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Res 13-07 Directing Publication of Notice of Intention to Issue Combination Tax and Revenue Certificates of Obligation TOWN OF WESTLAKE RESOLUTION NO. 13-07 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, the Issuer 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 "Projects") 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 Projects; WHEREAS, the Issuer 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 Projects; 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 1. The issuer reasonably expects to incur debt, as one or more series of Obligations, with an aggregate maximum principal amount equal to $9,500,000 for the purpose of paying the costs of the Projects. Resolution 13-07 Page 1 of 3 SECTION 3: All costs to be reimbursed pursuant hereto will be capital expenditures. No Obligations will be issued by the Issuer in furtherance of this Statement 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, provided that no Obligation will be issued pursuant to this Statement more than three years after the date any expenditure which is to be reimbursed is paid. 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. SECTION 5: That this resolution shall become effective from and after its date of passage. PASSED AND APPROVED ON THIS 25th DAV OF FEBRUARY, 2013° ATTEST: � Z) La ra L. Wheat, Mayor *L'U, 'kt", 4--', --� — KellylEdwaiW, Town Secretary Thomas E. B mfr, Town Manager APPROVED AS TO FOR . Lenton Lowry,19wAttorney 3 Resolution 13-07 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 special meeting to commence at 6:30 P.M. on April 2, 2013, 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 $9,500,000 for paying all or a portion of the Town's contractual obligations incurred in connection with (i) constructing and equipping buildings and related improvements at the Westlake Academy to be used for a cafetorium, for use as a cafeteria, gymnasium and auditorium, a classroom building and a field house; (ii) constructing, installing, acquiring and equipping improvements, additions and extensions to the Town's waterworks and sewer system, including a ground storage tank; and (iii) 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 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 11-07 Page 3 of 3