HomeMy WebLinkAbout10-24-16 TC Agenda PacketThe Regular Meeting of the Town of Westlake Town Council will begin immediately following the conclusion
of the Town Council Work Session but not prior to the posted start time.
Mission Statement
Westlake is a unique community blending preservation of our natural environment and
viewscapes, while serving our residents and businesses with superior municipal and academic
services that are accessible, efficient, cost-effective, and transparent.
Westlake, Texas – “One-of-a-kind community; natural oasis – providing
an exceptional level of service.”
Page 1 of 5
TOWN OF WESTLAKE, TEXAS
Vision Statement
An oasis of natural beauty that maintains our open spaces in balance with distinctive
development, trails, and quality of life amenities amidst an ever expanding urban landscape.
TOWN COUNCIL MEETING
AGENDA
October 24, 2016
1301 Solana Blvd.
Building 4, Suite 4202
2ND FLOOR, COUNCIL CHAMBER
WESTLAKE, TX 76262
Workshop Session: 5:00 p.m.
Regular Session: 6:30 p.m.
Page 2 of 5
Work Session
1. CALL TO ORDER
2. PLEDGE OF ALLEGIANCE
3. REVIEW OF CONSENT AGENDA ITEMS FOR THE TOWN COUNCIL REGULAR
MEETING AGENDA.
4. DISCUSSION ITEMS
a. Presentation and Discussion of 2017 DirectionFinders Citizen Survey Instrument
for Municipal Services.
b. Review and discussion of the proposed 2017 Meeting Schedule of the Town
Council and Board of Trustees.
c. Presentation and discussion of certificates of obligation for the Westlake Fire-
EMS Station and the refunding of existing 2007 bonds.
d. Standing Item: Update and discussion regarding the Granada Development,
including items posted on the regular session agenda and the Covenants
Conditions Restrictions (CCR’s) and Design Standards.
e. Standing Item: Update and discussion regarding the Entrada Development,
including items posted on the regular session agenda and public art.
5. EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: (A) pending or contemplated litigation; or (B) a
settlement offer; (2) Consultation with Attorney on a matter in which the duty of
the attorney to the governmental body under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflicts with this chapter:
Ordinance 767
b. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: Contract dispute regarding sanitary sewer
connections.
c. Section 551.087 Deliberation Regarding Economic Development
Negotiations (1) to discuss or deliberate regarding commercial or financial
information that the governmental body has received from a business prospect
that the governmental body seeks to have locate, stay, or expand in or near the
territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of
a financial or other incentive to a business prospect described by Subdivision (1)
for the following:
- Maguire Partners-Solana Land, L.P., related to Centurion’s development
known as Entrada and Granada
- Project Lynx
- Quail Hollow
Page 3 of 5
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
d. Section 551.072 to deliberate the purchase, exchange, lease or value of real
property regarding Town Hall offices, Fire Station site and Town owned property
e. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate
the appointment, employment, evaluation, reassignment, duties, of a public
officer or employee: Town Manager
6. RECONVENE MEETING
7. COUNCIL RECAP / STAFF DIRECTION
8. ADJOURNMENT
Regular Session
1. CALL TO ORDER
2. ITEMS OF COMMUNITY INTEREST: Mayor and Council Reports on Items of
Community Interest pursuant to Texas Government Code Section 551.0415 the Town
Council may report on the following items: (1) expression of thanks, congratulations or
condolences; (2) information about holiday schedules; (3) recognition of individuals; (4)
reminders about upcoming Town Council events; (5) information about community
events; and (6) announcements involving imminent threat to public health and safety.
3. CITIZEN COMMENTS: This is an opportunity for citizens to address the Council on any
matter whether or not it is posted on the agenda. The Council cannot by law take action
nor have any discussion or deliberations on any presentation made to the Council at this
time concerning an item not listed on the agenda. The Council will receive the
information, ask staff to review the matter, or an item may be noticed on a future agenda
for deliberation or action.
4. CONSENT AGENDA: All items listed below are considered routine by the Town Council
and will be enacted with one motion. There will be no separate discussion of items unless
a Council Member or citizen so requests, in which event the item will be removed from the
general order of business and considered in its normal sequence.
a. Consider approval of the minutes from the September 19, 2016, meeting.
b. Consider approval of Resolution 16-33, Appointing a new member to the
Historical Preservation Society.
5. DISCUSSION AND CONSIDERATION OF RESOLUTION 16-34, DIRECTING
PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF
OBLIGATION.
Page 4 of 5
6. DISCUSSION AND CONSIDERATION OF ORDINANCE 800, REGARDING
MATTERS INCIDENT AND RELATED TO THE ISSUANCE AND SALE OF "TOWN OF
WESTLAKE, TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017",
INCLUDING THE ADOPTION OF AN ORDINANCE AUTHORIZING THE ISSUANCE
OF SUCH BONDS AND ESTABLISHING PROCEDURES AND DELEGATING
AUTHORITY FOR THE SALE AND DELIVERY OF SUCH BONDS.
7. EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: (A) pending or contemplated litigation; or (B) a
settlement offer; (2) Consultation with Attorney on a matter in which the duty of
the attorney to the governmental body under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflicts with this chapter:
Ordinance 767
b. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: Contract dispute regarding sanitary sewer
connections.
c. Section 551.087 Deliberation Regarding Economic Development
Negotiations (1) to discuss or deliberate regarding commercial or financial
information that the governmental body has received from a business prospect
that the governmental body seeks to have locate, stay, or expand in or near the
territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of
a financial or other incentive to a business prospect described by Subdivision (1)
for the following:
- Maguire Partners-Solana Land, L.P., related to Centurion’s development
known as Entrada and Granada
- Project Lynx
- Quail Hollow
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
d. Section 551.072 to deliberate the purchase, exchange, lease or value of real
property regarding Town Hall offices, Fire Station site and Town owned property
e. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate
the appointment, employment, evaluation, reassignment, duties, of a public
officer or employee: Town Manager
8. RECONVENE MEETING
9. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS.
Page 5 of 5
10. FUTURE AGENDA ITEMS: Any Council member may request at a workshop and / or
Council meeting, under “Future Agenda Item Requests”, an agenda item for a future Council
meeting. The Council Member making the request will contact the Town Manager with the
requested item and the Town Manager will list it on the agenda. At the meeting, the
requesting Council Member will explain the item, the need for Council discussion of the item,
the item’s relationship to the Council’s strategic priorities, and the amount of estimated staff
time necessary to prepare for Council discussion. If the requesting Council Member receives
a second, the Town Manager will place the item on the Council agenda calendar allowing
for adequate time for staff preparation on the agenda item.
11. ADJOURNMENT
ANY ITEM ON THIS POSTED AGENDA COULD BE DISCUSSED IN EXECUTIVE SESSION
AS LONG AS IT IS WITHIN ONE OF THE PERMITTED CATEGORIES UNDER SECTIONS
551.071 THROUGH 551.076 AND SECTION 551.087 OF THE TEXAS GOVERNMENT
CODE.
CERTIFICATION
I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1301 Solana Blvd.,
Building 4, Suite 4202, Westlake, TX 76262, October 20, 2016, by 5:00 p.m. under the Open Meetings Act,
Chapter 551 of the Texas Government Code.
_____________________________________
Kelly Edwards, TRMC, Town Secretary
If you plan to attend this public meeting and have a disability that requires special needs, please advise
the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made
to assist you.
The Regular Meeting of the Town of Westlake Town Council will begin immediately following the conclusion
of the Town Council Work Session but not prior to the posted start time.
Mission Statement
Westlake is a unique community blending preservation of our natural environment and
viewscapes, while serving our residents and businesses with superior municipal and academic
services that are accessible, efficient, cost-effective, and transparent.
Westlake, Texas – “One-of-a-kind community; natural oasis – providing
an exceptional level of service.”
Page 1 of 2
TOWN OF WESTLAKE, TEXAS
Vision Statement
An oasis of natural beauty that maintains our open spaces in balance with distinctive
development, trails, and quality of life amenities amidst an ever expanding urban landscape.
TOWN COUNCIL MEETING
AMENDED AGENDA
October 24, 2016
1301 Solana Blvd.
Building 4, Suite 4202
2ND FLOOR, COUNCIL CHAMBER
WESTLAKE, TX 76262
Regular Session: 6:30 p.m.
Page 2 of 2
AMENDED
Regular Session
7. DISCUSSION AND CONSIDERATION OF AN ORDINANCE PURSUANT TO SECTION
82-3(c)(3) OF THE UNIFIED DEVELOPMENT CODE CREATING AN EXCEPTION TO
THE REQUIREMENT FOR REPLATTING FOR THE CONVEYANCE OF 5.03 ACRES OF
LAND TO THE TOWN OF WESTLAKE FROM FMR TEXAS I, LLC FROM LOT 1,
FIDELITY INVESTMENTS ADDITION, PHASE 1, AN ADDITION TO THE TOWN OF
WESTLAKE, AS RECORDED IN CABINET A, SLIDE 11041, PLAT RECORDS,
TARRANT COUNTY, TEXAS, (“LOT 1”) AND VERIFICATION THAT THE REMAINDER
OF SAID LOT 1 SHALL IN ALL RESPECTS HEREAFTER CONTINUE TO BE TREATED
AS A PLATTED LOT.
ANY ITEM ON THIS POSTED AGENDA COULD BE DISCUSSED IN EXECUTIVE SESSION
AS LONG AS IT IS WITHIN ONE OF THE PERMITTED CATEGORIES UNDER SECTIONS
551.071 THROUGH 551.076 AND SECTION 551.087 OF THE TEXAS GOVERNMENT
CODE.
CERTIFICATION
I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1301 Solana Blvd.,
Building 4, Suite 4202, Westlake, TX 76262, October 21, 2016, by 4:00 p.m. under the Open Meetings Act,
Chapter 551 of the Texas Government Code.
_____________________________________
Kelly Edwards, TRMC, Town Secretary
If you plan to attend this public meeting and have a disability that requires special needs, please advise
the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made
to assist you.
Town Council
Item # 2 – Pledge of
Allegiance
Texas Pledge:
"Honor the Texas flag;
I pledge allegiance to
thee, Texas, one state
under God, one and
indivisible."
REVIEW OF CONSENT AGENDA ITEMS FOR THE TOWN COUNCIL
REGULAR MEETING AGENDA.
a. Consider approval of the minutes from the September 19, 2016, meeting.
b. Consider approval of Resolution 16-33, Appointing a new member to the
Historical Preservation Society.
Town Council
Item # 3 – Review of
Consent Items
DISCUSSION ITEMS
a. Presentation and Discussion of 2017 DirectionFinders Citizen Survey Instrument
for Municipal Services.
b. Review and discussion of the proposed 2017 Meeting Schedule of the Town
Council and Board of Trustees.
c. Presentation and discussion of certificates of obligation for the Westlake Fire-
EMS Station and the refunding of existing 2007 bonds.
d. Standing Item: Update and discussion regarding the Granada Development,
including items posted on the regular session agenda and the Covenants
Conditions Restrictions (CCR’s) and Design Standards.
e. Standing Item: Update and discussion regarding the Entrada Development,
including items posted on the regular session agenda and public art.
Town Council
Item #4 – Discussion
Items
estlake Town Council
TYPE OF ACTION
Workshop - Discussion Item
Westlake Town Council Meeting
Monday, October 24, 2016
TOPIC: Presentation and Discussion of 2017 DirectionFinders Citizen Survey
Instrument for Municipal Services
STAFF CONTACT: Amanda DeGan, Assistant Town Manager
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome
Objective
Informed & Engaged
Citizens / Sense of
Community
Citizen, Student &
Stakeholder
Exemplary Service & Governance
- We set the standard by delivering
unparalleled municipal and
educational services at the lowest
cost.
Increase CSS
Satisfaction
Strategic Initiative
Bi-annual Survey Administration
Time Line - Start Date: October 24, 2016 Completion Date: June 30, 2016
Funding Amount: $10,000 Status - Funded Source - General Fund
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
The Town administers a bi-annual survey to our residents to gauge their level of satisfaction with
our service delivery, capital improvements and general feedback relative to the direction of our
community. The survey document is administered by ETC Institute and the report is titled
DirectionFinders as the data is designed to help us plan for the future. We have conducted surveys
in 2009, 2010, 2011, 2013, 2015 and for the coming calendar year, 2017. You may note from the
dates that we have adhered to staggered administration of the questions in order to reduce survey
fatigue for our residents.
RECOMMENDATION
Survey presented for Council review and discussion.
ATTACHMENTS
Draft - 2017 Westlake DirectionFinders Citizen Survey
1
TOWN OF WESTLAKE
2017 RESIDENT SURVEY
1. Satisfaction with Major Categories of Town Services: Using a scale of 1 to 5, where 5 means “Very Satisfied”
and 1 means “Very Dissatisfied,” please circle your level of satisfaction with the following services provided by
the Town of Westlake. Very Very Don’t
Satisfied Satisfied Neutral Dissatisfied Dissatisfied Know
How satisfied are you with the:
A. Overall quality of public safety services (police, fire, and
emergency medical) 5…....….4..…..….3.........…..2……..….1…...…..9
B. Overall efforts by the Town to ensure the
community is prepared for emergencies 5…....….4..…..….3.........…..2……..….1…...…..9
