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Res 07-21 Expressing Official Intent to Reimburse Costs of a Performing Arts FacilityTOWN OF WESTLAKE RESOLUTION NO. 07-21 A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE CONSTRUCTION AND EQUIPMENT COSTS OF A PERFORMING ARTS FACILITY. WHEREAS, the Town of Westlake, Texas (the "Issuer") is a type A general law municipality and political subdivision of the State of Texas; and WHEREAS, the Issuer expects to pay expenditures in connection with the design, planning, acquisition and construction of a performing arts facility (the "Project") prior to the issuance of obligations to finance the Project; and WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer 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, in accordance with the provisions of Section 1.150-2 of the Treasury Regulations, to reimburse itself for such payments at such time as it issues obligations to finance the Project. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS: SECTION l: The Issuer reasonably expects to incur debt, as one or more series of obligations, with an aggregate maximum principal amount not to exceed $2,500,000 for the purpose of paying the costs of the Project. SECTION 2: All costs to be reimbursed pursuant hereto will be capital expenditures. No tax- exempt 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 tax-exempt obligation will be issued pursuant to this Resolution more than three years after the date any expenditure which is to be reimbursed is paid. PASSED AND APPROVED ON THIS 26TH DAY OF MARCH, 2007. ATTEST: ui-Sutter, TRMC, Town Secretary APPROVED AS TO FORM: L. Stanton L Attorney Scott Bradley, Mayor Trent O. Petty, T w anager