RES 2015-17CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
TOWN OF TROPHY CLUB §
On the 25th day of August, 2015 the Board of Directors of the Trophy Club 4B
Economic Development Corporation (the "Corporation"), convened in a regular meeting at the
regular meeting place thereof, the meeting being open to the public and notice of said meeting,
giving the date, place and subject thereof, having been posted as prescribed by Chapter 551,
Texas Government Code, as amended; and the roll was called of the duly constituted officers and
members of the Corporation, which officers and members are as follows:
Gregory Wilson, President Rebecca Shuman ) Directors of
David Brod, Vice President Sean Weaver ) the Board
Eric Jensen, Secretary/Treasurer Sean Bone )
and all of said persons were present except David Brod, thus constituting a quorum. Whereupon,
among other business, a written resolution bearing the'following caption was introduced:
PROVIDING FOR THE COLLECTION, HANDLING AND
TRANSFER OF SALES TAX REVENUES DUE AND OWING
TO TROPHY CLUB 4B ECONOMIC DEVELOPMENT
CORPORATION
The Resolution, a full, true and correct copy of which is attached hereto, was read and
reviewed by the Corporation.
Thereupon, it was duly moved and seconded that the Resolution be finally passed and
adopted.
The Presiding Officer put the motion to a vote of the members of the Board, and the.
Resolution was finally passed and adopted by the following vote:
AYES: _ . 5 NAYS: 0 ABSTENTIONS: 0
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THIS CERTIFICATE IS CERTIFIED TO BE TRUE AND CORRECT, and to correctly
reflect the duly constituted officers and members of the Board of Directors of said Trophy Club
4B Economic Development Corporation, and the attached and following copy of said Resolution
is hereby certified to be a true and correct copy of an official copy thereof on file among the
official records of the Corporation, all on this the r, D day of k , 2015.
Secretary, rophy Club 4B mic
Development Corporation
Trophy Club 4B Economic Development Corporation
Certification for Concurrent Resolution
CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
TOWN OF TROPHY CLUB §.
On the 25th day of August, 2015 the Town Council of the Town of Trophy Club, Texas,
convened in a regular meeting at the regular meeting place thereof, the meeting being open to the
public and notice of said meeting, giving the date, place and subject thereof, having been posted
as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of
the duly constituted officers and members of the Town Council, which officers and members are
as follows:
Nick Sanders, Mayor Jim Parrow )
Greg Lamont, Mayor Pro Tem Garrett Reed )
Tim Kurtz ) Members of
Rhylan Rowe ) the Council
Philip Shoffner )
and all of said persons were present, thus constituting a quorum. Whereupon, among other
business, a written resolution bearing the following caption was introduced:
PROVIDING FOR THE COLLECTION, HANDLING AND
TRANSFER OF SALES TAX REVENUES DUE AND OWING
TO TROPHY CLUB 4B ECONOMIC DEVELOPMENT
CORPORATION
The Resolution, a full, true and correct copy of which is attached hereto, was read and
reviewed by the Town Council.
Thereupon, it was duly moved and seconded that the Resolution be finally passed and
adopted.
The Presiding Officer put the motion to a vote of the members of the Town Council, and
the Resolution was finally passed and adopted by the following vote:
AYES: 7 NAYS: 0
#4984690.1
ABSTENTIONS: 0
THIS CERTIFICATE IS CERTIFIED TO BE TRUE AND CORRECT, and to correctly
reflect the duly constituted officers and members of the Town Council of said Town, and the
attached and following copy of said Resolution is hereby certified to be a true and correct copy
of an official copy thereof on file among the official records of the Town, all on this the Z-5
day of , 2015.
Ur Flu
Town Seert y, Town of Trophy Club, Texas
C
[SEAL] f - 0j
Town of Trophy Club, Texas
Certification for Concurrent Resolution
A CONCURRENT RESOLUTION -
PROVIDING FOR THE COLLECTION, HANDLING AND TRANSFER OF
SALES TAX REVENUES DUE AND OWING TO TROPHY CLUB 4B
ECONOMIC DEVELOPMENT CORPORATION
Adopted Concurrently
By the BOARD OF DIRECTORS OF THE TROPHY CLUB 4B ECONOMIC
DEVELOPMENT CORPORATION BOARD (the "Corporation")
and
By the TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS (the
"Town")
WHEREAS, the Trophy Club 4B Economic Development Corporation is a. non-profit
industrial development corporation, governed by Chapters 501, 502 and 505 of the Texas Local
Government Code, as amended (collectively, the "Act"); and
WHEREAS, pursuant to the authority granted in the Act, the Town has levied a one-half
of one percent sales and use tax for the benefit of the Corporation, to be used exclusively for its
lawful purposes; and
WHEREAS, under current policies and procedures established by the Comptroller of
Public Accounts of the State of Texas (the "Comptroller"), sales tax belonging to the Town and
the Sales Tax belonging to the Corporation are collected, commingled and remitted directly to
the Town in undivided interests and without allocation or notations of ownership as between the
Town and the. Corporation; and
WHEREAS, the Corporation proposes to issue its sales tax revenue- bonds (the "Bonds")
for its lawful purposes in accordance with the Act, the same to be authorized and issued under
and secured respectively by, the terms and provisions of a Bond Resolution (the "Bond
Resolution".); and
WHEREAS, in order to provide security for the Bonds, it' is appropriate and necessary
that the Corporation and the Town adopt formal procedures by which the revenues received from
the Sales Tax (as defined in said Bond Resolution) are collected, deposited, held, identified,
allocated and transferred, to or for the benefit of the Corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
TROPHY CLUB 4B ECONOMIC DEVELOPMENT CORPORATION, AND BY THE TOWN
COUNCIL OF THE TOWN OF TROPHY CLUB, acting concurrently, as follows, to -wit:
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Section 1. Short Title, Definitions of Terms. (a) This Resolution. may hereafter be
cited in the Bond Resolution and in other documents and without further description as the
"Sales Tax Collection Resolution."
