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Res 18-30 Authorize the Publication of Notice of Intent to issue Certificates of Obligation TOWN OF WESTLAKE RESOLUTION NO. 18-30 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION TO FUND THE TOWN OF WESTLAKE'S PROPORTIONAL COSTS RELATED TO THE ENGINEERING AND CONSTRUCTION OF A REGIONAL 30" WATERLINE BY THE CITY OF FORT WORTH. THE STATE OF TEXAS § COUNTIES OF TARRANT AND DENTON § TOWN OF WESTLAKE § WHEREAS, this Town Council deems it advisable to give notice of intention to issue certificates of obligation of the Town of Westlake Texas, as hereinafter provided; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was passed was open to the public and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE: SECTION 1: That, all matters stated in the Recitals hereinabove are found to be true and correct and are incorporated herein by reference as if copied in their entirety. SECTION 2: Attached hereto is a form of the Notice of Intention to issue Combination Tax and Revenue Certificates of Obligation, the form and substance of which is hereby adopted and approved. The Town Secretary shall cause said notice to be published in substantially the form attached hereto, in a newspaper, as defined by Subchapter C, Chapter 2051, Texas Government Code, of general circulation in the area of said Town, once a week for two consecutive weeks, the date of the first publication thereof to be at least 30 days prior to the date tentatively set for the adoption of the ordinance authorizing the issuance of such certificates of obligation as shown in said notice. SECTION 3: 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. Resolution 1 8-3 0 Page 1 of 3 SECTION 4: That this resolution shall become effective from and after its date of passage. PASSED AND APPROVED ON THIS 27TH DAY OF AUGUST, 2018. ATTEST: ��1 G;I .�f .r'. , Laura L. Wheat, Mayor i �,J I I ' , t a . ���� �G7 �� � (7/// , Kell Edwitu s, Town Secretary Thomas E. Brymer, n Manager 1WES72 APPROVED AS TO FORM: 4 t ... : : . Jr 3 • ',. .• , danton L�.wry r() A ttorn='�_ TEXP1 , ' Resolution 18-30 Page 2 of 3 NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION OF THE TOWN OF WESTLAKE, TEXAS NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas, at its meeting to commence at 6:30 p.m. on October 2, 2018, at its regular meeting place at Council Chamber, 1500 Solana Boulevard, Building 7, Suite 7100, 1st Floor, Westlake, Texas, tentatively proposes to adopt an ordinance authorizing the issuance of interest bearing certificates of obligation, in one or more series, in an amount not to exceed $2,100,000 for paying all or a portion of the Town's contractual obligations incurred in connection with: (i) acquiring, constructing, installing, and equipping additions, improvements, extensions, and equipment for the Town's water system, including a water transmission line; and (ii) paying legal, fiscal and engineering fees in connection with such projects. The Town proposes to provide for the payment of such certificates of obligation from the levy and collection of ad valorem taxes in the Town as provided by law and from a pledge of surplus revenues of the Town's waterworks and sewer system (the "System") that remain after payment of all operation and maintenance expenses thereof, and after all debt service, reserve, and other requirements in connection with all revenue bonds or other obligations (now or hereafter outstanding) of the Town have been met, to the extent that such obligations are payable from all or any part of the net revenues of the System. The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271 TOWN OF WESTLAKE, TEXAS Resolution 11-07 Page 3 of 3 CERTIFICATE FOR RESOLUTION RESOLUTION 18-30 I, the undersigned Town Secretary of the Town of Westlake, Texas, hereby certify as follows: 1. The Town Council of said Town convened in Regular Session on the 27th day of August, 2018, at the scheduled meeting place thereof, and the roll was called of the duly constituted officers and members of said Town Council, to-wit: Laura Wheat,Mayor Carol Langdon Michael Barrett Rick Rennhack Alesa Belvedere Wayne Stoltenberg Kelly Edwards,Town Secretary and all of said persons were present, except N'(\'C i \ hay{c_ thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written Resolution entitled RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION was duly introduced for consideration and passage. It was then duly moved and seconded that said Resolution be passed; and, after due discussion, said motion, carrying with it the passage of said Resolution, prevailed and carried by the following vote: AYES: 4 NOES: 0 ABSTENTIONS: 0 2. A true, full and correct copy of the aforesaid Resolution passed at the meeting described in the above and foregoing paragraph is attached to and follows this Certificate; said Resolution has been duly recorded in the official minutes of said Town Council; the above and foregoing paragraph is a true and correct excerpt from said minutes of said meeting pertaining to the passage of said Resolution; the persons named in the above and foregoing paragraph, at the time of said meeting and the passage of said Resolution, were the duly chosen, qualified and acting members of said Town Council as indicated therein; each of said officers and member was duly and sufficiently notified officially and personally in advance, of the time, place and purpose of the aforesaid meeting and that said Resolution would be introduced and considered for passage at said meeting; and said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Tex. Gov't Code Aim. ch. 551. Resolution 1 8-3 0 Page 1 of 4 SIGNED AND SEALED THE 27TH DAY OF AUGUST, 2018. ATTEST: *AA/ a Mayor F_OLAJOACir Tow Secreta ,, S. r`' •� • � (SEAL) � * = • • TERN 0,0 Resolution 18-30 Page 2 of 4 RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION THE STATE OF TEXAS § COUNTIES OF TARRANT AND DENTON § TOWN OF WESTLAKE § WHEREAS, this Town Council deems it advisable to give notice of intention to issue combination tax and surplus revenue certificates of obligation of the Town of Westlake, Texas (the "Town"), as hereinafter provided; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was passed was open to the public and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS: 1. Attached hereto is a form of the Notice of Intention to Issue Combination Tax and Surplus Revenue Certificates of Obligation of the Town of Westlake, Texas, the form and substance of which is hereby adopted and approved. 2. The Town Secretary shall cause said notice to be published in substantially the form attached hereto, in a newspaper, as defined by Subchapter C, Chapter 2051, Texas Government Code, of general circulation in the area of said Town, once a week for two consecutive weeks, the date of the first publication thereof to be at least 30 days prior to the date tentatively set for the adoption of the ordinance authorizing the issuance of such certificates of obligation as shown in said notice. 3. This Resolution shall become effective immediately upon adoption. Resolution 18-30 Page 3 of 4 NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION OF THE TOWN OF WESTLAKE, TEXAS NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas, at its meeting to commence at 6:30 p.m. on October 2, 2018, at its regular meeting place at Council Chamber, 1500 Solana Boulevard, Building 7, Suite 7100, 1st Floor, Westlake, Texas, tentatively proposes to adopt an ordinance authorizing the issuance of interest bearing certificates of obligation, in one or more series, in an amount not to exceed $2,100,000 for paying all or a portion of the Town's contractual obligations incurred in connection with: (i) acquiring, constructing, installing, and equipping additions, improvements, extensions, and equipment for the Town's water system, including a water transmission line; and (ii) paying legal, fiscal and engineering fees in connection with such projects. The Town proposes to provide for the payment of such certificates of obligation from the levy and collection of ad valorem taxes in the Town as provided by law and from a pledge of surplus revenues of the Town's waterworks and sewer system (the "System") that remain after payment of all operation and maintenance expenses thereof, and after all debt service, reserve, and other requirements in connection with all revenue bonds or other obligations (now or hereafter outstanding) of the Town have been met, to the extent that such obligations are payable from all or any part of the net revenues of the System. The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271. TOWN OF WESTLAKE, TEXAS Resolution 18-30 Page 4 of 4