C. Overall quality of maintenance of Town streets 5…....….4..…..….3.........…..2……..….1…...…..9
D. Overall effectiveness of communication by the Town 5…....….4..…..….3.........…..2……..….1…...…..9
E. Overall quality of utility services 5…....….4..…..….3.........…..2……..….1…...…..9
F. Overall quality of parks, trails, open spaces,
streetscaping, and facilities 5…....….4..…..….3.........…..2……..….1…...…..9
G. Overall quality of customer service 5…....….4……….3........…...2……..….1…...…..9
H. Overall quality of enforcement of codes and ordinances 5…....….4……….3........…...2……..….1…...…..9
I. Overall quality of government services provided
by the Town of Westlake 5…....….4..…..….3.........…..2……..….1…...…..9
J. Overall value you receive from your tax dollars and fees 5…....….4..…..….3.........…..2……..….1…...…..9
K. Overall value of Westlake Academy to the Town 5…....….4..…..….3.........…..2……..….1…...…..9
2. Which THREE of the services listed above are the most important to you?
(Write in the spaces below, using the letters from the list in Question #1, above)
1st__________ 2nd__________ 3rd__________
3. Satisfaction with Specific Types of Services Provided by the Town: Using a scale of 1 to 5, where 5 means
“Very Satisfied” and 1 means “Very Dissatisfied,” please circle your level of satisfaction with each of the
following. Very Very Don’t
Satisfied Satisfied Neutral Dissatisfied Dissatisfied Know
How satisfied are you with the:
Police Services
A. Quality of local police protection 5…....….4..…..….3.........…..2……..….1…...…..9
B. Visibility of police in neighborhoods 5…....….4..…..….3.........…..2……..….1…...…..9
C. How quickly police respond to emergencies 5…....….4..…..….3.........…..2……..….1…...…..9
D. Efforts of the Town to prevent crime 5…....….4..…..….3.........…..2……..….1…...…..9
E. Level of traffic enforcement 5…....….4..…..….3.........…..2……..….1…...…..9
Fire & Medical Services
F. Quality of fire services 5…....….4..…..….3.........…..2……..….1…...…..9
G. Quality of emergency medical services 5…....….4..…..….3.........…..2……..….1…...…..9
H. Response time of fire and emergency medical services
personnel 5…....….4..…..….3.........…..2……..….1…...…..9
Emergency Preparedness
I. Response efforts by the Town Staff during extreme weather
conditions 5…....….4..…..….3.........…..2……..….1…...…..9
J. Efforts by the Town Staff to inform residents of hazardous
road conditions, potential inclement weather & closures 5…....….4..…..….3.........…..2……..….1…...…..9
2
(Question #3 continued) Using a scale of 1 to 5, where 5 means “Very Satisfied” and 1 means “Very Dissatisfied,” please circle
your level of satisfaction with each of the following.) Very Very Don’t
Satisfied Satisfied Neutral Dissatisfied Dissatisfied Know
Transportation Services
K. Condition of major streets in Westlake 5…....….4..…..….3.........…..2……..….1…...…..9
L. Condition of streets in your neighborhood 5…....….4..…..….3.........…..2……..….1…...…..9
M. Cleanliness of streets and other public areas 5…....….4..…..….3.........…..2……..….1…...…..9
N. Traffic flow and congestion management in Westlake 5…....….4..…..….3.........…..2……..….1…...…..9
Communications & Citizen Engagement
O. Efforts by the Town to keep you informed about Council
meetings, Town projects, issues, and events 5…....….4..…..….3.........…..2……..….1…...…..9
P. Timeliness of information provided by the Town 5…....….4..…..….3.........…..2……..….1…...…..9
Q. Completeness of the information provided by the Town 5…....….4..…..….3.........…..2……..….1…...…..9
R. Usefulness of the Westlake Wire communications 5…....….4..…..….3.........…..2……..….1…...…..9
S. Usefulness of social media efforts 5…....….4..…..….3.........…..2……..….1…...…..9
T. Ease of use of the Town’s website 5…....….4..…..….3.........…..2……..….1…...…..9
U. Availability/Accessibility of Town records 5…....….4..…..….3.........…..2……..….1…...…..9
V. Opportunities provided for public input 5…....….4..…..….3.........…..2……..….1…...…..9
Parks & Recreation Services
W. Maintenance of Town-owned Glenwyck Park 5…....….4..…..….3.........…..2……..….1…...…..9
X. Number of publicly-accessible parks and trails 5…....….4..…..….3.........…..2……..….1…...…..9
Y. Maintenance of streetscaping and open spaces 5…....….4..…..….3.........…..2……..….1…...…..9
Utility Services
Z. Residential trash/recycling collection services 5…....….4..…..….3.........…..2……..….1…...…..9
AA. Yard waste & bulky item removal services 5…....….4..…..….3.........…..2……..….1…...…..9
BB. Town efforts to promote water conservation and protect
water resources 5…....….4..…..….3.........…..2……..….1…...…..9
CC. Household hazardous waste disposal service 5…....….4..…..….3.........…..2……..….1…...…..9
DD. Efforts by the Town to manage storm water run-off 5…....….4..…..….3.........…..2……..….1…...…..9
EE. Quality of (drinking) water utility services 5…....….4..…..….3.........…..2……..….1…...…..9
Customer Service
FF. Level of participation by Town Staff in community events/
neighborhood meetings 5…....….4..…..….3.........…..2……..….1…...…..9
GG. Timeliness of Town Staff to concerns/issues (<24 hours) 5…....….4..…..….3.........…..2……..….1…...…..9
HH. Friendliness of Town Staff 5…....….4..…..….3.........…..2……..….1…...…..9
II. Municipal court services 5…....….4..…..….3.........…..2……..….1…...…..9
JJ. Jury service experience 5…....….4..…..….3.........…..2……..….1…...…..9
Code Enforcement
KK. Enforcing the exterior appearance and maintenance
regulations for property 5…....….4..…..….3.........…..2……..….1…...…..9
LL. Enforcing sign regulations 5…....….4..…..….3.........…..2……..….1…...…..9
3
4. Reasons for Moving to Westlake: Using a scale of 1 to 5, where 5 means “Extremely Important” and 1 means
“Not Important,” please circle how important the following issues were in your decision to move to the Town of
Westlake. Extremely Very Less Not Don’t
Important Important Important Important Important Know
How important was:
A. Sense of community 5…....….4..…..…...3.........….2………..1….......9
B. Quality of life 5…....….4..…..…...3..............2………..1….......9
C. Small town feel 5…....….4..…..…...3.........….2………..1….......9
D. Aesthetic appeal & high development standards 5…....….4..…..…...3.........….2………..1….......9
E. Westlake Academy 5…....….4..…..…...3.........….2………..1….......9
F. Access to other public schools (Keller, Northwest
or Carroll ISD) 5…....….4..…..…...3.........….2………..1….......9
G. Proximity to private schools 5…....….4..…..…...3.........….2………..1….......9
H. Low crime rates/quality of public safety 5…....….4..…..…...3.........….2………..1….......9
I. Employment opportunities in the Westlake area 5…....….4..…..…...3.........….2………..1….......9
J. Access to DFW airport 5…....….4..…..…...3.........….2………..1….......9
K. Access to major highways 5…....….4..…..…...3.........….2………..1….......9
L. Type of housing available 5…....….4..…..…...3.........….2………..1….......9
M. Quality of your subdivision 5…....….4..…..…...3.........….2………..1….......9
N. Westlake as a retirement destination 5…....….4..…..…...3.........….2………..1….......9
O. Number of publicly accessible parks & trails 5…....….4..…..…...3.........….2………..1….......9
P. Subdivision amenities (airpark, golf club, parks, etc.) 5…....….4..…..…...3.........….2………..1….......9
5. Which THREE of the reasons listed above are the most important reasons why you will stay in Westlake
for the next 5 years? (Write in the spaces below, using the letters from the list in Question #4, above)
1st_________ 2nd________ 3rd________
6. Issue(s) of Interest
A.
7. Overall, how familiar are you with the following information:
A. The Town’s Comprehensive Plan
_____(3) Very Familiar _____(2) Somewhat Familiar _____(1) Not Familiar
B. The Town’s Strategic Plan
_____(3) Very Familiar _____(2) Somewhat Familiar _____(1) Not Familiar
C. The Town’s Vision, Values, and Mission Statements
_____(3) Very Familiar _____(2) Somewhat Familiar _____(1) Not Familiar
D. The Town’s lighting standards
_____(3) Very Familiar _____(2) Somewhat Familiar _____(1) Not Familiar
E. The Town’s open space requirements for development
_____(3) Very Familiar _____(2) Somewhat Familiar _____(1) Not Familiar
F. Zoning standards within the Town
_____(3) Very Familiar _____(2) Somewhat Familiar _____(1) Not Familiar
G. Allowed uses (entitlements) for existing planned development districts within the Town
_____(3) Very Familiar _____(2) Somewhat Familiar _____(1) Not Familiar
4
8. Please check the following boxes that apply to you (select ONE)
When did you most recently attend the
following event or meeting?
This
Year
Last
Year
2 Years
Ago or
More
Never, But I
Am Aware of
Event/Mtg
Never, I Am
Not Aware of
Event/Mtg
A. Decoration Day 1 2 3 4 5
B. Any of the Master Works concert series
Events 1 2 3 4 5
C. Other Westlake Historical Preservation
Society events 1 2 3 4 5
D. Westlake Historical Preservation Society’s
Classic Car Show 1 2 3 4 5
E. Westlake Public Arts Society events 1 2 3 4 5
F. Council Meeting 1 2 3 4 5
H. Board of Trustees Meeting 1 2 3 4 5
I. Planning & Zoning Committee Meeting 1 2 3 4 5
9. Have you attended a public meeting in your neighborhood?
_____ (1) Yes – Within the Past 12 months (go to #9a-b)
_____ (2) Yes – However, more than 12 months ago (go to #9a-b)
_____ (3) No - but I Am Aware of the Meetings (go to #9c-d)
_____ (4) No - I Am Not Aware of the Meetings (go to #9c-d)
If Yes:
9a. Was the meeting informative? (1) Yes / (2) No
9b. Did you have the opportunity to discuss your ideas/concerns? (1) Yes / (2) No
If No:
9c. Will you attend a neighborhood meeting in the future? (1) Yes / (2) No
9d. Do you think these types of meeting are useful? (1) Yes / (2) No
10. In your opinion, how often should neighborhood meetings be held?
_____ (1) Annually _____ (2) Twice a year _____ (3) Every other year _____ (4) Don’t know
11. Do any children in grades K-12 live in your home?
_____ (1) Yes - (go to #11a)
_____ (2) No - (go to #12)
11a. IF YES to #12: Do any of these children currently attend Westlake Academy?
_____ (1) Yes (go to #12) _____ (2) No (go to #11b-d)
11b. Where do your children go to school? ___________________________________________
11c. If any of your children previously attended Westlake Academy, why did they stop?
______________________________________________________________________________
______________________________________________________________________________
11d. If your children previously attended Westlake Academy, are you considering re-enrolling
them in the future?
_____ (1) Yes _____ (2) No
5
12. What is your age?
_____ (1) 18 – 34 years _____ (3) 55 – 74 years
_____ (2) 35 – 54 years _____ (4) 75 + years
13. How many years have you lived in Westlake? _______ years
14. In which subdivision do you live?
_____ (1) Stagecoach Hills _____ (3) Wyck Hill _____ (5) Mahotea Boone
_____ (2) Vaquero _____ (4) Glenwyck Farms _____ (6) Granada
_____ (7) Terra Bella
15. Which of the following BEST describes your total annual household income?
_____ (1) Under $50,000 _____ (3) $150,000 - $500,000
_____ (2) $50,000 - $149,000 _____ (4) Over $500,000
16. Gender:
_____ (1) Male _____ (2) Female
17. Overall, how safe do you feel in the Town of Westlake?
_____ (4) Very Safe _____ (3) Safe _____ (2) Unsafe _____ (1) Very Unsafe _____ (9) Don’t Know
18. Overall, how would you rate the Town of Westlake as a place to live?
_____ (4) Excellent _____ (3) Good _____ (2) Average _____ (1) Poor _____ (9) Don’t Know
Optional: If you have any other comments, please write them in the space provided below.
The Town of Westlake
Thanks you for completing this survey.
Please return your completed document in the enclosed
postage-paid envelope, addressed to:
ETC Institute
725 W. Frontier Circle
Olathe, KS 66061
Page 1 of 2
estlake Town Council
TYPE OF ACTION
Workshop - Discussion Item
Westlake Town Council Meeting
Monday, October 24, 2016
TOPIC: Review and discussion of the proposed 2017 Meeting Schedule of the
Town Council and Board of Trustees.
STAFF CONTACT: Kelly Edwards, Town Secretary
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome
Objective
Informed & Engaged
Citizens / Sense of
Community
Citizen, Student &
Stakeholder
Exemplary Service & Governance
- We set the standard by delivering
unparalleled municipal and
educational services at the lowest
cost.
Increase
Transparency,
Accessibility &
Communications
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: September 1, 2016 Completion Date: November 14, 2016
Funding Amount: 00.00 Status - Not Funded Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
From time to time, the Council/BOT regular meeting schedule requires modification due to
holidays and other events that may create a conflict for Council/Board Members and staff to
attend Council/Board meetings.
Several factors have been taken into consideration as staff prepared the 2017 meeting calendar,
including national holidays, school holidays, early voting, Planning & Zoning meetings and
annual training conferences. Due to the increase in development we have found it is necessary to
schedule a Planning & Zoning meeting each month prior to the Town Council meeting.
01/09/2017 Special Council meeting to call the election due to filing beginning on 01/18/2017
04/24/2017 Council meeting to be conducted at the Fieldhouse WA Campus due to Early Voting
Page 2 of 2
05/11/2017 Special Council meeting to canvass the election due to May 22nd being passed the
deadline to canvass
06/09/2017 Retreat moved to June due to professional conferences and to avoid preparations for
graduation
06/19/2017 Council moved later in the month due to the necessity of conducting a Planning &
Zoning meeting prior to the Council/Trustee July break
08/09/2017 Council budget work session moved to review prior to budget deadline
09/11/2017 Special Council meeting to adopt the budget and property tax due to the Tarrant
County Appraisal District deadline
RECOMMENDATION
Review the proposed calendar and make any necessary revisions.
ATTACHMENTS
Draft 2017 meeting calendar.
January 2017 1 February 2017 2 March 2017 3
S M T W Th F Sa S M T W Th F Sa S M T W Th F Sa
1 2 3 4 5 6 7 1 2 3 4 1 2 3 4
8 9 10 11 12 13 14 5 6 7 8 9 10 11 5 6 7 8 9 10 11
15 16 17 18 19 20 21 12 13 14 15 16 17 18 12 13 14 15 16 17 18
22 23 24 25 26 27 28 19 20 21 22 23 24 25 19 20 21 22 23 24 25
29 30 31 26 27 28 26 27 28 29 30 31
April 2017 4 May 2017 5 June 2017 6
S M T W Th F Sa S M T W Th F Sa S M T W Th F Sa
1 1 2 3 4 5 6 1 2 3
2 3 4 5 6 7 8 7 8 9 10 11 12 13 4 5 6 7 8 9 10
9 10 11 12 13 14 15 14 15 16 17 18 19 20 11 12 13 14 15 16 17
16 17 18 19 20 21 22 21 22 23 24 25 26 27 18 19 20 21 22 23 24
23 24 25 26 27 28 29 28 29 30 31 25 26 27 28 29 30
30
July 2017 7 August 2017 8 September 2017 9
S M T W Th F Sa S M T W Th F Sa S M T W Th F Sa
1 1 2 3 4 5 1 2
2 3 4 5 6 7 8 6 7 8 9 10 11 12 3 4 5 6 7 8 9
9 10 11 12 13 14 15 13 14 15 16 17 18 19 10 11 12 13 14 15 16
16 17 18 19 20 21 22 20 21 22 23 24 25 26 17 18 19 20 21 22 23
23 24 25 26 27 28 29 27 28 29 30 31 24 25 26 27 28 29 30
30 31
October 2017 10 November 2017 11 December 2017 12
S M T W Th F Sa S M T W Th F Sa S M T W Th F Sa
1 2 3 4 5 6 7 1 2 3 4 1 2
8 9 10 11 12 13 14 5 6 7 8 9 10 11 3 4 5 6 7 8 9
15 16 17 18 19 20 21 12 13 14 15 16 17 18 10 11 12 13 14 15 16
22 23 24 25 26 27 28 19 20 21 22 23 24 25 17 18 19 20 21 22 23
29 30 31 26 27 28 29 30 24 25 26 27 28 29 30
31
School Board School & Town Holiday Budget / Meeting Retreats
Town Council School Holiday Town Holiday
New Council/BOT Orientation Election Day /First/Last Day School
Planning & Zoning Meetings Special Meeting to
Canvass Returns
01/09/16 Special Council Meeting to call the Election
01/03/16 Student Holiday 06/02 Last Day of School
02/20/17 Student Holiday
03/13-03/17 Spring Break
05/06 Election Day
05/11 Canvass if Election 5/22 too late
05/08 BOT Budget Wkshp
05/18 TC/BOT orientation (if necessary)
06/09 TC/BOT Planning Retreat - All Day
06/03 Senior Commencement
08/09 TC Budget W kshp 12-5:00
08/17 First Day of School (TBD)
08/23 & 08/30 TC if necessary (tax) 6:00 p.m.
09/11 Special TC to approve the BUDGET
10/22-10/25 ICMA
10/3-10/6 TML
Town of Westlake
Meeting Schedule
Page 1 of 3
estlake Town Council
TYPE OF ACTION
Workshop - Discussion Item
Westlake Town Council Meeting
Monday, October 24, 2016
TOPIC: Presentation and discussion of certificates of obligation for the Westlake Fire-EMS
Station and the refunding of existing 2007 bonds.
STAFF CONTACT: Tom Brymer, Town Manager, Debbie Piper, Finance Director, Troy Meyer,
Facilities Director
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective
Fiscal Responsibility People, Facilities,
& Technology
Exemplary Service &
Governance - We set the
standard by delivering
unparalleled municipal and
educational services at the
lowest cost.
Improve
Technology,
Facilities &
Equipment
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: October 24, 2016 Completion Date: October 24, 2016
Funding Amount: $9.2M Status - Bond Funded Source - Bond Issuance
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
This item involves a Resolution authorizing Town consultants and staff to begin preparing for the issuance
of a publication of the Notice of Intent to issue certificates of obligation in the amount of $9.2M for the
financing of the new Westlake Fire-EMS Station.
The total project was originally budgeted at $8,859,645 which included a bond issuance of $8.5M with the
remaining $359,645 costs coming from the fund balance of the General Fund. The project’s proposed costs
have now come in at approximately $9.2M primarily due to the rise in construction costs and the additional
enhancements to the exterior of the station. Staff proposes that we issue a total of $9.2M in certificates of
obligation to fund the project and retain the cash portion in fund balance.
Page 2 of 3
As stated at previous meetings with the Council and at an informational meeting for our residents, the Town
of Westlake has inadequate facilities today for our current needs. The existing Fire Station (located on Dove
Road to the West of the proposed site) is not ideally located to serve the municipality which is developed
primarily on the Eastern side, nor for a future 2-station build-out of the community as proposed in our
Comprehensive Plan. The new site will better serve the Eastern side of the Town, without sacrificing
response time to the West. Our response personnel will be able to access the Western side of the town via
Highway 114. As development occurs on the Western side of Westlake, a future fire station #2 would be
recommended in order to respond to an increased call volume and to enhance our response times in this
area.
As you may remember, the Feasibility Study completed in May 2015 assessed the proposed sites and
determined the corner of Davis Boulevard and Dove Road as one of the top locations due to the fact it will
be highly visible and is ideally situated to minimize response time.
The 5-acre site was generously donated for the construction of the estimated 15,800 sq. ft. Fire-EMS Station.
