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Res 03-26 Authorizing the Loan of 4A Sales Tax Funds to the Westlake Academy FoundationTOWN OF WESTLAKE RESOLUTION NO. 03-26 A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS, AUTHORIZING THE LOAN OF 4A SALES TAX FUNDS IN AN AMOUNT NOT TO EXCEED 525,000.00 FOR AN ECONOMIC DEVELOPMENT PROJECT ENTITLED THE WESTLAKE ACADEMY FOUNDATION AS AUTHORIZED IN SECTION 4A OF THE TEXAS REVISED CIVIL STATUTES, ANN. SEC. 5190.6. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That the Board of Aldermen of the Town of Westlake, Texas, does hereby authorize the loan of 4A sales tax funds in an amount not to exceed $25,000.00 for a start up loan to the Westlake Academy Foundation as authorized in Section 4A of the Texas Revised Civil Statutes, Ann. Sec. 5190.6. PASSED AND APPROVED ON THIS 12T' DAY OF MAY 2003. I 6�� A4--elze� -- Scott Bradley, Mayor ATTEST: 7 Inge rosswy, Town ecretary Trent O. Petty, Town Njarrager APPROVED AS TO FORM: L. Stanton Lowry, Town Attorney Westlake ademy Foundation �) Start-up Budget i; Westlake Academy Foundation Budget 1 05/07/2003 six Month: Ma i June- Au'ust,, Se `tember ;'October> Total Gotriments Revenues Loan from 4A Dev. Corp. $ 25,000 To be reimbursed when cumulative cash is twice the loan amount. Board Seed Funding $ - 45,000 Seed contributions from Board of Foundation. Charitable Donations Do not expect to receive contributions until later in the school year. $ 25,000 $ - $ $ $ - $ 45,000 $ 70,000 Total Revenues Expenses Accounting $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 Administrative $ 200 $ 200 $ 100 $ 100 $ 200 $ „ 200 Provided by Town; reimbursed by Foundation. Banking $ 20 $ 20 $ 20 $ 20 $ 20 $ 20 Monthly charges until adequate balance is maintained Computer Services $ 200 Add Foundation to Academy Website _CreEdLe_Q_eaWn Krause Agency Logo/Letterhead Design $ 3,500 Video Development Will begin in fall, no billings until winter Brochure/Direct Mail Nothing in first six months Invitations Nothing until spring Reimbursables $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 Delivery/Freight $ 150 $ 100 $ 100 $ 100 $ 200 $ 200 Interest Expense $ 104 $ . 104 $ 104 $ 104 $ 104 $ 104 On 4A Dev. Corp. loan, simple interest @ 5% Legal/Financial Counsel Not expected until spring; advisement on non-cash donations PhilanthroplGC_Onso tirtg Dini Partners Strategic Planning $ 5,000 $ 5,000 $ 5,000 Capital campaign workshop for Board Grant Proposals if necessary, counsel on writing effective grant proposals. Funding Source Indentif. Help with Identifying foundations that might support WAR Major Gift Solic. Training How to "ask" training for Board. Postage $ 50 $ 50 $ 50 $ 50 $ 100 $ 100 Photography/Scans Nothing in first six months Printing/Reproduction $ 500 $ 100 $ 100 $ 100 $ 150 $ 150 Subscriptions $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 Philanthropic, educational resources for grants Supplies $ 50 $ 50 $ 50 $ 50 $' 50 $ 50 Telephone $ 75 $ 75 $ 75 $ 75 $; 75 $ 75 Video Production Winter/early spring ($4000) $ 5,049 $ 5,899 $ 5,799 $ 5,799 $ 1,099 $ 1,099 t $ 24,744 Total Expenses Net income/Deficit $ 19,951 $ (5,899) $ (5,799) $ (5,799) $', (1,099) $ 43,901 $ 45,256 Cumulative Cash Flow $ 19,951 $ 14,052 $ 8,253 $ 2,454 $ 1,355 $ 45,256 Debt Retirement $ 25,000 Repay 4A Development Loan $ 20,256 Cash Balance Westlake Academy Foundation Budget 1 05/07/2003