HomeMy WebLinkAboutRes 12-35 Expressing Official Intent to Reimburse Project Costs Related to Construction of a Ground Storage TankTOWN OF WESTLAKE
RESOLUTION NO. 12-35
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE PROJECT COSTS
RELATED TO CONSTRUCTION OF A GROUND STORAGE TANK.
WHEREAS, the Town of Westlake, Texas (the "Issuer") is a municipality and political
subdivision of the State of Texas;
WHEREAS, the Town expects to pay, or have paid on its behalf, expenditures in
connection with the design, planning, acquisition and construction of the projects described on
Exhibit A hereto (the "Projects") prior to the issuance of tax-exempt obligations, tax -credit
obligations and/or obligations for which a prior expression of intent to finance or refinance is
required by Federal or state law (collectively and individually, the "Obligations") to finance the
Projects;
WHEREAS, the Town finds, considers, and declares that the reimbursement for the
payment of such expenditures will be appropriate and consistent with the lawful objectives of the
Issuer and, as such, chooses to declare its intention to reimburse itself for such payments at such
time as it issues Obligations to finance the Projects;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF WESTLAKE, TEXAS:
SECTION 1. That, all matters stated in the Recitals hereinabove are found to be true
and correct and are incorporated herein by reference as if copied in their entirety.
SECTION 2: That, the Town Council of the Town of Westlake, Texas, hereby approves
the reimbursement resolution.
SECTION 3: If any portion of this Resolution shall, for any reason, be declared invalid
by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions
hereof and the Council hereby determines that it would have adopted this Resolution without the
invalid provision.
SECTION 4: The Town reasonably expects to incur debt, as one or more series of
Obligations, with an aggregate maximum principal amount equal to $2,000,000 for the purpose
of paying the costs of the Projects as identified in Exhibit A.
SECTION 5: All costs to be reimbursed pursuant hereto will be capital expenditures.
No Obligations will be issued by the Town in furtherance of this Statement after a date which is
later than 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.
Resolution 12-35
Page 1 of 3
SECTION 6: The foregoing notwithstanding, no Obligation will be issued pursuant to
this Statement more than three years after the date any expenditure which is to be reimbursed is
paid.
SECTION 7: The foregoing Sections 2 and 3 notwithstanding, all costs to be reimbursed
with qualified tax credit obligations shall not be paid prior to the date hereof and no tax credit
obligations shall be issued after 18 months of the date the original expenditure is made.
SECTION 8: That this resolution shall become effective from and after its date of
passage.
PASSED AND APPROVED ON THIS 12TH DAY OF NOVEMBER 2012.
ATTEST:
Kelly dwar , Town Secretary
APPROVED AS TO FORM:
wn
/zlz "W'/. - k"&Ltz
Laura L. Wheat, Mayor
fL�
Resolution 12-35
Page 2 of 3
EXHIBIT A
DESCRIPTION OF CAPITAL PROJECT
Constructing, instafling and equipping a 1 MG water ground storage tank.
Resolution 12-35
Page 3 of 3