RES 2024-14 Authorizing redemption of certain outstanding bonds TOWN OF TROPHY CLUB,TEXAS
RESOLUTION NO. 2024-14
A RESOLUTION OF THE TOWN OF TROPHY CLUB, TEXAS,
AUTHORIZING THE REDEMPTION AND DEFEASANCE OF CERTAIN
OUTSTANDING BONDS; AUTHORIZING THE DEPOSIT OF FUNDS
WITH THE PAYING AGENT/REGISTRAR; AND RESOLVING OTHER
MATTERS RELATED THERETO; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS,the Town of Trophy Club, Texas (the"Town"), is a home rule municipality
acting under its charter adopted by the electorate pursuant to Article XI, Section 5 of the Texas
Constitution and Chapter 9 of the Local Government Code; and
WHEREAS, the Town has previously issued and there are presently outstanding certain
unlimited tax bonds listed on Schedule I, attached hereto as Exhibit A and incorporated herein by
reference for all purposes (collectively,the "Bonds"); and
WHEREAS, the Town desires to call for the redemption and defeasance of a portion of
the Bonds from the list of redeemed bond candidates set forth in Schedule I, in a total aggregate
principal amount not to exceed one hundred and twenty-five thousand dollars ($125,000) (the
"Redemption Amount"); and
WHEREAS, the Director of Finance is hereby authorized to determine the principal
amount and maturities of the Bonds to be defeased and redeemed or paid at their maturity (as
designated, the "Redeemed Bonds") on the Redemption Date (as defined below) up to the
Redemption Amount; and
WHEREAS, the Town will have sufficient funds in the Interest & Sinking Funds
established for the Redeemed Bonds to fully redeem and defease the Redeemed Bonds on their
Redemption Date; and
WHEREAS, the Town, in accordance with this Resolution, will deposit funds in an
amount sufficient to fully pay all principal and interest due and owing on the Redeemed Bonds on
the date upon which the Redeemed Bonds may be redeemed pursuant to the terms of the order(s)
authorizing the issuance of the Redeemed Bonds, or alternately, on their maturity date (either,the
"Redemption Date"), as such date is designated by the Town's Director of Finance (the
"Authorized Officer"); and
WHEREAS, the Town Council finds and determines that it is in the best interest of the
Town to call for redemption and defeasance of the Redeemed Bonds and that the Redeemed Bonds
shall be redeemed on the Redemption Date,or alternately,defeased to their maturity,as determined
by the Authorized Officer; and
WHEREAS, the meeting at which this Resolution is considered is open to the public as
required by law, and the public notice of the time,place and purpose of said meeting was given as
required by Chapter 551, Texas Government Code, as amended.
RESOLUTION 2024-14 PAGE 2
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB,TEXAS,THAT:
SECTION 1.
INCORPORATION OF PREMISES
All the above premises are true and correct of the Town Council, and they are hereby
approved,ratified, and incorporated into the body of this Resolution as if copied in their entirety.
SECTION 2.
FINDINGS
The findings and determinations set forth in the preambles hereto are hereby incorporated
by reference for all purposes.
SECTION 3.
DEPOSIT OF FUNDS
(a) The Authorized Officer shall determine the Redemption Date in accordance with the orders
issuing the Bonds, the principal amounts, series and maturities of the Redeemed Bonds
from the list of redeemed bond candidates attached hereto as Schedule I, in an aggregate
principal amount not to exceed the Redemption Amount, and shall deliver a schedule of
Redeemed Bonds to the Paying Agent for the Redeemed Bonds,in the form attached hereto
as Exhibit A, on a date that will allow the Paying Agent to give the required thirty (30)-
day notice of the redemption of the Bonds before the Redemption Date. The Authorized
Officer may also designate Redeemed Bonds to be defeased to their maturity date.
(b) The transfer and deposit of available Town revenues and Interest and Sinking Funds in an
amount sufficient to pay, on the Redemption Date or maturity date, the principal of and
interest accrued on such Redeemed Bonds to the Redemption Date with the Paying Agent
for the Redeemed Bonds or the Escrow Agent (as defined below) is hereby authorized,
directed and approved.
SECTION 4.
REDEMPTION OF REDEEMED BONDS; APPROVAL OF ESCROW AGREEMENT;
DEPOSIT AGREEMENT
(a) The Redeemed Bonds shall be paid on the Redemption Date, at a redemption price equal
to the principal amount thereof plus interest accrued thereon to the Redemption Date.
