RES 2001-33TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. 2001 - 33
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB, TEXAS, EXPRESSING ITS OFFICIAL INTENT TO REIMBURSE THE
TOWN TREASURY FOR STREET IMPROVEMENT EXPENDITURES MADE
PRIOR TO THE ISSUANCE OF OBLIGATIONS IN CONNECTION WITH
SUCH EXPENDITURES FOR THE PURPOSE OF, CONSTRUCTING AND
IMPROVING TOWN OF TROPHY CLUB STREETS; PROVIDING THAT ALL
COSTS REIMBURSED SHALL BE CAPITAL EXPENDITURES; PROVIDING
TIME FRAMES FOR THE ISSUANCE OF TAX EXEMPT OBLIGATIONS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Council of the Town of Trophy Club, Texas (the "Issuer"), is a
municipality of the State of Texas; and
WHEREAS, the Issuer expects to pay expenditures in connection with, and for the purpose
of, constructing and improving the Town's streets (the "Project") prior to the issuance of the Issuer's
obligations; and
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer for
the payment of such street improvement expenditures will be appropriate and consistent with the
lawful objectives of the Issuer and, as such, chooses to declare its intention, in accordance with the
provisions of Section 1.150-2 of the Treasury Regulations, to reimburse itself for such payments at
such time as it issues obligations to finance the Project.
THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS, THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount not to exceed $3,225,000, for the purpose
of paying the costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto shall be capital expenditures. No
tax-exempt obligations shall be issued by the Issuer in furtherance of this Resolution after a date
which is later than eighteen (18) months after the later of (1) the date the expenditures are paid or (2)
the date on which the property, with respect to which such expenditures were made, is placed in
service.
Section 3. Notwithstanding the foregoing, no tax-exempt obligation will be issued
pursuant to this Resolution more than three (3) years after the date any expenditure which is to be
reimbursed is paid.
Section 4. That this Resolution shall become effective from and after its date of passage
in accordance with law. and it is so resolved.
PASSED AND APPROVED by the Town Council of the Town Trophy C Texas, this the
19°i day of November, 2001.
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Town Secreory
Town of Trophy Club, Texas
[SEAL]
APPROVED AS TO FORM:
Town Attorney
Town of Trophy Club, Texas
Qowwnn
of phy Club, Texas