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Res 11-03 Publication of Notice of Intent to Issue Combination Tax and Revenue Certificates of ObligationTOWN OF WESTLAKE RESOLUTION NO. 11-03 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION 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. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS: 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.. SECTION 3: 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 4: 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 11-03 Page 1 of 3 SECTION 5: That this resolution shall become effective from and after its date of passage. PASSED AND APPROVED ON THIS 24TH DAY OF JANUARY, 2011. OF VV A, ATTEST: m A -S Kelly Edwardq Town Secretary APPROV AS RM: L. tanton Lori n Attorney Laura L. Wheat, Mayor r Thomas'�'Brymer,ZT n Manager Resolution ] 1-03 Page 2 of 3 TOWN OF WESTLAKE NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas, at its meeting to commence at 7:00 P.M. on February 28, 2011, at its regular meeting place at 3 Village Circle, 2nd Floor, Council Chamber, 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 $2,140,000 for paying all or a portion of the Town's contractual obligations incurred in connection with: (i) constructing, reconstructing and improving streets and roads, sidewalks and alleys including related drainage, signalization, landscaping, lighting and signage; (ii) constructing and equipping renovations to existing buildings at the Westlake Academy, including landscaping and related infrastructure; and (iii) 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 limited surplus revenues of the Town's waterworks and sewer system, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve, and other requirements in connection with all of the Town's revenue bonds or other obligations (now or hereafter outstanding), which are payable from, all or any part of the net revenues of the Town's waterworks and sewer 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 11-03 Page 3 of