RES 1998-24TOWN OF TROPHY CLUB, TEXAS
A RESOLUTION OF THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS AUTHORIZING
REPAYMENT OF A NOTE BY THE TOWN OF TROPHY
CLUB TO TROPHY CLUB MUNICIPAL UTILITY
DISTRICT NO. l; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the computer systems utilized by both the Town of Trophy Club ("Town")
and the Trophy Club Municipal Utility District No. 1 ("TCMUD#1 ") are antiquated, inefficient,
and nonproductive; and
WHEREAS, the system as it previously existed was not in compliance with the year
2000 modifications; and
WHEREAS, a new system utilizing work stations will bring a uniform information
systems function together under the control of an information systems manager; and
WHEREAS, the Town anticipates that the account of TCMUD#1 has sufficient financial
reserves to fund the cost of purchase and installation of such a system;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS:
Section 1. The recitals herein and above are hereby found to be true and correct and
are incorporated herein.
Section 2. That the Town Council makes the following findings with respect of
repayment of a note by the Town to TCMUD# 1:
A. TCMUD#l, in its capacity as Master District, will fund the initial
purchase and installation of a new information systems operating system.
B. The cost of the system will be divided 58% to the Town and 42% to
TCMUD#1.
C. The total cost for the new system, installation, software licenses, upgrades
to existing software and hardware, the Infocus equipment, and consulting
fees is $106,474.60.
D. The Town portion is $61,755.27 with the Town paying $6,000.00 out of
current year budget, leaving $55,755.27 to be financed over four years.
E. The Town will repay TCMUD#1 in a series of four (4) annual payments
with the first payment due on or about October 15, 1998 and including
interest at 5.576% (Texpool interest in July) from July 21, 1998 to
October 15, 1998.
F. The first payment will be $15,810.00 including $717.00 of interest from
7-21-98 through 10-15-98 and the three remaining payments will be
DOC k: 634649
$15,093 due on October 15 in the succeeding years, subject to annual
Town Council approval and budget appropriations.
Section 3. This Resolution shall be effective upon a like resolution being adopted by
TCMUD#l.
Section 4. This Resolution shall take effect from and after its date of passage.
PASSED AND APPROVED by the Town Council of the Town of Trophy Club, Texas
this the 15th day of September 1 1998.
7
E
ayor, Town of Trophy Club, Texas
ATTT:
Town Secretary,
Town of Trophy Club, Texas
[SEAL]
APPROVED AS TO FORM:
k L ! '-'(, /' -k �"' =. I �
Town Attorney,
Town of Trophy Club, Texas
DOC #: 634649