
ATTEST: ASSIGNMENT APPROVED BY
LAVACA-NAVIDAD RIVER AUTHORITY
By:
Secretary By:
3AOA140
140.014
290t091592
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•
President of the Board of Directors
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