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Res 07-34 Intention to Issue Certificates of ObligationTOWN OF WESTLAKE RESOLUTION NO. 07-34 A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, AND RESOLVING OTHER MATTERS RELATING TO THE SUBJECT. WHEREAS, the Board of Aldermen deem 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 considered 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 of the Texas Government Code. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1. The Notice of Intention to Issue Certificates of Obligation, attached as Exhibit A, of the Town of Westlake, Texas; the form and substance of which are hereby adopted and approved. SECTION 2. The Town Secretary shall cause said notice to be published in substantially the form attached as Exhibit A in a newspaper, as defined by Subchapter C, Chapter 2051 of the Texas Government Code, of general circulation in the area of the Town of Westlake, in each of two consecutive weeks. SECTION 3. This Resolution shall be effective immediately upon adoption. PASSED AND APPROVED ON THIS 11th DAY OF JUNE 2007, ATTEST: Kira] Sutter; TRMC, Town Secretary Scott Bradley, Mayor Trent O. Petty, ToNemNfanager Exhibit A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION OF THE TOWN OF WESTLAKE, TEXAS NOTICE IS HEREBY GIVEN that it is the intention of the Board of Aldermen of the Town of Westlake, Texas, to issue one or more series of the interest bearing certificates of obligation of the Town for the purpose of paying all or a portion of the Town's contractual obligations incurred in connection with: (i) constructing and equipping a building and related improvements to be used for a civic center and for science classrooms and laboratories for the Westlake Academy; and (ii) paying legal, fiscal, engineering and architectural fees in connection with the project. The Board of Aldermen tentatively proposes to adopt an ordinance authorizing the issuance of said certificates of obligation at the regular meeting place thereof, Town Hall, 2650 JT Ottinger Road, Westlake, Texas, at a meeting to commence at 7:00 p.m., on July 23, 2007. The maximum amount of certificates of obligation indebtedness that may be authorized to be sold on said date for such purposes described above is $2,500,000. 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 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