RES 080691-2TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO.080691_2
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN
OF TROPHY CLUB, TEXAS APPROVING THAT LEASE -
PURCHASE AGREEMENT BY AND BETWEEN THE TOWN AND
CONSOLIDATED FINANCIAL RESOURCES, INC. DATED
AUGUST 6, 1991 FOR THE PURCHASE OF AN
AMBULANCE; DECLARING THAT THE SAID AGREEMENT
IS A QUALIFIED TAX EXEMPT OBLIGATION; LEVYING
AN AD VALOREM TAX FOR EACH YEAR IN WHICH LEASE
PAYMENTS COME DUE, WHICH TAX, TOGETHER WITH
OTHER AVAILABLE REVENUES, IF ANY, WILL PROVIDE
TIMELY PAYMENT OF THE LEASE PAYMENTS;
AUTHORIZING AND EMPOWERING THE MAYOR TO
EXECUTE THE AGREEMENT; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, pursuant to the Texas Public Property Finance Act, §§
271.001 et seq, Tex. Loc. Gov. Code (Vernon) (the "Act"), the Town
desires to enter in that certain Lease -Purchase Agreement (the
"Agreement") dated August 6, 1991 by and between the Town and
Consolidated Financial Resources, Inc. for the purpose of
purchasing an ambulance; and
WHEREAS, in accordance with the Act, the Town heretofore
submitted the purchase of the ambulance to competitive bidding and
awarded the bid subject to the acquisition of satisfactory
financing, and has otherwise complied with the Act; and
WHEREAS, the Town desires to designate this Agreement as a
"qualified tax exempt obligation" of the Town for the purposes of
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended
(the "Code"); and
WHEREAS, in accordance with the Agreement, the Town Council
desires to levy, for each year in which "Lease Payments" (as
defined in the Agreement) come due, an ad valorem tax within the
limits prescribed by law that is sufficient (together with other
funds lawfully available to the Town and applied to the purpose) to
provide timely payment of the Lease Payments payable during such
year; and
WHEREAS, the Town Council finds that the purchase of the
ambulance is in the best interests of the health, safety and
welfare of the citizens of the Town.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF TROPHY CLUB, TEXAS:
Section 1. That the above and foregoing preamble is
incorporated herein and made a part of this Resolution as if copied
herein in its entirety.
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Section 2. That the Town of Trophy Club, Texas will enter
into a Lease -Purchase Agreement, a true and correct copy of which
is attached hereto and incorporated herein, with Consolidated
Financial Resources, Inc. for the purpose of purchasing an
ambulance, which Agreement is designated by the Town as a
"qualified tax exempt obligation" for the purposes of Section
2 65 (b) (3) of the Code.
Section 3. That for each year in which Lease Payments come
due, there is hereby levied an ad valorem tax within the limits
prescribed by law that is sufficient (together with other funds
lawfully available to the Town and applied by the Town in its sole
discretion to the purpose) to provide timely payment of the Lease
Payments payable during such year.
Section 4. That the Town Council hereby designates James P.
Carter, Mayor of the Town, as the authorized signer of the
Agreement.
Section 5. That this Resolution shall take effect from and
after its passage.
PASSED AND APPROVED by the Town Council of the Town of Trophy
Club, Texas this the ��7��/ day of August, 1991.
;YLor, Town of Trophy Club, Texas
ATTEST:
Town Secrerfary,
Town of Trophy Club, Texas
APPROVED AS TO FORM:
--jr-owl Attorney,
Tow of Trophy Club, Texas