Project to Stabilize Detention Basin Side-Slope
To Whom it May Concern:
Regarding Harris County Municipal Utility District No. 359’s (the “District”) upcoming project to stabilize the District’s stormwater detention basin (“Shadowlake”) side-slopes:
- Shadowlake is owned by the District and has properly sold bonds in connection with its project to stabilize Shadowlake’s side-slopes. This project does not conflict with any existing agreements entered into by the District.
- The District has an existing agreement with the City of Houston (City) whereby the City charges District customers for water and sewer services and rebates a portion of those monthly collections to the District. The District has covenanted in its bond orders to deposit those monthly collections in the District’s debt service fund to pay the debt service requirements on those outstanding bonds (however, those rebates are not pledged as security for payment of debt service on the District’s bonds). The District is using its monthly rebate collections to pay its debt service obligations. The District communicates regularly with the City about this agreement.
Please direct any questions you may have about this project to the District. Thank you.
/s/ Andrew B. Vaughan
Andrew B. Vaughan
Attorney for the District