RES 2010-02TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. 2010-02
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS EXPRESSING INTENT TO FINANCE
EXPENDITURES TO BE INCURRED; AND PROVIDING AN EFFECTIVE
DATE
WHEREAS, the Town of Trophy Club, Texas (the "Issuer"), is a political
subdivision of the State of Texas authorized to finance its activities by issuing
obligations the interest on which is excludable from gross income for federal income tax
purposes ("tax-exempt obligations") pursuant to Section 103 of the Internal Revenue
Code of 1986, as amended (the "Code"); and
WHEREAS, the Issuer will make, or has made not more than 60 days prior to the
date hereof, payments with respect to the acquisition, construction, reconstruction or
renovation of the property listed on Exhibit A attached hereto; and
WHEREAS, the Issuer has concluded that it does not currently desire to issue
tax-exempt obligations to finance the costs associated with the property listed on
Exhibit A attached hereto; and
WHEREAS, the Issuer desires to reimburse itself for the costs associated with
the property listed on Exhibit A attached hereto from the proceeds of tax-exempt
obligations to be issued subsequent to the date hereof; and
WHEREAS, the Issuer reasonably expects to issue tax-exempt obligations to
reimburse itself for the costs associated with the property listed on Exhibit A attached
hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS THAT:
Section 1. The Issuer reasonably expects to reimburse itself for all costs that
have been or will be paid subsequent to the date that is 60 days prior to the date hereof
and that are to be paid in connection with the acquisition, construction, reconstruction or
renovation of the property listed on Exhibit A attached hereto from the proceeds of
tax-exempt obligations to be issued subsequent to the date hereof.
Section 2. The Issuer reasonably expects that the maximum principal amount of
tax-exempt obligations issued to reimburse the Issuer for the costs associated with the
property listed on Exhibit A attached hereto will not exceed $2,000,000.
PASSED AND APPROVED by the Town Council of the Town of Trophy Club,
Texas, this 18 th day of January, 2010.
Resolution 2010-02 (File ID 2010-13)
ATTEST:
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Town Secretary, Lisa Hennek
Town of Trophy Club, Texas
[Seal]
APPROVED AS TO FORM:
Ll.d.a11U1J
Town Attorney, Patricia A. Adams
Town of Trophy Club, Texas
Resolution 2010-02 (File ID 2010-13)
Miifyor, Connie White
Town of Trophy Club, Texas
EXHIBIT A
DESCRIPTION OF PROPERTY
Purpose/Project
Acquiring, developing, renovating and
improving parks and open spaces for park
and recreation purposes.
TOTAL
Resolution 2010-02 (File 10 2010-13)
Amount
$2,000,000
$2,000,000