The facility would include a minimum of three (3) double-deep drive-through bays, (4 preferred, budget
allowing), which need an approximate 75-80 feet deep clearance to allow adequate stacking of our apparatus
for our current and future needs. The administrative offices/living quarters/EOC (Emergency Operating
Center) are anticipated to be designed to the minimum current needs, and it is recommended that it allow
for future expansion.
Pricing has been estimated by Brown, Reynolds and Waterford (BRW) to be between $8.8M and $9.2M for
the construction of the Station. This potentially includes enhancements to the exterior of the building, the
additional 4th bay and landscaping. It does not include the future expansion of the Station living quarters
and office space. We anticipate hiring an architect at the December 12th Council meeting and the
Construction Manager-at-Risk in January, 2017 with construction beginning the summer of 2017.
Staff has begun the process of drafting our Request for Qualifications (RFQ) for Construction Manager-at-
Risk services to construct the Fire-EMS Station. These services include pre-construction, construction
documents, and administration. This process will take 4-6 weeks to rank and select the contractor.
The proposed $9.2 million portion of the certificates of obligation issuance can be serviced by the Town
without impacting our current ad valorem tax rate. The debt service payment for this issuance is contained
in the Adopted FY 16-17 budget with the first interest payment being payable in the current fiscal year.
Attached, is the schedule relative to the issuance of $9.2M in bonds. Annual payments are anticipated to be
approximately $488K annually. This additional $700K in bond proceeds is $65K more per year than the
original estimated issuance amount of $8.5M. These payments will be offset with the corresponding
refunding of the bonds from 2007, which will be approximately $75K savings annually. Based on Page 4
of this schedule, we plan to close on 12/22/16.
We anticipate receiving “Bank Qualified” status on the pricing of this issuance because the total amount of
tax-exempt debt incurred by the Town in calendar year 2016, including the proposed certificates of
obligation for the fire station, is expected to be below the $10M per year threshold established under federal
tax law. Bank-qualified debt offers special tax benefits to banks and qualified financial institutions, resulting
in greater demand and lower interest rates in the range of 15-25 basis points.
Page 3 of 3
RECOMMENDATION
Staff recommends Council adopt a resolution directing publication of notice of intention to issue certificates
of obligation for the Westlake Fire-EMS Station and the refunding of the 2007 bonds.
ATTACHMENTS
1) Schedules from Tom Lawrence, Financial Advisor
Standing Item: Update and discussion regarding the Granada Development, including
items posted on the regular session agenda and the Covenants Conditions Restrictions
(CCR’s) and Design Standards.
Town Council
Item # 4d – Granada
Development
Standing Item: Update and discussion regarding the Entrada Development, including
items posted on the regular session agenda and public art.
Town Council
Item # 4e – Entrada
Development
EXECUTIVE SESSION
a. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: (A) pending or contemplated litigation; or (B) a
settlement offer; (2) Consultation with Attorney on a matter in which the duty of
the attorney to the governmental body under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflicts with this chapter:
Ordinance 767
b. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: Contract dispute regarding sanitary sewer
connections.
c. Section 551.087 Deliberation Regarding Economic Development
Negotiations (1) to discuss or deliberate regarding commercial or financial
information that the governmental body has received from a business prospect
that the governmental body seeks to have locate, stay, or expand in or near the
territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of
a financial or other incentive to a business prospect described by Subdivision (1)
for the following:
- Maguire Partners-Solana Land, L.P., related to Centurion’s development
known as Entrada and Granada
- Project Lynx
- Quail Hollow
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
d. Section 551.072 to deliberate the purchase, exchange, lease or value of real
property regarding Town Hall offices, Fire Station site and Town owned property
e. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate
the appointment, employment, evaluation, reassignment, duties, of a public
officer or employee: Town Manager
Town Council
Item # 5 – Executive
Session
Town Council
Item # 6 – Reconvene
Council Meeting
COUNCIL RECAP / STAFF DIRECTION
Town Council
Item # 7 – Council Recap /
Staff Direction
Town Council
Item # 8 – Adjournment
Work Session
ITEMS OF COMMUNITY INTEREST: Mayor and Council Reports
on Items of Community Interest pursuant to Texas Government
Code Section 551.0415 the Town Council may report on the
following items: (1) expression of thanks, congratulations or
condolences; (2) information about holiday schedules; (3)
recognition of individuals; (4) reminders about upcoming Town
Council events; (5) information about community events; and (6)
announcements involving imminent threat to public health and
safety.
Westlake Public Art Program – Town Forum (for Residents & All Stakeholders)
Thursday, October 20, 2016; 6:30 pm
WA Campus – Multi-Purpose Hall (MPH); For more information, contact Assistant Town Manager
Amanda DeGan at 817-490-5715
Town Council Workshop/Meeting
Monday, October 24, 2016
Westlake Town Hall, Solana – Council Chamber/Courtroom
Looking ahead to November…
Annual Northwest Metroport Chamber’s Luncheon Program- formerly “State of the Communities Update”;
now “Road Trip: Seven Communities, Seven Minutes”
Tuesday, November 1, 2016; 11:30-1:00 pm
Texas Motor Speedway – Speedway Club
*Please let Ginger know if you plan to attend so your ticket may be purchased
Northeast Leadership Forum’s Annual Heart of North Texas Business Conference
Friday, November 4, 2016; 8:00 am – 1:30 pm
Hurst Conference Center
*Please let Ginger know if you plan to attend so your ticket may be purchased
Coffee & Conversation with the Mayor
Monday, November 7, 2016; 8:00 – 9:30 am
Marriott Solana Hotel – Great Room
WA Board of Trustees Workshop/Meeting
Monday, November 7, 2016
Westlake Town Hall, Solana – Council Chamber/Courtroom
Town Council Workshop/Meeting
Monday, November 14, 2016
Westlake Town Hall, Solana – Council Chamber/Courtroom
Westlake Town Hall offices closed for the Thanksgiving holidays
Thursday, November 24 and Friday, November 25, 2016
*For meeting agendas and details on calendar events, please visit the Town’s website.
Town Council
Item # 2 – Items of
Community Interest
CITIZEN COMMENTS: This is an opportunity for citizens to address the Council on any matter
whether or not it is posted on the agenda. The Council cannot by law take action nor have any
discussion or deliberations on any presentation made to the Council at this time concerning an
item not listed on the agenda. The Council will receive the information, ask staff to review the
matter, or an item may be noticed on a future agenda for deliberation or action.
Town Council
Item # 3 – Citizen
Comments
CONSENT AGENDA: All items listed below are considered routine by the Town Council
and will be enacted with one motion. There will be no separate discussion of items
unless a Council Member or citizen so requests, in which event the item will be removed
from the general order of business and considered in its normal sequence.
a. Consider approval of the minutes from the September 19, 2016, meeting.
b. Consider approval of Resolution 16-33, Appointing a new member to the
Historical Preservation Society.
Town Council
Item # 4 – Consent
Agenda
Town Council Minutes
09/19/16
Page 1 of 8
MINUTES OF THE
TOWN OF WESTLAKE, TEXAS
TOWN COUNCIL MEETING
September 19, 2016
PRESENT: Mayor Laura Wheat, Council Members: Michael Barrett, Alesa Belvedere, Carol
Langdon, and Rick Rennhack. Wayne Stoltenberg arrived at 5:10 p.m.
ABSENT:
OTHERS PRESENT: Town Manager Thomas Brymer, Town Secretary Kelly Edwards,
Town Attorneys Stan Lowry and Cathy Cunningham, Assistant
Town Manager Amanda DeGan, Director of Public Works Jarrod
Greenwood, Finance Director Debbie Piper, Director of Human
Resources & Administrative Services Todd Wood, Fire Chief
Richard Whitten, Director of Communications Ginger Awtry,
Director of Information Technology Jason Power, Development
Coordinator/Management Analyst Joel Enders, Chief Building
Official Eddie Edwards, Director of Parks & Recreation Troy Meyer,
Keller Police Chief Mike Wilson, and Finance Supervisor Jaymi
Ford.
Work Session
1. CALL TO ORDER
Mayor Wheat called the work session to order at 5:07 p.m.
2. PLEDGE OF ALLEGIANCE
Mayor Wheat led the pledge of allegiance to the United States and Texas flags.
Town Council Minutes
09/19/16
Page 2 of 8
3. REVIEW OF CONSENT AGENDA ITEMS FOR THE TOWN COUNCIL REGULAR
MEETING AGENDA.
Director Greenwood provided Council a copy of the licensing agreement.
Mayor Wheat inquired if Staff had received feedback regarding Ordinance 792, amending
Chapter 50 of the Code.
4. DISCUSSION ITEMS
a. Presentation and discussion regarding an Economic Development Agreement
with the Marriott Solana Hotel.
Mr. Todd Winch, Marriott Solana, provided a presentation and overview of the
item and last year’s numbers.
Discussion ensued regarding the hotel renovations, surrounding competition, an
overview of the incentive program, centralized sales office, and the food and
beverage incentive.
b. Standing Item: Update and discussion regarding the Granada Development,
including items posted on the regular session agenda and the Covenants
Conditions Restrictions (CCR’s) and Design Standards.
Director Greenwood provided an overview regarding the roundabout construction
and seeking home owner input for public art opportunities.
c. Standing Item: Update and discussion regarding the Entrada Development,
including items posted on the regular session agenda and public art.
Town Manager Brymer provided an overview of the Solana Boulevard
improvements, construction of Arta Street, an update regarding CVS,
signalization along FM 1938 (Davis Boulevard) and the preliminary discussions
for a signal at Highway 114 and Solana Boulevard.
5. EXECUTIVE SESSION
The Council convened into executive session at 5:36 p.m.
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: (A) pending or contemplated litigation; or (B) a
Town Council Minutes
09/19/16
Page 3 of 8
settlement offer; (2) Consultation with Attorney on a matter in which the duty of
the attorney to the governmental body under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflicts with this chapter:
Ordinance 767
b. Section 551.087 Deliberation Regarding Economic Development
Negotiations (1) to discuss or deliberate regarding commercial or financial
information that the governmental body has received from a business prospect
that the governmental body seeks to have locate, stay, or expand in or near the
territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of
a financial or other incentive to a business prospect described by Subdivision (1)
for the following:
- Maguire Partners-Solana Land, L.P., related to Centurion’s development
known as Entrada and Granada
- Project Lynx
- Quail Hollow
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
c. Section 551.072 to deliberate the purchase, exchange, lease of value of real
property regarding Town Hall offices and possible Fire Stations sites
6. RECONVENE MEETING
Mayor Wheat reconvened the meeting at 6:43 p.m.
7. COUNCIL RECAP / STAFF DIRECTION
No additional direction provided.
8. ADJOURNMENT
Mayor Wheat adjourned the work session at 6:43 p.m.
Regular Session
1. CALL TO ORDER
Mayor Wheat called the regular session to order at 6:43 p.m.
Town Council Minutes
09/19/16
Page 4 of 8
2. ITEMS OF COMMUNITY INTEREST
Mayor Wheat provided an overview of the upcoming events.
3. CITIZEN COMMENTS
No one addressed the Council.
4. CONSENT AGENDA
a. Consider approval of the minutes from the August 22, 2016, meeting.
b. Consider approval of Resolution 16-32, Approving an Economic Development
Agreement with the Marriott Solana Hotel.
c. Consider approval of Ordinance 792, Amending Chapter 50, Section 50-3,
subsections (c) and (d) by deleting subsection (c) allowing for a temporary trailer.
d. Consider approval of Ordinance 799, Approving a Right-of-way License
Agreement with BRE Solana, LLC, a Delaware limited liability company (“BRE”),
The Boy Scouts of America, a non-profit corporation chartered by an Act of the
United States Congress on June 15, 1916 (the “BSA”) HMC Solana, LLC, a
Delaware limited liability company (“HMC”) to install, maintain and operate the
existing fire line within the Town of Westlake right of way on Sam School Road.
MOTION: Council Member Belvedere made a motion to approve the consent
agenda. Council Member Stoltenberg seconded the motion. The
motion carried by a vote of 5-0.
5. CONDUCT A PUBLIC HEARING AND CONSIDERATION OF ORDINANCE 793,
APPROVING A TEMPORARY CONCRETE BATCHING PLANT TO BE LOCATED AT
THE PLANNED ESTATES OF QUAIL HOLLOW SUBDIVISION, AN 80-ACRE SITE
LOCATED NEAR THE SOUTHEAST CORNER OF DOVE ROAD AND DAVIS
BOULEVARD.
Coordinator Enders provided a presentation and overview of the item.
Mayor Wheat opened the public hearing.
No one addressed the Council.
Mayor Wheat closed the public hearing.
MOTION: Council Member Langdon made a motion to approve Ordinance
793. Council Member Barrett seconded the motion. The motion
carried by a vote of 5-0.
Town Council Minutes
09/19/16
Page 5 of 8
6. CONDUCT A PUBLIC HEARING AND CONSIDERATION OF ORDINANCE 794,
APPROVING A REPLAT FOR ENTRADA BLOCK I (VESTA HOMES) TO REPLAT
APPROXIMATELY 1.023-ACRE PORTION OF PLANNED DEVELOPMENT DISTRICT
1, PLANNING AREA 2 (PD 1-2), ESTABLISHED BY ORDINANCE 703 FOR THE
PROPERTY GENERALLY LOCATED SOUTH OF STATE HIGHWAY 114, EAST OF
DAVIS BOULEVARD, AND NORTH OF SOLANA BOULEVARD, COMMONLY KNOWN
AS WESTLAKE ENTRADA. THE REPLAT SHOWS BLOCK I, LOTS 1XR, 2XR, 3-14,
15X AND 16X. THE PROPOSED LOTS ARE LOCATED NEAR THE INTERSECTION
OF SOLANA BOULEVARD, GRANADA TRAIL, AND THE PLANNED CORTES DRIVE.
Coordinator Enders provided a presentation and overview of the item.
Discussion ensued regarding the earlier renderings submitted of the residential homes.
Mayor Wheat opened the public hearing.
No one addressed the Council.
Mayor Wheat closed the public hearing.
MOTION: Council Member Barrett made a motion to approve Ordinance
794. Council Member Langdon seconded the motion. The
motion carried by a vote of 5-0.
7. CONDUCT A PUBLIC HEARING AND CONSIDERATION OF ORDINANCE 795,
APPROVING A SITE PLAN FOR (VESTA HOMES) APPROXIMATELY 1.023-ACRE
PORTION OF PLANNED DEVELOPMENT DISTRICT 1, PLANNING AREA 2 (PD 1-
2), ESTABLISHED BY ORDINANCE 703 FOR THE PROPERTY GENERALLY
LOCATED SOUTH OF STATE HIGHWAY 114, EAST OF DAVIS BOULEVARD, AND
NORTH OF SOLANA BOULEVARD, COMMONLY KNOWN AS WESTLAKE ENTRADA.
THE AREA SHOWN ON THIS PD SITE PLAN IS LOCATED NEAR THE
INTERSECTION OF SOLANA BOULEVARD, GRANADA TRAIL, AND THE PLANNED
CORTES DRIVE.
Coordinator Enders provided a presentation and overview of the item.
Discussion ensued regarding phasing concept, completion of the infrastructure, using
complementary materials.
Mayor Wheat thanked everyone for maintaining high design standards stating she had
received positive comments from residents.
Town Council Minutes
09/19/16
Page 6 of 8
Mayor Wheat opened the public hearing.
No one addressed the Council.
Mayor Wheat closed the public hearing.
MOTION: Council Member Stoltenberg made a motion to approve
Ordinance 795. Council Member Langdon seconded the motion.
The motion carried by a vote of 5-0.
8. DISCUSSION AND CONSIDERATION OF ORDINANCE 796, UPDATING THE
SOLANA PUBLIC IMPROVEMENT DISTRICT OF THE TOWN OF WESTLAKE
SERVICE AND ASSESSMENT PLAN AND ASSESSMENT ROLL.
Director Greenwood provided a presentation and overview of the item.
Discussion ensued regarding how the parcels are being assessed and should there be a
phasing of construction it would need to be consistent with the SAP document.
MOTION: Council Member Langdon made a motion to approve Ordinance
796. Council Member Barrett seconded the motion. The motion
carried by a vote of 5-0.
