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Ord 55 Prescribing Conditions precedent to the Abolishment of Denton County Municipal Utility Districts 1-5ORDINANCE NO. 55 AN ORDINANCE PRESCRIBING CONDITIONS PRECEDENT TO THE ABOLISHMENT OF THE PROPOSED DENTON COUNTY MUNICIPAL UTILITY DISTRICT NOS. 1 THROUGH 5; MAKING PROVISIONS RELATIVE THERETO; AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE UPON ITS ADOPTION WHEREAS, the Town Council has been presented with a Petition for the creation of the proposed Denton County Municipal Utility Districts No. 1, No. 2, No. 3, No. 4 and No. 5; and WHEREAS, in connection with their consideration thereof, the Town Council has determined that an Ordinance should be enacted with regard thereto, and as a part thereof, whereby the Town Coun- cil prescribes certain conditions precedent to the abolishment of said Districts; therefore BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE? TEXAS: 1. That in connection with the granting of its consent to the inclusion of land and the creation of the proposed Denton County Municipal Utility Districts No. 1, No. 2, No. 3, No. 4 and No. 5, the Town Council has determined that it is essential to provide that said Districts, or any of them, may not be abolished, and the assets and liabilities thereof assumed by said Torn, until such time as the total revenues, receipts and income of said Dis- tricts for its preceding fiscal year (audited) exceeds all expenses and costs of the Districts for such period, including all debt service requirements and all maintenance and operating expenses, by sufficient margin to insure that the abolishment of the Dis- tricts and the assumption of its assets and liabilities will not place a financial burden on the Town. 2. That the Town Council declares that this provision was a condition precedent to the giving of its consent to the inclusion of land and the creation of said Districts, and makes such condi- tion an integral part of the giving of its consent to the inclusion of land in and the creation of said. Districts. 3. That the adoption of this Ordinance shall not be construed to waive or revoke any of the Town's rights a. -,d remedies provided by the laws of this State in the event that any of the aforesaid Districts violates any of the terms and provisions contained in the Town's Ordinance consenting to the inclusion of land in and the creation of said Districts. 4. That this Ordinance shall become effective immediately upon its adoption and shall remain in full force and effect from the date hereof. PASSED AND APPROVED this 164Ch day of August, 1973. Magor, Town of We`s-t ake, Texas ATTEST: Town Secretary, Town of Westlake, Texas (SEAL) 1, the undersigned, Mayor of the Town of Westlake, Texas hereby officially approved the above and foregoing Ordinance No. 5�37. Done this 16th Day of August, 1973. 6-111 Mayor, Town o " Westlake, Texas ATTEST: Town Secret y Town of Westlake, Texas -2-