(b) The Town Secretary and any other officer of the Town is hereby authorized and directed
to cause a copy of this Resolution to be delivered to the Paying Agent for the Redeemed
Bonds, and the Authorized Officer shall deliver the schedule of Redeemed Bonds in the
form attached as Exhibit A to the Paying Agent for the Redeemed Bonds, the delivery of
such documents shall constitute notice of redemption and notice of defeasance to such
Paying Agent.
RESOLUTION 2024-14 PAGE 3
(c) The Authorized Officer is hereby authorized to enter into and execute on behalf of the
Town an escrow agreement (the "Escrow Agreement"), if required, with the Paying
Agent(s)for the Redeemed Bonds(in such capacity,the"Escrow Agent"), in the form and
substance as shall be approved by the Authorized Officer with such changes as necessary
and as approved by the Authorized Officer, which Escrow Agreement will provide for the
payment of the Redeemed Bonds pursuant to the Escrow Agreement.
(d) The Authorized Officer is authorized to make necessary arrangements for and to execute
such documents and agreements in connection with the purchase of the Escrow Securities
(as defined in the Escrow Agreement) required by and referenced in the Escrow
Agreement, if any, as may be necessary for the Escrow Fund (as defined in the Escrow
Agreement), and the application for and acquisition of the Escrow Securities if any, is
hereby approved, authorized and ratified.
(e) The Authorized Officer is also hereby authorized to enter into a deposit agreement (the
"Deposit Agreement") if required, with the Paying Agent for the Redeemed Bonds
whereby the Town deposits cash with Paying Agent for the Redeemed Bonds to affect their
redemption and/or defeasance, in the form and substance as shall be approved by the
Authorized Officer with such changes as necessary and as approved by the Authorized
Officer, which Deposit Agreement will provide for the payment of the Redeemed Bonds
pursuant to the Deposit Agreement.
(f) The Authorized Officer is also hereby authorized to arrange for payment of the Redeemed
Bonds with a deposit of funds directly with the Paying Agent for the Redeemed Bonds on
their Redemption Date in order to affect their redemption and/or defeasance.
SECTION 5.
NOTICE OF REDEMPTION
(a) The Paying Agent for the Redeemed Bonds is hereby authorized and directed to give notice
of such redemption and/or defeasance to the owners thereof pursuant to the order
authorizing the issuance of the Redeemed Bonds.
(b) The Paying Agent for the Redeemed Bonds is hereby directed to mail the appropriate notice
of redemption and/or defeasance as required by the order authorizing the issuance of the
Bonds and to file the appropriate notice of redemption and defeasance of the Redeemed
Bonds on the Electronic Municipal Market Access ("EMMA") web filing system
promulgated by the Municipal Securities Rulemaking Board within ten (10) days of the
deposit of funds pursuant to Sections 3 and 4 above.
SECTION 6.
EXECUTION AND DELIVERY OF DOCUMENTS; ACTIONS TO BE TAKEN
RESOLUTION 2024-14 PAGE 5
SCHEDULE I /EXHIBIT A
RESOLUTION 2024-14
SCHEDULE I
DESCRIPTION OF REDEEMED BOND CANDIDATES
Combination Tax and Revenue Certificates of Obligation, Series 2014
Schedule I-1
RESOLUTION 2024-14
EXHIBIT A
FORM OF SCHEDULE OF REDEEMED BONDS
Combination Tax and Revenue Certificates of Obligation, Series 2014
Outstanding Principal Being Date of Redemption
Maturity Principal Redeemed Interest Rate Redemption/Maturity Price
8/15/20 September 1, 2024 Par
8/15/20_ September 1, 2024 Par
8/15/20 September 1, 2024 Par
8/15/20 September 1, 2024 Par
Dated: , 20
April Duvall
Director of Finance
Schedule I-1
RESOLUTION 2024-14 PAGE 4
The Mayor and Town Secretary are each hereby authorized and directed to consent to,
accept, execute, attest and affix the Town's seal to such other agreements, assignments,
certificates, contracts, documents, instruments, releases, financing statements, letters of
instruction, authorizations for the expenditure of funds of the Town as may be required, written
requests,and other papers,whether or not mentioned herein,as may be necessary or convenient to
carry out or assist in carrying out the purposes of this Resolution and to take any and all actions
required to be taken to effect the purposes of this Resolution in accordance with this Resolution
and the laws of the State of Texas.
SECTION 7.
EFFECTIVE DATE
This Resolution becomes effective immediately upon its passage.
PASSED AND ADOPTED THIS 26th day of Augu , s 4.
ikY
� 0PH 0(G I,, rlLL�. .�%u.�
kee ette Tifa �6i r
71411&
/
a
ATTEST: co
*14ANUA
Tammy Dixon, To k.ecretary
APPROVED AS TO FORM:
Dean gi Attorney