Commissioners Court - Special Meeting

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AI-6256 4.B.3.       
Meeting Date: 04/28/2015  
Escrow Agreement with ValueBank Texas
Submitted By: Natalie Eckstrom, Grants Department
Department: Grants Department  

Discuss and consider the execution of an Escrow Agreement with ValueBank Texas in accordance with a Loan Forgiveness Agreement with the Texas Water Development Board regarding funding for the Cindy Park colonia.
The Texas Water Development Board (TWDB) administers loan and grant programs that provide for the planning, acquisition, design, and construction of water related infrastructure and other water quality improvements.
On July 23, 2014, the Commissioners Court adopted a resolution authorizing the submission of an Application for Financial Assistance for Water and Wastewater Infrastructure Construction to TWDB. Nueces County’s application for funding was approved. Under this project, planning and design for a new water distribution system in the Cindy Park colonia will be completed.

The funding is being provided as 100% loan forgiveness in the amount of $200,000. Pursuant to the Loan Forgiveness Agreement with the Texas Water Development Board, the County must select an escrow agent, which is defined as a state or national bank designated by the Texas Comptroller as a state depository institution. The Escrow Agreement allows ValueBank Texas to receive the loan proceeds so that the funds are not comingled with any other accounts.

Budget Information
Information about available funds
Budgeted: Funds Available: Adjustment: Amount Available:
Unbudgeted: Funds NOT Available: Amendment:
Account Code(s) for Available Funds
Fund Transfers
Escrow Agreement with ValueBank Texas


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