(b) All capitalized terms used herein, including the preambles hereof and not
otherwise, defined herein, shall have the meanings. assigned to them in the Bond Resolution.
Section 2. Sales Tax Revenue Fund. (a) The Corporation, with the concurrence and
approval of the Town, as evidenced by its concurrent adoption hereof, creates and orders that
there be established for the Corporations benefit a special fund to be named the "Sales Tax
Revenue Fund."
(b) The Sales Tax Revenue Fund shall be held and maintained by the Town, on
behalf of the Corporation, at its official depository bank (the "Depository Bank") in accordance
with the terms and provisions of the Bond Resolution. The monies from time to time on deposit
in the Sales Tax Revenue Fund, shall .be transferred, used and applied as directed by the Bond
Resolution.
Section 3. Collection and Transfer of Undivided Sales Tax Receipts. (a) The Town
hereby requires and orders that all remittances of commingled sales and use tax collections
belonging to the Town and the Corporation in undivided interests (the "Undivided -,Sales Tax
Receipts") shall'be deposited as received, or transmitted by the Comptroller directly, to the
depository account of the Town held and maintained by the Town at the Depository Bank and
the Town shall request the Comptroller to transmit such funds by the earliest available and
feasible means under -the policies of the Comptroller in effect from time to time.
(b) Immediately upon receipt of Undivided Sales Tax Receipts from the Comptroller,
the Chief Financial Officer or his designee, of the Town shall determine the share of the
Undivided Sales Tax Receipts belonging to the Corporation, in accordance with the Act.
(c) Within twenty-four hours, or during the next succeeding business day, whichever
is later, after receipt, the Town, on behalf of the Corporation, shall_ transfer the Corporation's
share of the Undivided Sales Tax Receipts into the Sales Tax Revenue Fund. The monies from
time to time on deposit in the Sales Tax Revenue Fund, shall be transferred, used and applied as
directed by the Bond Resolution.
(d) The Depository Bank shall not have any responsibility to verify or determine the
accuracy. of the amounts certified to. it from time to time according to this Section.
Section 4. Acceptance of Depository Responsibilities. (a) the Town Manager and the
Chief Financial Officer of the Town are authorized and directed to develop procedures to which
the requirements of this Resolution are met, including the incorporation of this Resolution by the
Town into and as a part of the bidding procedures by which the Town designates and selects its
-Depository Bank or Banks from time to time.
(b) Each Depository Bank, by its acceptance of its designation as depository of the
Town, agrees to abide by the terms and provisions of this Resolution.
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(c) All reasonable costs, if any, of the Depository Bank associated with the
administration of the terms and provisions of this Resolution shall be paid for by the Corporation
as an administrative expense under the Bond Resolution and shall be paid by the Corporation
upon receipt of statements therefore from the Depository Bank. Such costs, if any, shall never
constitute a cost, liability, or obligation of the Town.
Section 5. Effect of Resolution. The Town and the Corporation acknowledge that the
Bonds entered into the Bond Resolution will be purchased in reliance upon timely and diligent
compliance with the terms and requirements of this Resolution.
Section 6. Effective Date. This Resolution shall take effect upon and as of the last
date of adoption by either the Town or the Corporation.
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#4982782.1
ADOPTED this 25th day of August, 2015.
TROPHY CI UB 4B ECONOMIC DEVELOPMENT
CORPORANION ,
Board
AT TES
Board ecretary
ADOPTED this 25th day of August, 2015.
ATTEST:
Town Secretary
[SEAL]
TOWN OF TROPHY CLUB, TEXAS
In
Mayor
Signature Page to Concurrent Resolution
ADOPTED this 25th day of August, 2015.
TROPHY CLUB 4B ECONOMIC DEVELOPMENT
CORPORATION
Board President
ATTEST:
Board Secretary
ADOPTED this 25th day of August, 2015.
TOWN OF TROPHY CLUB, TEXAS
By:
Mayor
ATTEST: Gr F,Cl yy�
r
Town Secre ary ,
[SEAL]
Signature Page to Concurrent Resolution