9. CONDUCT A PUBLIC HEARING AND CONSIDERATION OF ORDINANCE 797,
ADOPTING THE TOWN OF WESTLAKE ESTIMATED BUDGET FOR THE FISCAL
YEAR ENDING SEPTEMBER 30, 2016, ADOPTING THE PROPOSED BUDGET FOR
THE FISCAL YEAR ENDING SEPTEMBER 30, 2017 INCLUDING AN INVESTMENT
POLICY, PAY PLAN POLICY, FISCAL AND BUDGETARY POLICIES, RESTRICTED,
COMMITTED AND ASSIGNED FUND BALANCES, AND PROVIDING
AUTHORIZATION TO THE TOWN MANGER TO APPROVE APPROPRIATED FUNDS
UP TO $50,0000.
Assistant Town Manager DeGan and Director Piper provided a presentation and overview
of the item.
Discussion ensued regarding cost of the signalization and the construction cost for the Fire
Station Complex.
Mayor Wheat opened the public hearing.
No one addressed the Council.
Mayor Wheat closed the public hearing.
Town Council Minutes
09/19/16
Page 7 of 8
MOTION: Council Member Rennhack made a motion to approve Ordinance
797. Council Member Belvedere seconded the motion. The
motion carried by a vote of 5-0.
10. DISCUSSION AND CONSIDERATION OF ORDINANCE 798, LEVYING MUNICIPAL
AD VALOREM (PROPERTY) TAXES FOR THE 2016 YEAR IN ACCORDANCE WITH
THE FISCAL YEAR 2016-17 PROPOSED BUDGET.
Discussion ensued regarding several other municipalities in the area keeping the effective
tax rate.
MOTION: Council Member Rennhack made a motion to approve Ordinance
798. Council Member Langdon seconded the motion. The
motion carried by a vote of 5-0.
11. EXECUTIVE SESSION
The Council did not convene into executive session.
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: (A) pending or contemplated litigation; or (B) a
settlement offer; (2) Consultation with Attorney on a matter in which the duty of
the attorney to the governmental body under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflicts with this chapter:
Ordinance 767
b. Section 551.087 Deliberation Regarding Economic Development
Negotiations (1) to discuss or deliberate regarding commercial or financial
information that the governmental body has received from a business prospect
that the governmental body seeks to have locate, stay, or expand in or near the
territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of
a financial or other incentive to a business prospect described by Subdivision (1)
for the following:
- Maguire Partners-Solana Land, L.P., related to Centurion’s development
known as Entrada and Granada
- Project Lynx
- Quail Hollow
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
c. Section 551.072 to deliberate the purchase, exchange, lease of value of real
property regarding Town Hall offices and possible Fire Stations sites
12. RECONVENE MEETING
Town Council Minutes
09/19/16
Page 8 of 8
13. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS.
No action necessary.
14. FUTURE AGENDA ITEMS
No future agenda items.
15. ADJOURNMENT
There being no further business before the Council, Mayor Wheat asked for a motion to
adjourn the meeting.
MOTION: Council Member Belvedere made a motion to adjourn the
meeting. Council Member Rennhack seconded the motion. The
motion carried by a vote of 5-0.
Mayor Wheat adjourned the meeting at 7:35 p.m.
APPROVED BY THE TOWN COUNCIL ON OCTOBER 24, 2016.
ATTEST: _____________________________
Laura Wheat, Mayor
_____________________________
Kelly Edwards, Town Secretary
estlake Town Council
TYPE OF ACTION
Regular Meeting - Consent
Westlake Town Council Meeting
Monday, October 24, 2016
TOPIC: Consider approval of a Resolution appointing a new member to the
Historical Preservation Society.
STAFF CONTACT: Kelly Edwards, Town Secretary
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome
Objective
Informed & Engaged
Citizens / Sense of
Community
Municipal &
Academic Operations
Natural Oasis - Preserve &
Maintain a Perfect Blend of the
Community's Natural Beauty
Encourage Westlake's
Unique Sense of Place
Strategic Initiative
Comprehensive Plan Project Review
Time Line - Start Date: September 1, 2016 Completion Date: December 12, 2016
Funding Amount: $0.00 Status - Not Funded Source - General Fund
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
Currently the WHPS has eight (8) members of a nine (9) member board with three (3) year
terms. The board provided Ms. Rapp’s application and recommends appointment to the board.
RECOMMENDATION
Appoint Ms. Rapp to the board based on the board recommendation.
ATTACHMENTS
Application and Resolution
Resolution 16-33
Page 1 of 2
TOWN OF WESTLAKE
RESOLUTION NO. 16-33
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS,
APPOINTING A MEMBER TO THE WESTLAKE HISTORICAL PRESERVATION
SOCIETY BOARD.
WHEREAS, Currently, a vacancy exists on the Westlake Historical Preservation Society
board; and
WHEREAS, the Town Council has received an application for consideration of
appointment; and
WHEREAS, the meeting at which this Resolution was considered was open to the public
as required by law, and public notice of the time, place, and subject of the meeting has been given
in accordance with Chapter 551, Government Code; and
WHEREAS, the Town Council finds that the proposed additional analysis benefits the
public and is in the best interest of the public.
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 does hereby appoint the
following individual to serve as a member of the Westlake Historical Preservation Society board
for the term noted below:
Patricia Rapp - term expiring June 2019.
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.
Resolution 16-33
Page 2 of 2
SECTION 4: That this resolution shall become effective from and after its date of
passage.
PASSED AND APPROVED ON THIS 24th DAY OF OCTOBER 2016.
___________________________________
Laura Wheat, Mayor
ATTEST:
________________________________ ________________________________
Kelly Edwards, Town Secretary Thomas E. Brymer, Town Manager
APPROVED AS TO FORM:
_________________________________
L. Stanton Lowry, Town Attorney
Page 1 of 3
estlake Town Council
TYPE OF ACTION
Regular Meeting - Action Item
Westlake Town Council Meeting
Monday, October 24, 2016
TOPIC: Consider adoption of a resolution directing publication of notice of intention to issue
certificates of obligation for the Westlake Fire-EMS Station.
STAFF CONTACT: Tom Brymer, Town Manager, Debbie Piper, Finance Director, Troy Meyer,
Facilities Director
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective
Fiscal Responsibility People, Facilities,
& Technology
Exemplary Service &
Governance - We set the
standard by delivering
unparalleled municipal and
educational services at the
lowest cost.
Improve
Technology,
Facilities &
Equipment
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: October 24, 2016 Completion Date: October 24, 2016
Funding Amount: $9.2M Status - Bond Funded Source - Bond Issuance
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
This item involves a Resolution authorizing Town consultants and staff to begin preparing for the issuance
of a publication of the Notice of Intent to issue certificates of obligation in the amount of $9.2M for the
financing of the new Westlake Fire-EMS Station.
The total project was originally budgeted at $8,859,645 which included a bond issuance of $8.5M with the
remaining $359,645 costs coming from the fund balance of the General Fund. The project’s proposed costs
have now come in at approximately $9.2M primarily due to the rise in construction costs and the additional
enhancements to the exterior of the station. Staff proposes that we issue a total of $9.2M in certificates of
obligation to fund the project and retain the cash portion in fund balance.
Page 2 of 3
As stated at previous meetings with the Council and at an informational meeting for our residents, the Town
of Westlake has inadequate facilities today for our current needs. The existing Fire Station (located on Dove
Road to the West of the proposed site) is not ideally located to serve the municipality which is developed
primarily on the Eastern side, nor for a future 2-station build-out of the community as proposed in our
Comprehensive Plan. The new site will better serve the Eastern side of the Town, without sacrificing
response time to the West. Our response personnel will be able to access the Western side of the town via
Highway 114. As development occurs on the Western side of Westlake, a future fire station #2 would be
recommended in order to respond to an increased call volume and to enhance our response times in this
area.
As you may remember, the Feasibility Study completed in May 2015 assessed the proposed sites and
determined the corner of Davis Boulevard and Dove Road as one of the top locations due to the fact it will
be highly visible and is ideally situated to minimize response time.
The 5-acre site was generously donated for the construction of the estimated 15,800 sq. ft. Fire-EMS Station.
The facility would include a minimum of three (3) double-deep drive-through bays, (4 preferred, budget
allowing), which need an approximate 75-80 feet deep clearance to allow adequate stacking of our apparatus
for our current and future needs. The administrative offices/living quarters/EOC (Emergency Operating
Center) are anticipated to be designed to the minimum current needs, and it is recommended that it allow
for future expansion.
Pricing has been estimated by Brown, Reynolds and Waterford (BRW) to be between $8.8M and $9.2M for
the construction of the Station. This potentially includes enhancements to the exterior of the building, the
additional 4th bay and landscaping. It does not include the future expansion of the Station living quarters
and office space. We anticipate hiring an architect at the December 12th Council meeting and the
Construction Manager-at-Risk in January, 2017 with construction beginning the summer of 2017.
Staff has begun the process of drafting our Request for Qualifications (RFQ) for Construction Manager-at-
Risk services to construct the Fire-EMS Station. These services include pre-construction, construction
documents, and administration. This process will take 4-6 weeks to rank and select the contractor.
The proposed $9.2 million portion of the certificates of obligation issuance can be serviced by the Town
without impacting our current ad valorem tax rate. The debt service payment for this issuance is contained
in the Adopted FY 16-17 budget with the first interest payment being payable in the current fiscal year.
Attached, is the schedule relative to the issuance of $9.2M in bonds. Annual payments are anticipated to be
approximately $488K annually. This additional $700K in bond proceeds is $65K more per year than the
original estimated issuance amount of $8.5M. These payments will be offset with the corresponding
refunding of the bonds from 2007, which will be approximately $75K savings annually. Based on Page 4
of this schedule, we plan to close on 12/22/16.
We anticipate receiving “Bank Qualified” status on the pricing of this issuance because the total amount of
tax-exempt debt incurred by the Town in calendar year 2016, including the proposed certificates of
obligation for the fire station, is expected to be below the $10M per year threshold established under federal
tax law. Bank-qualified debt offers special tax benefits to banks and qualified financial institutions, resulting
in greater demand and lower interest rates in the range of 15-25 basis points.
Page 3 of 3
RECOMMENDATION
Staff recommends Council adopt a resolution directing publication of notice of intention to issue certificates
of obligation for the Westlake Fire-EMS Station.
ATTACHMENTS
1) Resolution
2) Schedules from Tom Lawrence, Financial Advisor
Resolution 16-34
Page 1 of 3
TOWN OF WESTLAKE
RESOLUTION NO. 16-34
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS
RELATING TO THE SUBJECT
WHEREAS, the Town Council of the Town of Westlake, Texas (the “Town)”, deems it
advisable to give notice of intention to issue certificates of obligation of the Town (the
“Certificates of Obligation”), as hereinafter provided; and
WHEREAS, the Issuer 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 Issuer 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;
WHEREAS, it is hereby officially found and determined that the meeting at which this
Resolution was considered was open to the public and public notice of the time, place, and
purpose of said meeting was given, all as required by Chapter 551, Texas Government Code.
THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF WESTLAKE:
SECTION 1: Attached hereto and marked Exhibit A is the form of Notice of Intention
to Issue Certificates of Obligation of the Town (the "Notice"), the form and substance of which
are hereby passed and approved.
SECTION 2: The Town Secretary shall cause the Notice to be published in substantially
the form attached hereto, in a newspaper of general circulation in the Town, and published in the
Town, once a week for two consecutive weeks, the date of the first publication thereof to be no
later than the 31st day prior to the date set for the adoption of the ordinance authorizing the
issuance of such Certificates of Obligation as shown in the Notice.
SECTION 3: The facilities and improvements to be financed with proceeds from the
proposed Certificates of Obligation are described in the attached Notice.
Resolution 16-34
Page 2 of 3
SECTION 4: This Resolution is intended to satisfy the official intent requirements set
forth in section 1.150-2 of the Treasury Regulations.
SECTION 5: This Resolution shall be effective immediately upon adoption.
PASSED AND APPROVED ON THIS 24th DAY OF OCTOBER, 2016.
ATTEST: _____________________________
Laura L. Wheat, Mayor
____________________________ ______________________________
Kelly Edwards, Town Secretary Thomas E. Brymer, Town Manager
APPROVED AS TO FORM:
____________________________
L. Stanton Lowry, Town Attorney
Resolution 16-XX
Page 3 of 3
TOWN OF WESTLAKE
NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that it is the intention of the Town Council (the
"Council") of the Town of Westlake, Texas (the "Town"), to issue one or more series of interest
bearing certificates of obligation of the Town for the purpose of paying all or a portion of the
Town's contractual obligations to be incurred in connection with (i) acquiring, constructing,
installing and equipping fire-fighting facilities and (ii) paying legal, fiscal, engineering and
architectural fees in connection with such projects and to pay costs of issuance of the certificates
of obligation. The Council tentatively proposes to adopt an ordinance authorizing the issuance
of said certificates of obligation at the Council Chambers, 1301 Solana Blvd., Building 4, Suite
4202, 2nd Floor, Westlake, Texas, at a meeting to commence at 5:00 p.m. on December 5, 2016.
The maximum amount of certificates of obligation indebtedness that may be authorized to be
sold on said date for such purposes described above is $9,200,000. The Town proposes to
provide for the payment of such certificates of obligation from the levy and collection of ad
valorem taxes in the Town as provided by law, and by a limited pledge of the surplus net
revenues of the Town's combined waterworks and sewer system remaining after payment of all
operation and maintenance expenses thereof, and all debt service, reserve and other requirements
in connection with all of the Town's revenue bonds or other obligations (now or hereafter
outstanding) that are payable from all or part of said revenues. The certificates of obligation are
to be issued, and this notice is given, under and pursuant to the provisions of Texas Local
Government Code, Chapter 271, Subchapter C.
