RES 2006-19TOWN OF TROPHY CLUB, 'TEXAS
RESOLUTION NO. 2006-1 9
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
' Q AND IMPROVING TOWN OF TROPHY CLUB STREETS;
PROVIDING THAT ALL COSTS REIMBURSED SHALL BE
CAPITAL EXPENDITLIRES; 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 "lssuer"), is a
municipality of the State of Texas; and
WHEREAS, the lssuer 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 lssuer finds, considers, and declares that the reimbursement of the
lssuer for payment of such street improvement expenditures will be appropriate and consistent
with the lawful objectives of the lssuer and, as such, chooses to declare its intention, in
accordance with the provisions of Section 1.1 50-2 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 $3,260,000, 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 lssuer 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. 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 of Trophy Club, Texas, this
the 2" day of October, 2006.
own of Trophy Club, Texas
ATTEST:
Town of ~ro~hi Club, Texas I
[SEAL]
APPR0VE.D AS TO FORM:
Town Attorney
Town of Trophy Club, Texas