Travis County Commissioners Court
August 29, 2006
Item A4
Beginning with a-4, consider and take appropriate action regarding the call down of the funds that were posted for elroy road as required by the stone any ridge phasing agreement in reference to stony ridge 5-a and 5-b, two subdivisions in precinct four. We typically receive some sort of fiscal security from a developer when he's subdividing his property. In this case it was the stony ridge subdivision, and any time we have a capital improvements project subsequently, what we will do is draw down the fiscal and add it to the north Austin we've received in the bond programs. The money we received from the developer is intend it had for a spefg purpose. In this case the money was set aside to improve elroy roid. And if we didn't have a cip program wharks we do is we aaccumulate these funds until we have enough to make an improvement. In this case the voters approved a separate cip project called elroy road. What we're doing is drawing down this fiscal and adding it to the money we have approved. We will have subsequently -- this is a call-down basically allowing us to use that money for its intended purpose. We're not going to be using the bonds, we'll be using the cash that the developer will provide for us next week. We have his agreement to provide us cash in lieu of the bonds. We'll have that document on next week's court agenda. What we're asking the cowrlt to do -- the court to do today is authorize the use of the call down for elroy capital improvements.
>> and we have a September fifth deadline?
>> what we're doing is basically meeting that deadline. Otherwise it would expire.
>> so if we don't get cash from the developer --
>> we have the signed agreement in hand. It's just a matter of having it on the court agenda for approval. When we took this action to call down the bonds, he said don't call the bonds, I'll provide you with a document that gives you cash in lieu of that. And we have that in our possession. So we will have that on the court agenda for next week to cute. It's already signed from his part, it's been signed, but we need to sciewlt it by tep on he he -- sciewlt it by accepting it. All in favor? That passes by unanimous vote.
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Last Modified:
Wednesday, August 30, 2006 12:28 PM