TOWN OF WESTLAKE, TEXAS
Town of Westlake
Combination Tax and Limited Pledge Revenue
Certificates of Obligation, Series 2016
October 24, 2016
Sample CO Numbers for $9.2M (pages 1-3)
Schedule for COs (page 4)
Town of Westlake, Texas
Combination Tax and Revenue Certificates of Obligation, Series 2016
(Fire Station)
Pricing Summary
Maturity Type of Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
02/15/2018 Serial Coupon 2.000%1.000%190,000.00 101.137% ---192,160.30
02/15/2019 Serial Coupon 2.000%1.100%195,000.00 101.904% ---198,712.80
02/15/2020 Serial Coupon 2.000%1.200%200,000.00 102.462% ---204,924.00
02/15/2021 Serial Coupon 2.000%1.300%205,000.00 102.816% ---210,772.80
02/15/2022 Serial Coupon 2.000%1.450%205,000.00 102.717% ---210,569.85
02/15/2023 Serial Coupon 3.000%1.550%215,000.00 108.469% ---233,208.35
02/15/2024 Serial Coupon 3.000%1.700%220,000.00 108.713% ---239,168.60
02/15/2025 Serial Coupon 3.000%1.800%225,000.00 109.054% ---245,371.50
02/15/2026 Serial Coupon 3.000%1.950%230,000.00 108.756% ---250,138.80
02/15/2027 Serial Coupon 3.000%2.050%240,000.00 107.885%c 2.132%02/15/2026 100.000%258,924.00
02/15/2028 Serial Coupon 3.000%2.150%245,000.00 107.022%c 2.283%02/15/2026 100.000%262,203.90
02/15/2029 Serial Coupon 3.000%2.250%255,000.00 106.167%c 2.411%02/15/2026 100.000%270,725.85
02/15/2030 Serial Coupon 3.000%2.350%260,000.00 105.320%c 2.522%02/15/2026 100.000%273,832.00
02/15/2031 Serial Coupon 3.000%2.450%270,000.00 104.480%c 2.619%02/15/2026 100.000%282,096.00
02/15/2032 Serial Coupon 3.500%2.500%280,000.00 108.129%c 2.836%02/15/2026 100.000%302,761.20
02/15/2033 Serial Coupon 3.500%2.550%290,000.00 107.704%c 2.899%02/15/2026 100.000%312,341.60
02/15/2034 Serial Coupon 3.500%2.600%300,000.00 107.282%c 2.955%02/15/2026 100.000%321,846.00
02/15/2035 Serial Coupon 3.500%2.650%310,000.00 106.862%c 3.006%02/15/2026 100.000%331,272.20
02/15/2036 Serial Coupon 3.500%2.700%320,000.00 106.443%c 3.053%02/15/2026 100.000%340,617.60
02/15/2037 Serial Coupon 4.000%2.720%335,000.00 110.301%c 3.296%02/15/2026 100.000%369,508.35
02/15/2038 Serial Coupon 4.000%2.750%345,000.00 110.045%c 3.334%02/15/2026 100.000%379,655.25
02/15/2042 Term 1 Coupon 4.000%2.760%1,530,000.00 109.960%c 3.407%02/15/2026 100.000%1,682,388.00
02/15/2046 Term 2 Coupon 4.000%2.850%1,805,000.00 109.199%c 3.494%02/15/2026 100.000%1,971,041.95
Total ---$8,670,000.00 -----$9,344,240.90
Bid Information
Par Amount of Bonds $8,670,000.00
Reoffering Premium or (Discount)674,240.90
Gross Production $9,344,240.90
Total Underwriter's Discount (0.700%)$(60,690.00)
Bid (107.077%)9,283,550.90
Total Purchase Price $9,283,550.90
Bond Year Dollars $151,621.42
Average Life 17.488 Years
Average Coupon 3.7257222%
Net Interest Cost (NIC)3.3210624%
True Interest Cost (TIC)3.1313625%
2016 CO | SINGLE PURPOSE | 10/19/2016 | 1:56 PM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 1
Town of Westlake, Texas
Combination Tax and Revenue Certificates of Obligation, Series 2016
(Fire Station)
Debt Service Schedule
Date Principal Coupon Interest Total P+I
09/30/2017 --192,742.78 192,742.78
09/30/2018 190,000.00 2.000%295,900.00 485,900.00
09/30/2019 195,000.00 2.000%292,050.00 487,050.00
09/30/2020 200,000.00 2.000%288,100.00 488,100.00
09/30/2021 205,000.00 2.000%284,050.00 489,050.00
09/30/2022 205,000.00 2.000%279,950.00 484,950.00
09/30/2023 215,000.00 3.000%274,675.00 489,675.00
09/30/2024 220,000.00 3.000%268,150.00 488,150.00
09/30/2025 225,000.00 3.000%261,475.00 486,475.00
09/30/2026 230,000.00 3.000%254,650.00 484,650.00
09/30/2027 240,000.00 3.000%247,600.00 487,600.00
09/30/2028 245,000.00 3.000%240,325.00 485,325.00
09/30/2029 255,000.00 3.000%232,825.00 487,825.00
09/30/2030 260,000.00 3.000%225,100.00 485,100.00
09/30/2031 270,000.00 3.000%217,150.00 487,150.00
09/30/2032 280,000.00 3.500%208,200.00 488,200.00
09/30/2033 290,000.00 3.500%198,225.00 488,225.00
09/30/2034 300,000.00 3.500%187,900.00 487,900.00
09/30/2035 310,000.00 3.500%177,225.00 487,225.00
09/30/2036 320,000.00 3.500%166,200.00 486,200.00
09/30/2037 335,000.00 4.000%153,900.00 488,900.00
09/30/2038 345,000.00 4.000%140,300.00 485,300.00
09/30/2039 360,000.00 4.000%126,200.00 486,200.00
09/30/2040 375,000.00 4.000%111,500.00 486,500.00
09/30/2041 390,000.00 4.000%96,200.00 486,200.00
09/30/2042 405,000.00 4.000%80,300.00 485,300.00
09/30/2043 425,000.00 4.000%63,700.00 488,700.00
09/30/2044 440,000.00 4.000%46,400.00 486,400.00
09/30/2045 460,000.00 4.000%28,400.00 488,400.00
09/30/2046 480,000.00 4.000%9,600.00 489,600.00
Total $8,670,000.00 -$5,648,992.78 $14,318,992.78
Yield Statistics
Bond Year Dollars $151,621.42
Average Life 17.488 Years
Average Coupon 3.7257222%
Net Interest Cost (NIC)3.3210624%
True Interest Cost (TIC)3.1313625%
Bond Yield for Arbitrage Purposes 2.5067437%
All Inclusive Cost (AIC)3.2012344%
IRS Form 8038
Net Interest Cost 3.0200151%
Weighted Average Maturity 17.629 Years
2016 CO | SINGLE PURPOSE | 10/19/2016 | 1:56 PM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 2
Town of Westlake, Texas
Combination Tax and Revenue Certificates of Obligation, Series 2016
(Fire Station)
Sources & Uses
Dated 12/22/2016 | Delivered 12/22/2016
Sources Of Funds
Par Amount of Bonds $8,670,000.00
Reoffering Premium 674,240.90
Total Sources $9,344,240.90
Uses Of Funds
Deposit to Project Construction Fund 9,200,000.00
Costs of Issuance 81,620.00
Total Underwriter's Discount (0.700%)60,690.00
Rounding Amount 1,930.90
Total Uses $9,344,240.90
2016 CO | SINGLE PURPOSE | 10/19/2016 | 1:56 PM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 3
TOWN OF WESTLAKE, TEXAS
CERTIFICATES OF OBLIGATION, SERIES 2016
SAMPLE SCHEDULE OF EVENTS
Council Meeting Dates Highlighted
Action Date
Council Approves (1) Publication of Notice of Intent to Issue COs,
(2) Reimbursement Resolution, (3) Delegated Pricing Ordinance (1)10/24/16
Apply for Credit Rating; initial draft of POS distributed 10/26/16
First Publication of Notice of Intent to Issue COs(2)10/27/16
Second Publication of Notice of Intent to Issue COs 11/03/16
Credit Rating Received 11/21/16
Distribute Preliminary Official Statement & Notice of Sale 11/22/16
CO Pricing/Interest Rates Established 12/05/16
Council Adopts Ordinance Approving Sale of COs 12/05/16
Bond Counsel Submits Transcript to AG for Review 12/07/16
Closing Memorandum Distributed to Working Group 12/12/16
Final Official Statement Distributed 12/12/16
Attorney General Approval of COs 12/19/16
Closing 12/22/16
(1) For the current refunding of the 2007 Bonds (May 1, 2017 redemption date).
(2) At least 31 days before sale.
Page 4
Lawrence Financial Consulting LLC 10/19/2016
estlake Town Council
TYPE OF ACTION
Regular Meeting - Action Item
Westlake Town Council Meeting
Monday, October 24, 2016
TOPIC: Discussion and consideration adopting an ordinance authorizing the
issuance of general obligation refunding bonds; establishing procedures for
the sale and delivery of the bonds; providing for the security for and
payment of said bonds; providing an effective date; and enacting other
provisions related to the subject to include “Delegated Pricing”.
STAFF CONTACT: Debbie Piper, Finance Director
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome
Objective
Fiscal Responsibility Fiscal Stewardship
Exemplary Service & Governance
- We set the standard by delivering
unparalleled municipal and
educational services at the lowest
cost.
Increase Financial
Capacity / Reserves
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: October 24, 2016 Completion Date: October 24, 2016
Funding Amount: N/A Status - Not Funded Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
Tom Lawrence, our financial advisor, closely monitors the bond rates and evaluates the numbers
in order to notify the Town at the earliest time whether or not it would be beneficial to refund a
portion of our bonds. He has identified significant estimated cost savings that can be obtained by
moving forward on the refunding of certain 2007 Certificates of Obligation previously issued by
the Town. He has forwarded the attached report to make us aware of potential savings should the
Council authorize staff to proceed.
As stated in our Financial Policies, the present value savings of a particular refunding should
exceed 3.5% at the refunded maturities before considering a refunding. The attached report, based
on current interest rates (as of October 17, 2016), reflects present values savings of well over 10%,
with an actual savings of more than $1,000,000; approximately $75K annually. These figures are
preliminary, based on current interest rates, and therefore subject to change.
The 2007 Refunding Bonds are subject to optional redemption on or after May 1, 2017. In
accordance with federal tax law, a refunding of this issue may not close until February 1, 2017 or
later, with a pricing of the bonds approximately four weeks earlier.
Staff is recommending the Council consider adopting a “Delegated Pricing” ordinance that gives
us more timing flexibility. This is a more flexible approach than the traditional method of locking
in an interest rate on the day that the Town Council meets to approve the sale of the bonds. This
involves the Council approving a set of parameters that must be met before the refunding bonds
could be issued. Such parameters include, among others, maximum amount of refunding bonds
(e.g. $6.5 million), minimum amount of present value savings (e.g. 10.0%) and a time limit for
completing the transaction, (e.g. six months). In addition to establishing parameters, a Delegated
Pricing Ordinance delegates the final approval of the refunding bonds to its staff, e.g. Town
Manager or Finance Director, who would have to sign off on the transaction before a bond sale
and closing may occur. No further Council action would be required. Since we are already within
the six-month period, staff is recommending that Council consider approving such an Ordinance
at the October 24, 2016 meeting.
A schedule is attached of the events that will need to take place if we move forward with the bond
refunding and “Delegated Pricing” ordinance in October.
ORGANIZATIONAL HISTORY/RECOMMENDATION
Staff recommends approval of an ordinance authorizing the issuance of general obligation
refunding bonds, including “Delegated Pricing” at the October Council meeting in order for Town
Staff to take advantage of rates when they are at a point that best benefits the Town regarding the
refunding.
Attachments
1. Resolution
2. Refunding report prepared by Lawrence Financial Consulting LLC
3. Schedule of Events
ORDINANCE OF THE TOWN COUNCIL
of
TOWN OF WESTLAKE, TEXAS
AUTHORIZING THE ISSUANCE OF
TOWN OF WESTLAKE, TEXAS,
GENERAL OBLIGATION REFUNDING BONDS,
SERIES 2017
Table of Contents
Section 1. Recitals, Amount, Purpose and Designation of the Bonds ............................................2
Section 2. Definitions......................................................................................................................2
Section 3. Delegation to Pricing Officer .........................................................................................2
Section 4. Characteristics of the Bonds ..........................................................................................4
Section 5. Form of Bonds ...............................................................................................................8
Section 6. Tax Levy ........................................................................................................................9
Section 7. Defeasance of Bonds......................................................................................................9
Section 8. Damaged, Mutilated, Lost, Stolen, or Destroyed Bonds .............................................11
Section 9. Custody, Approval, and Registration of Bonds; Bond Counsel's Opinion; CUSIP
Numbers and Contingent Insurance Provision, if Obtained ..............................................12
Section 10. Covenants Regarding Tax Exemption of Interest on the Bonds ................................12
Section 11. Sale of Bonds; Official Statement..............................................................................15
Section 12. Further Procedures; Engagement of Bond Counsel; Attorney General Filing Fee;
Appropriation .....................................................................................................................15
Section 13. Compliance with Rule 15c2-12 .................................................................................16
Section 14. Method of Amendment ..............................................................................................19
Section 15. Redemption of Refunded Obligations .......................................................................21
Section 16. Governing Law ..........................................................................................................21
Section 17. Severability ................................................................................................................22
Section 18. Events of Default .......................................................................................................22
Section 19. Remedies for Default .................................................................................................22
Section 20. Remedies Not Exclusive ............................................................................................22
Section 21. Effective Date ............................................................................................................23
Schedule I Schedule of Eligible Refunded Obligations ............................................................. S-1
Exhibit A Form of Bonds ......................................................................................................... A-1
Exhibit B Notice of Defeasance and Redemption ....................................................................B-1
1
TOWN OF WESTLAKE ORDINANCE 800 ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017, ESTABLISHING SALE PARAMETERS, PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT
THE STATE OF TEXAS §
COUNTIES OF TARRANT AND DENTON §
TOWN OF WESTLAKE, TEXAS §
WHEREAS, the Town of Westlake, Texas (the "Issuer"), has previously issued, and
there are presently outstanding, obligations of the Issuer payable from ad valorem taxes levied
and to be levied, assessed and collected within the Issuer, within the limits prescribed by law,
and from waterworks and sewer system revenues; and
WHEREAS, the Issuer now desires to refund all or part of the bonds described in
Schedule I attached hereto, collectively, the "Eligible Refunded Obligations", and those Eligible
Refunded Obligations designated by the Pricing Officer in the Pricing Certificate, each as
defined below, to be refunded are herein referred to as the "Refunded Obligations"; and
WHEREAS, Chapter 1207, Texas Government Code ("Chapter 1207"), authorizes the
Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof, and any other
available funds or resources, directly with a place of payment (paying agent) for the Refunded
Obligations, and such deposit, if made before such payment dates, shall constitute the making of
firm banking and financial arrangements for the discharge and final payment of the Refunded
Obligations; and
WHEREAS, the Town Council (the "Council") of the Issuer hereby finds and determines
that it is a public purpose and in the best interests of the Issuer to refund the Refunded
Obligations in order to achieve a present value debt service savings, with such savings, among
other information and terms to be included in a pricing certificate (the "Pricing Certificate") to be
executed by the Pricing Officer (hereinafter designated), all in accordance with the provisions of
Section 1207.007, Texas Government Code; and
WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to
maturity within 20 years of the date of the bonds hereinafter authorized; and
WHEREAS, the bonds hereafter authorized are being issued and delivered pursuant to
said Chapter 1207; and
2
WHEREAS, it is officially found, determined and declared that the meeting at which this
Ordinance has been adopted was open to the public, and public notice of the date, hour, place
and subject of said meeting, including this Ordinance, was given, all as required by the
applicable provisions of Tex. Gov't Code Ann. ch. 551;
NOW, THEREFORE BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF WESTLAKE, TEXAS:
SECTION 1. RECITALS, AMOUNT, PURPOSE AND DESIGNATION OF THE
BONDS. (a) The recitals set forth in the preamble hereof are incorporated herein and shall have
the same force and effect as if set forth in this Section.
(b) The bonds of the Issuer are hereby authorized to be issued and delivered in the
maximum aggregate principal amount hereinafter set forth for the public purpose of providing
funds to refund a portion of the Issuer's outstanding indebtedness, and to pay the costs incurred
in connection with the issuance of the Bonds.
(c) Each bond issued pursuant to this Ordinance shall be designated (unless otherwise
provided in the Pricing Certificate): "TOWN OF WESTLAKE, TEXAS, GENERAL
OBLIGATION REFUNDING BOND, SERIES 2017," and initially there shall be issued, sold,
and delivered hereunder fully registered Bonds, without interest coupons, payable to the
respective registered owners thereof (with the initial bonds being made payable to the initial
purchaser as described in Section 11 hereof), or to the registered assignee or assignees of said
bonds or any portion or portions thereof (in each case, the "Registered Owner"). The Bonds shall
be in the respective denominations and principal amounts, shall be numbered, shall mature and
be payable on the date or dates in each of the years and in the principal amounts or amounts due
at maturity, as applicable, and shall bear interest to their respective dates of maturity or
redemption, if applicable, prior to maturity at the rates per annum, as set forth in the Pricing
Certificate.
SECTION 2. DEFINITIONS. Unless otherwise expressly provided or unless the
context clearly requires otherwise in this Ordinance, the following terms shall have the meanings
specified below:
"Bonds" means and includes the Bonds initially issued and delivered pursuant to this
Ordinance and all substitute Bonds exchanged therefor, as well as all other substitute bonds and
replacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds.
"Issuance Date" shall mean the date of delivery of the Bonds to the initial purchaser or
purchasers thereof against payment therefor.
"State" shall mean the State of Texas.
3
SECTION 3. DELEGATION TO PRICING OFFICER. (a) As authorized by Section
1207.007, Texas Government Code, the Town Manager and Finance Director of the Issuer are
each individually authorized to act on behalf of the Issuer in selling and delivering the Bonds (of
which officers, the officer executing the Pricing Certificate shall be hereinafter referred to as, and
shall for all purposes be, the "Pricing Officer"), determining which of the Eligible Refunded
Obligations shall be refunded and carrying out the other procedures specified in this Ordinance,
including, determining the date of the Bonds, any additional or different designation or title by
which the Bonds shall be known, the price at which the Bonds will be sold, the years in which
the Bonds will mature, the principal amount to mature in each of such years, the rate of interest
to be borne by each such maturity, the interest payment and record dates, the price and terms, if
any, upon and at which the Bonds shall be subject to redemption prior to maturity at the option
of the Issuer, as well as any mandatory sinking fund redemption provisions, approving
modifications or additions to the Rule 15c2-12 continuing disclosure undertaking, and all other
matters relating to the issuance, sale, and delivery of the Bonds and the refunding of the
Refunded Obligations, including without limitation establishing the redemption date for and
effecting the redemption of the Refunded Obligations, determining any amounts to be
contributed to the refunding by the Issuer and procuring municipal bond insurance and approving
modifications to this Ordinance and executing such instruments, documents and agreements as
may be necessary with respect thereto, if it is determined that such insurance would be
financially desirable and advantageous, all of which shall be specified in the Pricing Certificate,
provided that:
(i) the aggregate original principal amount of the Bonds shall not exceed $6,500,000;
(ii) no Bond shall mature after February 15, 2032;
(iii) the net interest cost for the Bonds shall not exceed 3.50%; and
(iv) the refunding achieved by the Bonds of must produce debt service savings of at least
10% measured on a present value basis as a percentage of the principal amount of the
Refunded Obligations, with such savings to be net of any Issuer contribution to the
refunding.
