RES 2002-23RESOLUTION NO. 2002-23
AUTHORIZING OF THE EXECUTION OF A SERVICE CONTRACT
AND ALL OTHER MATTERS RELATING THERETO
THE STATE OF TEXAS
COUNTY OF DENTON
WHEREAS, the Trophy Club Economic Development Corporation ("4B Corporation")
was created by the City pursuant to authority granted by Article 5190.6, Section 4B, V.A.T.C.S.,
pursuant to an election of May 4, 1996, that authorized levy of a one-half of one percent local
sales and use tax; and
WHEREAS, the Trophy Club 4A Economic Development Corporation ("4A
Corporation") was created by the City pursuant to authority granted by Article 5190.6, Section
4B, V.A.T.C.S., pursuant to an election of May 6, 2000, that authorized levy of a one-half of one
percent local sales and use tax; and
WHEREAS, the 4A Corporation and 4B Corporation may use such sale and use tax
proceeds for public parks and pool facilities; and
WHEREAS, the Town of Trophy Club will authorize General Obligation Bonds, Series
2002 in the principal amount of $1,400,000 which proceeds will be used to construct, improve
and equip a Municipal Park and Swimming Pool for which such debt service shall be amortized
in part by the Corporation's payment of sales tax revenue monies to the City, all is to be specified
in the Service Contract authorized hereby.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, THAT:
1. SERVICE CONTRACTS. Attached hereto as Exhibit A is hereby approved and
authorized and the Mayor and Town Secretary are further authorized to execute this Contract on
behalf of the City.
2. DIRECTION OF OFFICERS. The Officers of the City are hereby authorized to
do any and all things necessary in order to accomplish the execution and
enactment of the Contract.
3. CITY'S EXECUTION OF CONTRACT. The City shall execute the Service
Contract on August 12, 2002, after adoption of the Ordinance authorizing the
issuance and sale of the Bonds and at that time will attach a copy of the Service
Contract to this Resolution as Exhibit A.
SIGNED THIS THE 12I l l DAY OF AUGUST, 2002.
ATTEST:
City Secretary
P H
(CITY SEAL)
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