RES 2002-15TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. 2002 -15
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB, TEXAS, EXPRESSING ITS OFFICIAL INTENT TO REIMBURSE THE
TOWN TREASURY FOR PARK AND RECREATION FACILITIES
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 PARK AND RECREATION FACILITIES; 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 Park and Recreation Facilities (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 Park and Recreation Facilities 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 $1,400,000, 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
this the 201h day of May, 2002. /
ATTEST:
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Town Secretar
Town of Trovhv Club, Texas
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APPROVED AS TO FORM:
Town Attorney
Town of Trophy Club, Texas
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own of
Tow of Trophy Club, Texas,
Club, Texas