RES 2006-15TOWN OF TROPHY CLUB
RESOLUTION 2006 - 15
A RESOLUTION OF 'THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS, STATING AN INTENT TO LIMIT
GENERAL OBLIGATION BOND SALES OR OTHER DEBT
FALLING UNDER THE TAX BILL'S DEFINITION OF
QUALIFYING DEBT IN CALENDAR YEAR 2006 TO NO MORE
THAN TEN MILLION DOLLARS ($10,000,000); AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, At the September 11, 2006 meeting of the Town Council of
the Town of Trophy Club, per Ordinance 2006-31, the Council authorized
approximately $41,000 of debt financing; and
WHEREAS, In order for this debt to be considered municipal debt and
,therefore the interest income from this debt to be exempt .from Federal Income
Tax to investors, the Town is required to pass a resolution stating an intent to
limit, General Obligation bond debt or other debt falling under the Tax Bill's
definition of qualifying debt in calendar years 2006 (hereinafter "Qualifying
Debt"); and
WHEREAS, The Town of Trophy Club has neither the intent nor
authorization to sell additional Qualifying Debt in excess of $10,000,000.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF
THE TOWN OF TROPHY CLUB, TEXAS:
Section 1. That the foregoing premises are hereby adopted as findings.
Section 2. That the Town of Trophy Club has no intent to sell more than
$1 0,000,000 of General Obligation bonds or other debt falling under the Tax Bill's
definition of Qualifying Debt during calendar year 2006.
Section 3. That, this Resolution shall become effective from and after
its date of passage in accordance with law.
PASSED AND APPROVED by the Town Council of the Town of Trophy
Club, Texas, this the 18th day of September, 2006.
Mayor
Town of Trophy Club, Texas
ATTEST:
Town se6retary
Town of Trophy Club, Texas
[SEAL]
APPROVED AS TO FORM:
Town Attorney
Town of ~ro~h~ Club, Texas