(b) In establishing the aggregate principal amount of the Bonds, the Pricing Officer shall
establish an amount not exceeding the amount authorized in Subsection (a) above, which shall be
sufficient in amount to provide for the purposes for which the Bonds are authorized and to pay
costs of issuing the Bonds. The delegation made hereby shall expire if not exercised by the
Pricing Officer on or prior to the date that is 180 days after the adoption of this Ordinance. The
Bonds shall be sold at such price, with and subject to such terms as set forth in the Pricing
Certificate.
(c) The Bonds may be sold by public offering (either through a negotiated or competitive
offering) or by private placement. If the Bonds are sold by private placement, the Pricing
4
Certificate shall so state, and the Pricing Certificate may make changes to this Ordinance to
effect such private placement, including the provisions hereof that pertain to the book-entry-only
procedures (including eliminating the book-entry-only system of registrations, payment and
transfers) and to the provisions of Section 13 hereof relating to the Rule 15c2-12 undertaking
(including eliminating or replacing such undertaking with an agreement to provide alternative
disclosure information).
(d) It is hereby found and determined that the refunding of the Refunded Obligations is
advisable and necessary in order to restructure the debt service requirements of the Issuer, and
that the debt service requirements on the Bonds will be less than those on the Refunded
Obligations, resulting in a reduction in the amount of principal and interest which otherwise
would be payable. The Refunded Obligations are subject to redemption, at the option of the
Issuer, and the Pricing Officer is hereby authorized to cause all of the Refunded Obligations to
be called for redemption on the respective date or dates consistent with the savings analysis set
forth in Section 3(a)(iv) hereof, and the proper notices of such redemption to be given, and in
each case at a redemption price of par, plus accrued interest to the date fixed for redemption. In
furtherance of authority granted by Section 1207.007(b), Texas Government Code, the Pricing
Officer is further authorized to enter into and execute on behalf of the Issuer with the escrow
agent named therein, an escrow agreement or deposit agreement, in substantially the form
presented to the Council at the meeting at which this Ordinance was adopted and as shall be
approved by the Pricing Officer, which escrow agreement or deposit agreement will provide for
the payment in full of the Refunded Obligations (the "Escrow Agreement"). In addition, the
Pricing Officer is authorized to purchase such securities with proceeds of the Bonds, to execute
such subscriptions for the purchase of the United States Treasury Securities, State and Local
Government Series and to transfer and deposit such cash from available funds, as may be
necessary or appropriate for the escrow or deposit fund described in the Escrow Agreement.
(e) In satisfaction of Section 1201.022(a)(3)(B), Texas Government Code, the Council
hereby determines that the delegation of the authority to the Pricing Officer to approve the final
terms of the Bonds set forth in this Ordinance is, and the decisions made by the Pricing Officer
pursuant to such delegated authority and incorporated into the Pricing Certificate will be, in the
Issuer's best interests, and the Pricing Officer is hereby authorized to make and include in the
Pricing Certificate a finding to that effect.
SECTION 4. CHARACTERISTICS OF THE BONDS. (a) Registration, Transfer,
Conversion and Exchange. The Issuer shall keep or cause to be kept at the designated office of
the bank named in the Pricing Certificate as the paying agent/registrar for the Bonds (the "Paying
Agent/Registrar"), books or records for the registration of the transfer, conversion and exchange
of the Bonds (the "Registration Books"), and the Issuer hereby appoints the Paying
Agent/Registrar as its registrar and transfer agent to keep such books or records and make such
registrations of transfers, conversions and exchanges under such reasonable regulations as the
Issuer and Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make
such registrations, transfers, conversions and exchanges as herein provided within three days of
5
presentation in due and proper form. The Paying Agent/Registrar shall obtain and record in the
Registration Books the address of the registered owner of each Bond to which payments with
respect to the Bonds shall be mailed, as herein provided; but it shall be the duty of each
registered owner to notify the Paying Agent/Registrar in writing of the address to which
payments shall be mailed, and such interest payments shall not be mailed unless such notice has
been given. The Issuer shall have the right to inspect the Registration Books during regular
business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall
keep the Registration Books confidential and, unless otherwise required by law, shall not permit
their inspection by any other entity. The Issuer shall pay the Paying Agent/Registrar's standard
or customary fees and charges for making such registration, transfer, conversion, exchange and
delivery of a substitute Bond or Bonds. Registration of assignments, transfers, conversions and
exchanges of Bonds shall be made in the manner provided and with the effect stated in the
FORM OF BOND set forth as Exhibit A of this Ordinance. Each substitute Bond shall bear a
letter and/or number to distinguish it from each other Bond.
(b) Authentication. Except as provided in Section 4(e) hereof, an authorized
representative of the Paying Agent/Registrar shall, before the delivery of any such Bond, date
and manually sign said Bond, and no such Bond shall be deemed to be issued or outstanding
unless such Bond is so executed. The Paying Agent/Registrar promptly shall cancel all paid
Bonds and Bonds surrendered for conversion and exchange. No additional ordinances, orders or
resolutions need be passed or adopted by the governing body of the Issuer or any other body or
person so as to accomplish the foregoing conversion and exchange of any Bond or portion
thereof, and the Paying Agent/Registrar shall provide for the printing, execution and delivery of
the substitute Bonds in the manner prescribed herein. Pursuant to Subchapter D, Chapter 1201,
Texas Government Code, the duty of conversion and exchange of Bonds as aforesaid is hereby
imposed upon the Paying Agent/Registrar, and, upon the execution of said Bond, the converted
and exchanged Bond shall be valid, incontestable, and enforceable in the same manner and with
the same effect as the Bonds which initially were issued and delivered pursuant to this
Ordinance, approved by the Attorney General, and registered by the Comptroller of Public
Accounts.
(c) Payment of Bonds and Interest. The Issuer hereby further appoints the Paying
Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds,
all as provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all
payments made by the Issuer and the Paying Agent/Registrar with respect to the Bonds, and of
all conversions and exchanges of Bonds, and all replacements of Bonds, as provided in this
Ordinance. However, in the event of a nonpayment of interest on a scheduled payment date, and
for thirty (30) days thereafter, a new record date for such interest payment (a "Special Record
Date") will be established by the Paying Agent/Registrar, if and when funds for the payment of
such interest have been received from the Issuer. Notice of the Special Record Date and of the
scheduled payment date of the past due interest (which shall be 15 days after the Special Record
Date) shall be sent at least five (5) business days prior to the Special Record Date by United
States mail, first-class postage prepaid, to the address of each registered owner appearing on the
6
Registration Books at the close of business on the last business day next preceding the date of
mailing of such notice.
(d) Substitute Paying Agent/Registrar. The Issuer covenants with the registered owners
of the Bonds that at all times while the Bonds are outstanding the Issuer will provide a competent
and legally qualified bank, trust company, financial institution or other agency to act as and
perform the services of Paying Agent/Registrar for the Bonds under this Ordinance, and that the
Paying Agent/Registrar will be one entity. The Issuer reserves the right to, and may, at its
option, change the Paying Agent/Registrar upon not less than 50 days written notice to the
Paying Agent/Registrar, to be effective not later than 45 days prior to the next principal or
interest payment date after such notice. In the event that the entity at any time acting as Paying
Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or
otherwise cease to act as such, the Issuer covenants that promptly it will appoint a competent and
legally qualified bank, trust company, financial institution, or other agency to act as Paying
Agent/Registrar under this Ordinance. Upon any change in the Paying Agent/Registrar, the
previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a
copy thereof), along with all other pertinent books and records relating to the Bonds, to the new
Paying Agent/Registrar designated and appointed by the Issuer. Upon any change in the Paying
Agent/Registrar, the Issuer promptly will cause a written notice thereof to be sent by the new
Paying Agent/Registrar to each registered owner of the Bonds, by United States mail, first-class
postage prepaid, which notice also shall give the address of the new Paying Agent/Registrar. By
accepting the position and performing as such, each Paying Agent/Registrar shall be deemed to
have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be
delivered to each Paying Agent/Registrar.
(e) General Characteristics of the Bonds. The Bonds (i) shall be issued in fully
registered form, without interest coupons, with the principal of and interest on such Bonds to be
payable only to the Registered Owners thereof, (ii) may be redeemed prior to their scheduled
maturities (notice of which shall be given to the Paying Agent/Registrar by the Issuer at least 35
days prior to any such redemption date), (iii) may be transferred and assigned, (iv) may be
converted and exchanged for other Bonds, (v) shall have the characteristics, (vi) shall be signed,
sealed, executed and authenticated, (vii) the principal of and interest on the Bonds shall be
payable, and (viii) shall be administered and the Paying Agent/Registrar and the Issuer shall have
certain duties and responsibilities with respect to the Bonds, all as provided, and in the manner
and to the effect as required or indicated, in the FORM OF BOND set forth as Exhibit A of this
Ordinance. The Bonds initially issued and delivered pursuant to this Ordinance are not required
to be, and shall not be, authenticated by the Paying Agent/Registrar, but on each substitute Bond
issued in conversion of and exchange for any Bond or Bonds issued under this Ordinance the
Paying Agent/Registrar shall execute the Paying Agent/registrar's Authentication Certificate, in
the FORM OF BOND set forth as Exhibit A of this Ordinance.
(f) Book-Entry-Only System. Unless the Bonds are sold by private placement, the
Bonds issued in exchange for the Bonds initially issued to the purchaser specified herein shall be
7
initially issued in the form of a separate single fully registered Bond for each of the maturities
thereof. Upon initial issuance, the ownership of each such Bond shall be registered in the name
of Cede & Co., as nominee of The Depository Trust Company of New York ("DTC"), and
except as provided in subsection (g) hereof, all of the outstanding Bonds shall be registered in
the name of Cede & Co., as nominee of DTC.
With respect to Bonds registered in the name of Cede & Co., as nominee of DTC, the
Issuer and the Paying Agent/Registrar shall have no responsibility or obligation to any securities
brokers and dealers, banks, trust companies, clearing corporations and certain other organizations
on whose behalf DTC was created ("DTC Participant") to hold securities to facilitate the
clearance and settlement of securities transactions among DTC Participants or to any person on
behalf of whom such a DTC Participant holds an interest in the Bonds. Without limiting the
immediately preceding sentence, the Issuer and the Paying Agent/Registrar shall have no
responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co. or
any DTC Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any
DTC Participant or any other person, other than a registered owner of Bonds, as shown on the
Registration Books, of any notice with respect to the Bonds, or (iii) the payment to any DTC
Participant or any other person, other than a registered owner of Bonds, as shown in the
Registration Books of any amount with respect to principal of or interest on the Bonds.
Notwithstanding any other provision of this Ordinance to the contrary, the Issuer and the Paying
Agent/Registrar shall be entitled to treat and consider the person in whose name each Bond is
registered in the Registration Books as the absolute owner of such Bond for the purpose of
payment of principal and interest with respect to such Bond, for the purpose of registering
transfers with respect to such Bond, and for all other purposes whatsoever. The Paying
Agent/Registrar shall pay all principal of and interest on the Bonds only to or upon the order of
the registered owners, as shown in the Registration Books as provided in this Ordinance, or their
respective attorneys duly authorized in writing, and all such payments shall be valid and
effective to fully satisfy and discharge the Issuer's obligations with respect to payment of
principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other
than a registered owner, as shown in the Registration Books, shall receive a Bond certificate
evidencing the obligation of the Issuer to make payments of principal and interest pursuant to
this Ordinance. Upon delivery by DTC to the Paying Agent/Registrar of written notice to the
effect that DTC has determined to substitute a new nominee in place of Cede & Co., and subject
to the provisions in this Ordinance with respect to interest checks being mailed to the registered
owner at the close of business on the Record Date, the words "Cede & Co." in this Ordinance
shall refer to such new nominee of DTC.
(g) Successor Securities Depository; Transfers Outside Book-Entry-Only System. If the
Bonds are subject to the DTC book-entry system, and in the event that the Issuer determines that
DTC is incapable of discharging its responsibilities described herein and in the representation
letter of the Issuer to DTC or that it is in the best interest of the beneficial owners of the Bonds
that they be able to obtain certificated Bonds, the Issuer shall (i) appoint a successor securities
depository, qualified to act as such under Section 17A of the Securities and Exchange Act of
8
1934, as amended, notify DTC and DTC Participants of the appointment of such successor
securities depository and transfer one or more separate Bonds to such successor securities
depository or (ii) notify DTC and DTC Participants of the availability through DTC of Bonds
and transfer one or more separate Bonds to DTC Participants having Bonds credited to their
DTC accounts. In such event, the Bonds shall no longer be restricted to being registered in the
Registration Books in the name of Cede & Co., as nominee of DTC, but may be registered in the
name of the successor securities depository, or its nominee, or in whatever name or names
registered owners transferring or exchanging Bonds shall designate, in accordance with the
provisions of this Ordinance.
(h) Payments to Cede & Co. Notwithstanding any other provision of this Ordinance to
the contrary, so long as any Bond is registered in the name of Cede & Co., as nominee of DTC,
all payments with respect to principal of and interest on such Bond and all notices with respect to
such Bond shall be made and given, respectively, in the manner provided in the representation
letter of the Issuer to DTC.
(i) Cancellation of Initial Bonds. On the Issuance Date, one initial Bond representing the
entire principal amount of the Bonds, payable in stated installments to the order of the initial
purchaser of the Bonds or its designee, executed by manual or facsimile signature of the Mayor
and the Town Secretary, approved by the Attorney General of Texas, and registered and
manually signed by the Comptroller of Public Accounts of the State, will be delivered to such
purchaser or its designee. If the Bonds are sold subject to the book-entry system of DTC, then
upon payment for the initial Bonds, the Paying Agent/Registrar shall insert the Issuance Date on
Bond No. TCAB-1, cancel each of the initial Bonds and deliver to DTC on behalf of such
purchaser one registered definitive Bond for each year of maturity of the Bonds, in the aggregate
principal amount of all of the Bonds for such maturity, registered in the name of Cede & Co., as
nominee of DTC. To the extent that the Paying Agent/Registrar is eligible to participate in
DTC's FAST System, pursuant to an agreement between the Paying Agent/Registrar and DTC,
the Paying Agent/Registrar shall hold the definitive Bonds in safekeeping for DTC.
(j) Conditional Notice of Redemption. With respect to any optional redemption of the
Bonds, unless certain prerequisites to such redemption required by this Ordinance have been met
and moneys sufficient to pay the principal of and premium, if any, and interest on the Bonds to
be redeemed shall have been received by the Paying Agent/Registrar prior to the giving of such
notice of redemption, such notice may state that said redemption may, at the option of the Issuer,
be conditional upon the satisfaction of such prerequisites and receipt of such moneys by the
Paying Agent/Registrar on or prior to the date fixed for such redemption, or upon any
prerequisite set forth in such notice of redemption. If a conditional notice of redemption is given
and such prerequisites to the redemption and sufficient moneys are not received, such notice
shall be of no force and effect, the Issuer shall not redeem such Bonds and the Paying
Agent/Registrar shall give notice, in the manner in which the notice of redemption was given, to
the effect that the Bonds have not been redeemed.
9
SECTION 5. FORM OF BONDS. The form of the Bond, including the form of Paying
Agent/Registrar's Authentication Certificate, the form of Assignment and the form of
Registration Certificate of the Comptroller of Public Accounts of the State to be attached only to
the Bonds initially issued and delivered pursuant to this Ordinance, shall be, respectively,
substantially in the form provided in Exhibit A, with such appropriate variations, omissions, or
insertions as are permitted or required by this Ordinance. The Form of Bond as it appears in
Exhibit A shall be completed, amended and modified by Bond Counsel to incorporate the
information set forth in the Pricing Certificate, but it is not required for the Form of Bond to be
reproduced as an exhibit to the Pricing Certificate.
SECTION 6. TAX LEVY. (a) A special "Interest and Sinking Fund" is hereby created
and shall be established and maintained by the Issuer as a separate fund or account and the funds
therein shall be deposited into and held at an official depository bank of said Issuer. Said Interest
and Sinking Fund shall be kept separate and apart from all other funds and accounts of said
Issuer, and shall be used only for paying the interest on and principal of said Bonds. All amounts
received from the sale of the Bonds as accrued interest shall be deposited upon receipt to the
Interest and Sinking Fund, and all ad valorem taxes levied and collected for and on account of
said Bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund.
