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Res 18-14 Expressing Official Intent to reimburse costs for the regional 30” Waterline Project constructed by the City of Fort Worth TOWN OF WESTLAKE RESOLUTION NO. 18-14 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE REGIONAL 30" WATERLINE PROJECT TO BE CONSTRUCTED BY THE CITY OF FORT WORTH. WHEREAS, the Town of Westlake, Texas (the "Issuer") is a duly created governmental body of the State of Texas; WHEREAS, the provision of water service throughout the Town of Westlake is of vital importance to the health, safety, and welfare of the citizens of Westlake; and WHEREAS, Westlake desires to secure and maintain an adequate potable water source for the health, safety, and welfare of the citizens of Westlake; and WHEREAS, the Town expects to pay, or have paid on its behalf, expenditures in connection with the design, planning, acquisition and construction of the projects described on Exhibit "A" hereto (the "Project") prior to the issuance of tax-exempt obligations, tax-credit obligations and/or obligations for which a prior expression of intent to finance or refinance is required by Federal or state law (collectively and individually, the "Obligations") to finance the Project; WHEREAS, the Town finds, considers, and declares that the reimbursement for the payment of such expenditures will be appropriate and consistent with the lawful objectives of the Issuer and, as such, chooses to declare its intention to reimburse itself for such payments at such time as it issues Obligations to finance the Project; WHEREAS, the Town Council finds that the passage of this Resolution is in the best interest of the citizens of Westlake. THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS THAT: SECTION 1: The Town reasonably expects to incur debt, as one or more series of Obligations, with an aggregate maximum principal amount equal to $2,100,000 for the purpose of paying the costs of the Regional 30" Waterline Project, as identified in Exhibit "A", attached hereto. Resolution 18-14 Page 1 of 2 SECTION 2: All costs to be reimbursed pursuant hereto will be capital expenditures. No Obligations will be issued by the Issuer in furtherance of this Resolution after a date which is later than 18 months after the later of (1) the date the expenditures are paid or (2) the date on which the property, with respect to which such expenditures were made, is placed in service. SECTION 3: The foregoing notwithstanding, no Obligation will be issued pursuant to this Resolution more than three years after the date any expenditure which is to be reimbursed is paid. SECTION 4: The foregoing Sections 2 and 3 notwithstanding, all costs to be reimbursed with qualified tax credit obligations shall not be paid prior to the date hereof and no tax credit obligations shall be issued after 18 months of the date the original expenditure is made. SECTION 5: If any portion of this Resolution shall, for any reason, be declared invalid by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof and the Council hereby determines that it would have adopted this Resolution without the invalid provision. SECTION 6: That this resolution shall become effective from and after its date of passage. PASSED AND APPROVED ON THIS 301h DAY OF APRIL,2018. ATTEST: Laura Wheat, Mayor L' �c t om Cc I —A _or�151"A Kell, Edward , Town Secretary Thomas E. ry er, own Manager Z y ®F WEST APPR AS T'FORM: .- .... •.. ��� 40 anion L wr , o .Attorne Resolution 18-14 Page 2 of 2 Res 18-14 Exhibit "A" Regional 30” Waterline Project • Acquisition, construction, installation and equipment of additions, improvements, repairs and extensions to Issuer’s water system, including a water transmission line from the City of Fort Worth to serve the Town of Westlake and Trophy Club.