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ORD 2008-26TOWN OF TROPHY CLUB, TEXAS ORDINANCE NO. 2008 - 26 AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB ACCEPTING AND APPROVING AN UPDATE OF THE SERVICE AND ASSESSMENT PLAN FOR AUTHORIZED SERVICES AND AN UPDATED ASSESSMENT ROLL FOR THE TOWN OF TROPHY CLUB PUBLIC IMPROVEMENT DISTRICT NO. 1 ("PID"); MAKING AND ADOPTING FINDINGS; ACCEPTING AND APPROVING THE ANNUAL SERVICE PLAN UPDATE AND UPDATED ASSESSMENT ROLL FOR THE PID, ATTACHED AS AN EXHIBIT HERETO; REQUIRING COMPLIANCE WITH CHAPTER 372; PROVIDING A CUMULATIVE REPEALER CLAUSE; PROVIDING SEVERABILITY, PROVIDING FOR ENGROSSMENT AND ENROLLMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on May 7, 2007, after due notice, the Town Council of the Town (the 'Town Council") held the public hearing in the manner required by law on the advisability of the public improvements and services described in the petition as required by Sec. 372.009 of the PID Act and made the findings required by Sec. 372.009(b) of the PID Act and, by Resolution No. 2007-08 adopted by a majority of the members of the Town Council, authorized the District in accordance with its finding as to the advisability of the public improvements and services; and WHEREAS, on November 5, 2007, after notice and a public hearing conducted in the manner require by law, the Town Council adopted Ordinance No. 2007-29 (the "Assessment Ordinance") approving a Service and Assessment Plan and Assessment Roll and the levy of assessments on property in the District; WHEREAS, on December 13, 2007, the Town Council issued bonds secured directly and indirectly, respectively, by the assessments levied pursuant to the Assessment Ordinance; WHEREAS, Section 372.013 of the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code (the 'PID Act") and the Service and Assessment Plan require that the Service and Assessment Plan and Assessment Roll be annually reviewed and updated; 1 WHEREAS, the Annual Service Plan Update and updated Assessment Roll attached as Exhibit A hereto conform the original Assessment Roll to the principal and interest payment schedule required for the bonds, thereby reducing the amounts listed on the original Assessment Roll, and update the Assessment Roll to reflect prepayments, property divisions and changes to the budget allocation for District public improvements that occur during the year, if any; and WHEREAS, the Town Council now desires to proceed with the adoption of this Ordinance which supplements the Assessment Ordinance and approves and adopts the Annual Service Plan Update and the Updated Assessment Roll attached thereto, in conformity with the requirements of the PID Act. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS: Section 1. Incorporation of Findings The findings and determinations set forth in the preambles above are incorporated herein for all purposes and are hereby adopted. Section 2. Annual Service Plan Update and Updated Assessment Roll The Annual Service Plan Update and Updated Assessment Roll attached hereto as Exhibit "A" are hereby accepted and approved and compliance with the PID Act in all matters is required. Section 3. Cumulative Repealer That this Ordinance shall be cumulative of all other Ordinances and shall not repeal any of the provisions of such Ordinances except for those instances where there are direct conflicts with the provisions of this Ordinance. Ordinances or parts thereof in force at the time this Ordinance shall take effect and that are inconsistent with this Ordinance are hereby repealed to the extent that they are inconsistent with this Ordinance. Provided however, that any complaint, action, claim or lawsuit which has been initiated or has arisen under or pursuant to such Ordinance on the date of adoption of this Ordinance shall continue to be governed by the provisions of that Ordinance and for that purpose the Ordinance shall remain in full force and effect. Section 4. Severability If any provision, section, subsection, sentence, clause, or phrase of this Ordinance, or the application of same to any person or set of circumstances is for any reason held to be unconstitutional, void, or invalid, the validity of the remaining portions of this Ordinance or the application to other persons or sets of circumstances shall not be affected thereby, it being the intent of the Town Council that no portion hereof, or provision or regulation contained herein shall become inoperative