During each year while any of said Bonds are outstanding and unpaid, the governing body of
said Issuer shall compute and ascertain a rate and amount of ad valorem tax that will be
sufficient to raise and produce the money required to pay the interest on said Bonds as such
interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of
said Bonds as such principal matures (but never less than 2% of the original amount of said
Bonds as a sinking fund each year); and said tax shall be based on the latest approved tax rolls of
said Issuer, with full allowances being made for tax delinquencies and the cost of tax collection.
Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied,
against all taxable property in said Issuer, for each year while any of said Bonds are outstanding
and unpaid, and said tax shall be assessed and collected each such year and deposited to the
credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes sufficient to provide for
the payment of the interest on and principal of said Bonds, as such interest comes due and such
principal matures, are hereby pledged for such payment, within the limit prescribed by law. If
lawfully available moneys of the Issuer are actually on deposit in the Interest and Sinking Fund
in advance of the time when ad valorem taxes are scheduled to be levied for any year, then the
amount of taxes that otherwise would have been required to be levied pursuant to this Section
may be reduced to the extent and by the amount of the lawfully available funds then on deposit
in the Interest and Sinking Fund.
(b) Chapter 1208, Government Code, applies to the issuance of the Bonds and the pledge
of the taxes granted by the Issuer under this Section, and is therefore valid, effective, and
perfected. Should Texas law be amended at any time while the Bonds are outstanding and
unpaid, the result of such amendment being that the pledge of the taxes granted by the Issuer
under this Section is to be subject to the filing requirements of Chapter 9, Business & Commerce
Code, in order to preserve to the registered owners of the Bonds a security interest in said pledge,
the Issuer agrees to take such measures as it determines are reasonable and necessary under
10
Texas law to comply with the applicable provisions of Chapter 9, Texas Business & Commerce
Code and enable a filing of a security interest in said pledge to occur.
SECTION 7. DEFEASANCE OF BONDS. (a) Any Bond and the interest thereon shall
be deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within the
meaning of this Ordinance, except to the extent provided in subsection (d) of this Section, when
payment of the principal of such Bond, plus interest thereon to the due date (whether such due
date be by reason of maturity or otherwise) either (i) shall have been made or caused to be made
in accordance with the terms thereof, or (ii) shall have been provided for on or before such due
date by irrevocably depositing with or making available to the Paying Agent/Registrar in
accordance with an escrow agreement or other instrument (the "Future Escrow Agreement") for
such payment (1) lawful money of the United States of America sufficient to make such payment
or (2) Defeasance Securities that mature as to principal and interest in such amounts and at such
times as will insure the availability, without reinvestment, of sufficient money to provide for
such payment, and when proper arrangements have been made by the Issuer with the Paying
Agent/Registrar for the payment of its services until all Defeased Bonds shall have become due
and payable. At such time as a Bond shall be deemed to be a Defeased Bond hereunder, as
aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or
entitled to the benefits of, the ad valorem taxes herein levied and pledged as provided in this
Ordinance, and such principal and interest shall be payable solely from such money or
Defeasance Securities, and thereafter the Issuer will have no further responsibility with respect to
amounts available to the Paying Agent/Registrar (or other financial institution permitted by
applicable law) for the payment of such Defeased Bonds, including any insufficiency therein
caused by the failure of the Paying Agent/Registrar (or other financial institution permitted by
applicable law) to receive payment when due on the Defeasance Securities. Notwithstanding any
other provision of this Ordinance to the contrary, it is hereby provided that any determination not
to redeem Defeased Bonds that is made in conjunction with the payment arrangements specified
in subsection 8(a)(i) or (ii) shall not be irrevocable, provided that: (1) in the proceedings
providing for such payment arrangements, the Issuer expressly reserves the right to call the
Defeased Bonds for redemption; (2) gives notice of the reservation of that right to the owners of
the Defeased Bonds immediately following the making of the payment arrangements; and (3)
directs that notice of the reservation be included in any redemption notices that it authorizes.
(b) Any moneys so deposited with the Paying Agent/Registrar may at the written
direction of the Issuer also be invested in Defeasance Securities, maturing in the amounts and
times as hereinbefore set forth, and all income from such Defeasance Securities received by the
Paying Agent/Registrar that is not required for the payment of the Bonds and interest thereon,
with respect to which such money has been so deposited, shall be turned over to the Issuer, or
deposited as directed in writing by the Issuer. Any Future Escrow Agreement pursuant to which
the money and/or Defeasance Securities are held for the payment of Defeased Bonds may
contain provisions permitting the investment or reinvestment of such moneys in Defeasance
Securities or the substitution of other Defeasance Securities upon the satisfaction of the
requirements specified in subsection 8(a)(i) or (ii). All income from such Defeasance Securities
received by the Paying Agent/Registrar which is not required for the payment of the Defeased
11
Bonds, with respect to which such money has been so deposited, shall be remitted to the Issuer
or deposited as directed in writing by the Issuer.
(c) The term "Defeasance Securities" means any securities and obligations now or
hereafter authorized by State law that are eligible to refund, retire or otherwise discharge
obligations such as the Bonds.
(d) Until all Defeased Bonds shall have become due and payable, the Paying
Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Bonds
the same as if they had not been defeased, and the Issuer shall make proper arrangements to
provide and pay for such services as required by this Ordinance.
(e) In the event that the Issuer elects to defease less than all of the principal amount of
Bonds of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such
amount of Bonds by such random method as it deems fair and appropriate.
SECTION 8. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED
BONDS. (a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated,
lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and
delivered, a new bond of the same principal amount, maturity, and interest rate, as the damaged,
mutilated, lost, stolen, or destroyed Bond, in replacement for such Bond in the manner
hereinafter provided.
(b) Application for Replacement Bonds. Application for replacement of damaged,
mutilated, lost, stolen, or destroyed Bonds shall be made by the registered owner thereof to the
Paying Agent/Registrar. In every case of loss, theft, or destruction of a Bond, the registered
owner applying for a replacement bond shall furnish to the Issuer and to the Paying
Agent/Registrar such security or indemnity as may be required by them to save each of them
harmless from any loss or damage with respect thereto. Also, in every case of loss, theft, or
destruction of a Bond, the registered owner shall furnish to the Issuer and to the Paying
Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Bond. In
every case of damage or mutilation of a Bond, the registered owner shall surrender to the Paying
Agent/Registrar for cancellation the Bond so damaged or mutilated.
(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in
the event any such Bond shall have matured, and no default has occurred which is then
continuing in the payment of the principal of or interest on the Bond, the Issuer may authorize
the payment of the same (without surrender thereof except in the case of a damaged or mutilated
Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished as
above provided in this Section.
(d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement
bond, the Paying Agent/Registrar shall charge the registered owner of such Bond with all legal,
printing, and other expenses in connection therewith. Every replacement bond issued pursuant to
the provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed shall
12
constitute a contractual obligation of the Issuer whether or not the lost, stolen, or destroyed Bond
shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of
this Ordinance equally and proportionately with any and all other Bonds duly issued under this
Ordinance.
(e) Authority for Issuing Replacement Bonds. In accordance with Subchapter B,
Chapter 1206, Texas Government Code, this Section shall constitute authority for the issuance of
any such replacement bond without necessity of further action by the governing body of the
Issuer or any other body or person, and the duty of the replacement of such bonds is hereby
authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall
authenticate and deliver such Bonds in the form and manner and with the effect, as provided in
Section 4(b) of this Ordinance for Bonds issued in conversion and exchange for other Bonds.
SECTION 9. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS; BOND
COUNSEL'S OPINION; CUSIP NUMBERS AND CONTINGENT INSURANCE
PROVISION, IF OBTAINED . The Mayor of the Issuer (or, in the absence of the Mayor, the
Mayor Pro Tem) is hereby authorized to have control of the Bonds initially issued and delivered
hereunder and all necessary records and proceedings pertaining to the Bonds pending their
delivery and their investigation, examination, and approval by the Attorney General of the State
of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas.
Upon registration of the Bonds said Comptroller of Public Accounts (or a deputy designated in
writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate
attached to such Bonds, and the seal of said Comptroller shall be impressed, or placed in
facsimile, on such Bond. The approving legal opinion of the Issuer's Bond Counsel and the
assigned CUSIP numbers may, at the option of the Issuer, be printed on the Bonds issued and
delivered under this Ordinance, but neither shall have any legal effect, and shall be solely for the
convenience and information of the registered owners of the Bonds. In addition, if bond
insurance is obtained, the Bonds may bear an appropriate legend as provided by the insurer.
SECTION 10. COVENANTS REGARDING TAX EXEMPTION OF INTEREST ON
THE BONDS. (a) Covenants. The Issuer covenants to take any action necessary to assure, or
refrain from any action which would adversely affect, the treatment of the Bonds as obligations
described in section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), the
interest on which is not includable in the "gross income" of the holder for purposes of federal
income taxation. In furtherance thereof, the Issuer covenants as follows:
(1) to take any action to assure that no more than 10 percent of the proceeds of
the Bonds or the projects financed therewith (less amounts deposited to a reserve fund, if
any) are used for any "private business use," as defined in section 141(b)(6) of the Code
or, if more than 10 percent of the proceeds or the projects financed therewith are so used,
such amounts, whether or not received by the Issuer, with respect to such private business
use, do not, under the terms of this Ordinance or any underlying arrangement, directly or
indirectly, secure or provide for the payment of more than 10 percent of the debt service
on the Bonds, in contravention of section 141(b)(2) of the Code;
13
(2) to take any action to assure that in the event that the "private business use"
described in subsection (1) hereof exceeds 5 percent of the proceeds of the Bonds or the
projects financed therewith (less amounts deposited into a reserve fund, if any) then the
amount in excess of 5 percent is used for a "private business use" which is "related" and
not "disproportionate," within the meaning of section 141(b)(3) of the Code, to the
governmental use;
(3) to take any action to assure that no amount which is greater than the lesser of
$5,000,000, or 5 percent of the proceeds of the Bonds (less amounts deposited into a
reserve fund, if any) is directly or indirectly used to finance loans to persons, other than
state or local governmental units, in contravention of section 141(c) of the Code;
(4) to refrain from taking any action which would otherwise result in the Bonds
being treated as "private activity bonds" within the meaning of section 141(b) of the
Code;
(5) to refrain from taking any action that would result in the Bonds being
"federally guaranteed" within the meaning of section 149(b) of the Code;
(6) to refrain from using any portion of the proceeds of the Bonds, directly or
indirectly, to acquire or to replace funds which were used, directly or indirectly, to
acquire investment property (as defined in section 148(b)(2) of the Code) which produces
a materially higher yield over the term of the Bonds, other than investment property
acquired with --
(A) proceeds of the Bonds invested for a reasonable temporary period of
3 years or less or, in the case of a current refunding bond, for a period of 90 days
or less until such proceeds are needed for the purpose for which the bonds are
issued,
(B) amounts invested in a bona fide debt service fund, within the meaning
of section l.148-1(b) of the Treasury Regulations, and
(C) amounts deposited in any reasonably required reserve or replacement
fund to the extent such amounts do not exceed 10 percent of the proceeds of the
Bonds;
(7) to otherwise restrict the use of the proceeds of the Bonds or amounts treated
as proceeds of the Bonds, as may be necessary, so that the Bonds do not otherwise
contravene the requirements of section 148 of the Code (relating to arbitrage) and, to the
extent applicable, section 149(d) of the Code (relating to advance refundings); and
14
(8) to pay to the United States of America at least once during each five-year
period (beginning on the date of delivery of the Bonds) an amount that is at least equal to
90 percent of the "Excess Earnings," within the meaning of section 148(f) of the Code
and to pay to the United States of America, not later than 60 days after the Bonds have
been paid in full, 100 percent of the amount then required to be paid as a result of Excess
Earnings under section 148(f) of the Code.
(b) Rebate Fund. In order to facilitate compliance with the above covenant (8), a
"Rebate Fund" is hereby established by the Issuer for the sole benefit of the United States of
America, and such fund shall not be subject to the claim of any other person, including without
limitation the bondholders. The Rebate Fund is established for the additional purpose of
compliance with section 148 of the Code.
(c) Proceeds. The Issuer understands that the term "proceeds" includes "disposition
proceeds" as defined in the Treasury Regulations and, in the case of refunding bonds, transferred
proceeds (if any) and proceeds of the Refunded Obligations expended prior to the date of
issuance of the Bonds. It is the understanding of the Issuer that the covenants contained herein
are intended to assure compliance with the Code and any regulations or rulings promulgated by
the U.S. Department of the Treasury pursuant thereto. In the event that regulations or rulings are
hereafter promulgated which modify or expand provisions of the Code, as applicable to the
Bonds, the Issuer will not be required to comply with any covenant contained herein to the extent
that such failure to comply, in the opinion of nationally recognized bond counsel, will not
adversely affect the exemption from federal income taxation of interest on the Bonds under
section 103 of the Code. In the event that regulations or rulings are hereafter promulgated which
impose additional requirements which are applicable to the Bonds, the Issuer agrees to comply
with the additional requirements to the extent necessary, in the opinion of nationally recognized
bond counsel, to preserve the exemption from federal income taxation of interest on the Bonds
under section 103 of the Code. In furtherance of such intention, the Issuer hereby authorizes and
directs the Mayor, the Town Manager, the Finance Director and the Town Secretary, individually
or jointly, to execute any documents, certificates or reports required by the Code and to make
such elections, on behalf of the Issuer, which may be permitted by the Code as are consistent
with the purpose for the issuance of the Bonds.
(d) Disposition of Project. The Issuer covenants that the property constituting the
Project will not be sold or otherwise disposed in a transaction resulting in the receipt by the
Issuer of cash or other compensation, unless the Issuer obtains an opinion of nationally-
recognized bond counsel that such sale or other disposition will not adversely affect the tax-
exempt status of the Bonds. For purposes of the foregoing, the portion of the property
comprising personal property and disposed in the ordinary course shall not be treated as a
transaction resulting in the receipt of cash or other compensation. For purposes hereof, the
Issuer shall not be obligated to comply with this covenant if it obtains an opinion that such
failure to comply will not adversely affect the excludability for federal income tax purposes from
gross income of the interest.
15
(e) Designation as Qualified Tax-Exempt Obligations. Subject to any statement to the
contrary in the Pricing Certificate, the Issuer hereby designates the Bonds as "qualified tax-
exempt obligations" as defined in section 265(b)(3) of the Code, conditioned upon the Purchaser
certifying that the aggregate initial offering price of the Bonds to the public (excluding any
accrued interest) is no greater than $10 million (or such other amount permitted by such section
265 of the Code). Assuming such condition is met, in furtherance of such designation, the Issuer
represents, covenants and warrants the following: (a) that during the calendar year in which the
Bonds are issued, the Issuer (including any subordinate entities) has not designated nor will
designate obligations, which when aggregated with the Bonds, will result in more than
$10,000,000 (or such other amount permitted by such section 265 of the Code) of "qualified tax-
exempt obligations" being issued; (b) that the Issuer reasonably anticipates that the amount of
tax-exempt obligations issued during the calendar year in which the Bonds are issued, by the
Issuer (or any subordinate entities) will not exceed $10,000,000 (or such other amount permitted
by such section 265 of the Code); and (c) that the Issuer will take such action or refrain from
such action as necessary, and as more particularly set forth in this Section, in order that the
Bonds will not be considered "private activity bonds" within the meaning of section 141 of the
Code.
SECTION 11. SALE OF BONDS; OFFICIAL STATEMENT. (a) The Bonds shall be
sold and delivered subject to the provisions of Section 1 and Section 3 and pursuant to the terms
and provisions of a bond purchase agreement, notice of sale and bidding instructions or private
placement agreement (collectively and individually, the "Purchase Agreement"), each of which
the Pricing Officer is hereby authorized to execute and deliver and in which the purchaser or
purchasers (collectively, the "Purchaser") of the Bonds shall be designated. The Bonds shall
initially be registered in the name of the purchaser thereof as set forth in the Pricing Certificate.
(b) The Pricing Officer is hereby authorized, in the name and on behalf of the Issuer, to
approve the distribution and delivery of a preliminary official statement and a final official
statement relating to the Bonds to be used by the Purchaser in the marketing of the Bonds, if
applicable.
