Pedernales Electric Cooperative – Board of Directors Meetings

File #: 2017-100    Version: 1 Name:
Type: Executive Session - Real Estate Matters Status: Passed
File created: 3/7/2017 In control: Board of Directors
On agenda: 3/20/2017 Final action: 3/20/2017
Title: Approval of Sale and Release of Real Property and Improvements in Travis County, Texas - J Beggs
Title
Approval of Sale and Release of Real Property and Improvements in Travis County, Texas - J Beggs

Other Info
Submitted By: Julie Beggs
Department: Corporate Services
Financial Impact and Cost/Benefit Considerations:
Appraisal District Valuation (2015): $1,077,655.00
Final Sales Price: $___________


Discussion
The Cooperative will consider the sale of real property and improvements located in Travis County, Texas (the "Manchaca Property"). PEC owns the real property (the "Land") and improvements ("Improvements") on the Manchaca Property. The Property is approximately 10.3620 acres. The Land and Improvements are subject to the Lien (as defined in the Master Indenture) of the Master Indenture of Trust (effective as of January 1, 1993, and as supplemented from time to time (the "Master Indenture")) between the Cooperative and The Bank of New York, as successor to Frost National Bank of San Antonio (the "Trustee") and of the Deed of Trust, Security Agreement, Assignment of Rents and Leases, Fixture Filing and Financing Statement (the "Deed of Trust"). The Cooperative will also consider the release of the Land and Improvements from the Lien.


Body

WHEREAS, the Cooperative's Board of Directors hereby concludes that the Land and Improvements are no longer necessary or advantageous in the business of the Cooperative and that the sale price represents the fair market value for the Land and Improvements; and

WHEREAS, the Land and Improvements constitute less than substantially all of the property in the Cooperative's possession constituting part of the Trust Estate (as defined in the Master Indenture); and

WHEREAS, the Cooperative's Board of Directors desires to obtain a release of the Lien (as defined in the Master Indenture) from the Trustee under the Master Indenture pursuant to Section 1.9(a) and a release from the Deed of Trust in order to sell the Land and Improvements; and

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE C...

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