or fail by reason of any unconstitutionality, voidness, or invalidity of any other portion hereof, and all provisions of this Ordinance are declared to be severable for that purpose. Section 5. Engrossment and Enrollment The Town Secretary of the Town of Trophy Club is hereby directed to engross and enroll this Ordinance by filing this Ordinance in the ordinance records of the Town as required in the Town Charter. Section 6. Effective Date This Ordinance shall take effect, and the levy of the Assessments, and the provisions and terms of the Plan shall be and become effective on upon passage and execution hereof in accordance with the law. ADOPTED, PASSED, and APPROVED by the Town Council, by a vote of -3 members voting "for" and Q members voting "against' and with � absentee, on this 22nd day of September, 2008. Attest: isa Hennek, Town Secretary Approved as to Form: Patricia A. Adams, Town Attorney Town of Trophy Club Nick Sanders, Mayor /OF TRO J .. 191 TORN OF TROPH]' CLUB PUBLIC IMPROVEMENT DISTRICT NO. 1 TROPHY CE.U73, TEXAS ANNUAL SERVICE PLAN UPDATE; September 16; 2008 EXHIBIT "A" ANNUAL SERVICE PLAN UPDATE AND UPDATED ASSESSMENT ROLL TowN OF TROPHY CLUB PUBLIC hIPROVEN4ENT DISTRICT No. 1 TROPt-tY CLUB, TEXAS ANNUAL SERVICE PLAN A. Introduction 'Ile Town of Trophy Club Public Improvement District No. I (tile "PID") was created pursuant to the PTD Act and a resolution of the Town Council on .April 16, 2007 to finance certain public improvement projects for the benefit of the property in the PID. The Town of Trophy Club Public Improvement District No. 1 Special Assessment Revenue Bonds. Series 2007 in the aggregate principal amount of $27,500,000 were issued to finance, refinance, provide or otherwise assist in the acquisition, construction and maintenance of the public improvements provided for the benefit of the property in the PID. A service and assessment plan (the "Service and Assessment Plan") was prepared at the direction of the Town identifying the public improvements (the "Authorized Improvements") to be provided by the PID, the costs of the Authorized Improvements, the indebtedness to be incurred for the Authorized Improvements, and the manner of assessing the property in the PID for the costs of the Authorized Improvements. The Service and Assessment flan is to be reviewed and updated annually. This document is the update of the Service and Assessment Plan For 2008. The Town had an assessment roll (tile "Assessment Roll") prepared identifying the assessments on each parcel, based on the method of assessment identified in the Service and Assessment Plan. This Annual Service Plan also explains the update of ale Assessment Roll. B. Update of the Service Plan Annual Budget for the Public Improvements The current total estimated costs of the Authorized Improvements is equal to $22,438,977, which remains the same as the budget estimates included in the Service and Assessment Plan. There have been no budget line item amount revisions for the Authorized Inprovennents reported by the Developer. As shown by Table A in the Following page, the PID has incurred indebtedness in the total amount of $27,500,000 in the form of ate Series 2007 Bonds, which are to be repaid from Assessments. and ate Developer is to fund the balance of the costs of the authorized Improvements as shown below. Table A Sources and Uses of Funds Public hoprovements A service plan must cover a period of five years. All of the Authorized Improvements are expected to be provided within a period of five years. The anticipated budget for the Authorized Improvements over a period of five years and the indebtedness expected to be incurred for these costs is shown by'fable B. Authorized Sources of Flouts: Improvements Series 2007 Bonds Bond proceeds $27.500,000 Developer's contribution to prepayment reserve account $550,000 Other private funds $1,999,012 Total sources of funds $30,039,012 Uses of Funds: Authorized improvements: 521435.977 Capitalized interest account $1.633,235 Collection costs account $39,054 Reserve account $2,750,000 Prepayment reserve account 5550,000 Cost of issuance $2.627,746 Total uses of funds $30,039,012 A service plan must cover a period of five years. All of the Authorized Improvements are expected to be provided within a period of five years. The anticipated budget for the Authorized Improvements over a period of five years and the indebtedness expected to be incurred for these costs is shown by'fable B.