SECTION 12. FURTHER PROCEDURES; ENGAGEMENT OF BOND COUNSEL;
ATTORNEY GENERAL FILING FEE; APPROPRIATION. (a) The Mayor and Town
Secretary of the Issuer, the Pricing Officer and all other officers, employees and agents of the
Issuer, and each of them, shall be and they are hereby expressly authorized, empowered and
directed from time to time and at any time to do and perform all such acts and things and to
execute, acknowledge and deliver in the name and under the corporate seal and on behalf of the
Issuer the Paying Agent/Registrar Agreement with the Paying Agent/Registrar in substantially
the form presented to the Council at the meeting at which this Ordinance was adopted and all
other instruments, whether or not herein mentioned, as may be necessary or desirable in order to
carry out the terms and provisions of this Ordinance, the Letter of Representations, the Bonds,
the sale of the Bonds and the Official Statement. Notwithstanding anything to the contrary
contained herein, while the Bonds are subject to DTC's Book-Entry-Only System and to the
16
extent permitted by law, the Letter of Representations is hereby incorporated herein and its
provisions shall prevail over any other provisions of this Ordinance in the event of conflict. In
case any officer whose signature shall appear on any Bond shall cease to be such officer before
the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all
purposes the same as if such officer had remained in office until such delivery.
(b) The obligation of the Purchaser to accept delivery of the Bonds is subject to the
Purchaser being furnished with the final, approving opinion of McCall, Parkhurst & Horton
L.L.P., bond counsel to the Issuer, which opinion shall be dated as of and delivered on the
Issuance Date. The engagement of such firm as bond counsel to the Issuer in connection with
issuance, sale and delivery of the Bonds is hereby approved and confirmed. The execution and
delivery of an engagement letter between the Issuer and such firm, with respect to such services
as bond counsel, is hereby authorized in such form as may be approved by the Mayor or the
Town Manager, and the Mayor and the Town Manager are each hereby authorized to execute
such engagement letter.
(c) To pay the debt service coming due on the Bonds, if any (as determined by the
Pricing Certificate) prior to receipt of the taxes levied to pay such debt service, there is hereby
appropriated from current funds on hand, which are hereby certified to be on hand and available
for such purpose, an amount sufficient to pay such debt service, and such amount shall be used
for no other purpose.
(d) In accordance with the provisions of Section 1202.004, Tex. Gov't Code Ann., in
connection with the submission of the Bond by the Attorney General of Texas for review and
approval, a statutory fee (an amount equal to 0.1% principal amount of the Bond, subject to a
minimum of $750 and a maximum of $9,500) is required to be paid to the Attorney General upon
the submission of the transcript of proceedings for the Bonds. The Issuer hereby authorizes and
directs that a check in the amount of the Attorney General filing fee for the Bond, made payable
to the "Texas Attorney General," be promptly furnished to the Issuer's Bond Counsel, for
payment to the Attorney General in connection with his review of the Bonds.
SECTION 13. COMPLIANCE WITH RULE 15c2-12. (a) If the Bonds are sold by
public offering, and are subject to the Rule (as defined below), the following provisions shall
apply, unless modified by the Pricing Officer in the Pricing Certificate:
(i) Definitions. As used in this Section, the following terms have the meanings ascribed
to such terms below:
"MSRB" means the Municipal Securities Rulemaking Board.
"Rule" means SEC Rule 15c2-12, as amended from time to time.
"SEC" means the United States Securities and Exchange Commission.
(ii) Annual Reports. (A) The Issuer shall provide annually to the MSRB, within the
timeframe set forth in the Pricing Certificate, in the electronic format prescribed by the MSRB,
17
certain updated financial information and operating data pertaining to the Issuer, being the
information described in the Pricing Certificate.
(B) Any financial information described in the Pricing Certificate to be provided shall be
(i) prepared in accordance with the accounting principles described in the financial statements of
the Issuer appended to the Official Statement, or such other accounting principles as the Issuer
may be required to employ from time to time pursuant to state law or regulation, and (ii) audited,
if the Issuer commissions an audit of such statements and the audit is completed within the
period during which they must be provided. If the audit of such financial statements is not
completed within the period set forth in the Pricing Certificate, then the Issuer shall provide
unaudited financial information of the type described in the Pricing Certificate within such
period, and audited financial statements for the applicable fiscal year to the MSRB, when and if
the audit report on such statements becomes available.
(C) If the Issuer changes its fiscal year, it will notify the MSRB of the change (and of the
date of the new fiscal year end) prior to the next date by which the Issuer otherwise would be
required to provide financial information and operating data pursuant to this Section.
(D) All financial information, operating data, financial statements and notices required
by this Section to be provided to the MSRB shall be provided in an electronic format and be
accompanied by identifying information prescribed by the MSRB. Financial information and
operating data to be provided pursuant to this Section may be set forth in full in one or more
documents or may be included by specific reference to any document (including an official
statement or other offering document) available to the public on the MSRB's Internet Web site or
filed with the SEC.
(iii) Event Notices. The Issuer shall notify the MSRB, in a timely manner not in excess
of ten business days after the occurrence of the event, of any of the following events with respect
to the Bonds:
1. Principal and interest payment delinquencies;
2. Non-payment related defaults, if material;
3. Unscheduled draws on debt service reserves reflecting financial difficulties;
4. Unscheduled draws on credit enhancements reflecting financial difficulties;
5. Substitution of credit or liquidity providers, or their failure to perform;
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed
or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-
TEB) or other material notices or determinations with respect to the tax status of
the Bonds, or other material events affecting the tax status of the Bonds;
7. Modifications to rights of holders of the Bonds, if material;
8. Bond calls, if material, and tender offers;
9. Defeasances;
10. Release, substitution, or sale of property securing repayment of the Bonds, if
material;
11. Rating changes;
12. Bankruptcy, insolvency, receivership or similar event of the Issuer;
13. The consummation of a merger, consolidation, or acquisition involving the Issuer
or the sale of all or substantially all of the assets of the Issuer, other than in the
18
ordinary course of business, the entry into a definitive agreement to undertake
such an action or the termination of a definitive agreement relating to any such
actions, other than pursuant to its terms, if material; and
14. Appointment of a successor Paying Agent/Registrar or change in the name of the
Paying Agent/Registrar, if material.
The Issuer shall notify the MSRB, in a timely manner, of any failure by the Issuer to
provide financial information or operating data in accordance with subsection (a)(iii) of this
Section by the time required by subsection (a)(iii). As used in clause (a)(iii)12 above, the phrase
"bankruptcy, insolvency, receivership or similar event" means the appointment of a receiver,
fiscal agent or similar officer for the Issuer in a proceeding under the U.S. Bankruptcy Code or in
any other proceeding under state or federal law in which a court of governmental authority has
assumed jurisdiction over substantially all of the assets or business of the Issuer, or if jurisdiction
has been assumed by leaving the Council and officials or officers of the Issuer in possession but
subject to the supervision and orders of a court or governmental authority, or the entry of an
order confirming a plan of reorganization, arrangement or liquidation by a court or governmental
authority having supervision or jurisdiction over substantially all of the assets or business of the
Issuer.
(iv) Limitations, Disclaimers and Amendments. (A) The Issuer shall be obligated to
observe and perform the covenants specified in this Section for so long as, but only for so long
as, the Issuer remains an "obligated person" with respect to the Bonds within the meaning of the
Rule, except that the Issuer in any event will give notice of any deposit made in accordance with
this Ordinance or applicable law that causes the Bonds no longer to be outstanding.
(B) The provisions of this Section are for the sole benefit of the registered owners and
beneficial owners of the Bonds, and nothing in this Section, express or implied, shall give any
benefit or any legal or equitable right, remedy, or claim hereunder to any other person. The
Issuer undertakes to provide only the financial information, operating data, financial statements,
and notices which it has expressly agreed to provide pursuant to this Section and does not hereby
undertake to provide any other information that may be relevant or material to a complete
presentation of the Issuer's financial results, condition, or prospects or hereby undertake to
update any information provided in accordance with this Section or otherwise, except as
expressly provided herein. The Issuer does not make any representation or warranty concerning
such information or its usefulness to a decision to invest in or sell Bonds at any future date.
(C) UNDER NO CIRCUMSTANCES SHALL THE ISSUER BE LIABLE TO THE
REGISTERED OWNER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER
PERSON, IN CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN
PART FROM ANY BREACH BY THE ISSUER, WHETHER NEGLIGENT OR WITHOUT
FAULT ON ITS PART, OF ANY COVENANT SPECIFIED IN THIS SECTION, BUT EVERY
RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON
ACCOUNT OF ANY SUCH BREACH SHALL BE LIMITED TO AN ACTION FOR
MANDAMUS OR SPECIFIC PERFORMANCE.
(D) No default by the Issuer in observing or performing its obligations under this Section
shall comprise a breach of or default under the Ordinance for purposes of any other provision of
19
this Ordinance. Nothing in this Section is intended or shall act to disclaim, waive, or otherwise
limit the duties of the Issuer under federal and state securities laws.
(E) The provisions of this Section may be amended by the Issuer from time to time to
adapt to changed circumstances that arise from a change in legal requirements, a change in law,
or a change in the identity, nature, status, or type of operations of the Issuer, but only if (1) the
provisions of this Section, as so amended, would have permitted an underwriter to purchase or
sell Bonds in the primary offering of the Bonds in compliance with the Rule, taking into account
any amendments or interpretations of the Rule since such offering as well as such changed
circumstances and (2) either (a) the registered owners of a majority in aggregate principal
amount (or any greater amount required by any other provision of this Ordinance that authorizes
such an amendment) of the outstanding Bonds consent to such amendment or (b) a person that is
unaffiliated with the Issuer (such as nationally recognized bond counsel) determined that such
amendment will not materially impair the interest of the registered owners and beneficial owners
of the Bonds. If the Issuer so amends the provisions of this Section, it shall include with any
amended financial information or operating data next provided in accordance with subsection
(b) of this Section an explanation, in narrative form, of the reason for the amendment and of the
impact of any change in the type of financial information or operating data so provided. The
Issuer may also amend or repeal the provisions of this continuing disclosure agreement if the
SEC amends or repeals the applicable provision of the Rule or a court of final jurisdiction enters
judgment that such provisions of the Rule are invalid, but only if and to the extent that the
provisions of this sentence would not prevent an underwriter from lawfully purchasing or selling
Bonds in the primary offering of the Bonds.
(b) If the Bonds are sold by private placement, the Pricing Officer may agree to
provide for an undertaking in accordance with the Rule or may agree to provide other public
information to the purchaser as may be necessary for the sale of the Bonds on the most favorable
terms to the Issuer.
SECTION 14. METHOD OF AMENDMENT. The Issuer hereby reserves the right to
amend this Ordinance subject to the following terms and conditions, to-wit:
(a) The Issuer may from time to time, without the consent of any Registered Owner,
except as otherwise required by paragraph (b) below, amend or supplement this Ordinance to
(i) cure any ambiguity, defect or omission in this Ordinance that does not materially adversely
affect the interests of the Registered Owners, (ii) grant additional rights or security for the benefit
of the Registered Owners, (iii) add events of default as shall not be inconsistent with the
provisions of this Ordinance and that shall not materially adversely affect the interests of the
Registered Owners, (v) qualify this Ordinance under the Trust Indenture Act of 1939, as
amended, or corresponding provisions of federal laws from time to time in effect, or (iv) make
such other provisions in regard to matters or questions arising under this Ordinance as shall not
be materially inconsistent with the provisions of this Ordinance and that shall not, in the opinion
of nationally-recognized bond counsel, materially adversely affect the interests of the Registered
Owners.
(b) Except as provided in paragraph (a) above, a majority of the Registered Owners
of Bonds then outstanding that are the subject of a proposed amendment shall have the right from
time to time to approve any amendment hereto that may be deemed necessary or desirable by the
20
Issuer; provided, however, that without the consent of 100% of the Registered Owners in
aggregate principal amount of the then outstanding Bonds, nothing herein contained shall permit
or be construed to permit amendment of the terms and conditions of this Ordinance or in any of
the Bonds so as to:
(1) Make any change in the maturity of any of the outstanding Bonds;
(2) Reduce the rate of interest borne by any of the outstanding Bonds;
(3) Reduce the amount of the principal of, or redemption premium, if any,
payable on any outstanding Bonds;
(4) Modify the terms of payment of principal or of interest or redemption
premium on outstanding Bonds or any of them or impose any condition
with respect to such payment; or
(5) Change the minimum percentage of the principal amount of the Bonds
necessary for consent to such amendment.
(c) If at any time the Issuer shall desire to amend this Ordinance under this Section,
the Issuer shall send by U.S. mail to each registered owner of the affected Bonds a copy of the
proposed amendment.
(d) Whenever at any time within one year from the date of mailing of such notice the
Issuer shall receive an instrument or instruments executed by the Registered Owners of at least a
majority in aggregate principal amount of all of the Bonds then outstanding that are required for
the amendment (or 100% if such amendment is made in accordance with paragraph (b)), which
instrument or instruments shall refer to the proposed amendment and which shall specifically
consent to and approve such amendment, the Issuer may adopt the amendment in substantially
the same form.
(e) Upon the adoption of any amendatory Ordinance pursuant to the provisions of this
Section, this Ordinance shall be deemed to be modified and amended in accordance with such
amendatory Ordinance, and the respective rights, duties, and obligations of the Issuer and all
Registered Owners of such affected Bonds shall thereafter be determined, exercised, and
enforced, subject in all respects to such amendment.
(f) Any consent given by the Registered Owner of a Bond pursuant to the provisions
of this Section shall be irrevocable for a period of six months from the date of such consent and
shall be conclusive and binding upon all future Registered Owners of the same Bond during such
period. Such consent may be revoked at any time after six months from the date of said consent
by the Registered Owner who gave such consent, or by a successor in title, by filing notice with
the Issuer, but such revocation shall not be effective if the Registered Owners the required
amount of the affected Bonds then outstanding, have, prior to the attempted revocation,
consented to and approved the amendment.
21
(g) For the purposes of establishing ownership of the Bonds, the Issuer shall rely
solely upon the registration of the ownership of such Bonds on the Registration Books kept by
the Paying Agent/Registrar.
SECTION 15. REDEMPTION OF REFUNDED OBLIGATIONS. (a) Subject to
execution and delivery of the Purchase Agreement with the Purchaser, the Issuer hereby directs
that the Refunded Obligations be called for redemption on the dates and at the prices set forth in
the Pricing Certificate. The Pricing Officer is hereby authorized and directed to issue or cause to
be issued the Notice of Redemption of the Refunded Obligations in substantially the form set
forth in Exhibit B attached hereto to the paying agent for the Refunded Obligations. The Notice
of Redemption of the Refunded Obligations as it appears in Exhibit B shall be completed,
amended and modified by Bond Counsel to incorporate the information set forth in the Pricing
Certificate, but it is not required for the Notice of Redemption of the Refunded Obligations to be
reproduced as an exhibit to the Pricing Certificate.
(b) The paying agent/registrar for the Refunded Obligations is hereby directed to provide
the appropriate notice of redemption as required by the Refunded Obligations and is hereby
directed to make appropriate arrangements so that the Refunded Obligations may be redeemed
on the redemption date.
(c) If the redemption of the Refunded Obligations results in the partial refunding of any
maturity of the Refunded Obligations, the Pricing Officer shall direct the paying agent/registrar
for the Refunded Obligations to designate at random and by lot which of the Refunded
Obligations will be payable from and secured solely from ad valorem taxes of the Issuer pursuant
to the ordinance of the Issuer authorizing the issuance of such Refunded Obligations (the
"Refunded Obligation Ordinance"). For purposes of such determination and designation, all
Refunded Obligations registered in denominations greater than $5,000 shall be considered to be
registered in separate $5,000 denominations. The paying agent/registrar shall notify by first-
class mail all registered owners of all affected bonds of such maturities that: (i) a portion of such
bonds have been refunded and are secured until final maturity solely with cash and/or
investments maintained by the Escrow Agent in the Escrow Fund, (ii) the principal amount of all
affected bonds of such maturities registered in the name of such registered owner that have been
refunded and are payable solely from cash and/or investments in the Escrow Fund and the
remaining principal amount of all affected bonds of such maturities registered in the name of
such registered owner, if any, have not been refunded and are payable from and secured by ad
valorem taxes of the Issuer as described in the Refunded Obligation Ordinance, (iii) the
registered owner is required to submit his or her Refunded Obligations to the paying
agent/registrar, for the purposes of re-registering such registered owner's bonds and assigning
new CUSIP numbers in order to distinguish the source of payment for the principal and interest
on such bonds, and (iv) payment of principal of and interest on such bonds may, in some
circumstances, be delayed until such bonds have been re-registered and new CUSIP numbers
have been assigned as required by (iii) above.
(d) The source of funds for payment of the principal of and interest on the Refunded
Obligations on their respective maturity or redemption dates shall be from the funds deposited
with the Escrow Agent, pursuant to the Escrow Agreement, or pursuant to such other
arrangement determined by the Pricing Officer in the Pricing Certificate.
22
SECTION 16. GOVERNING LAW. This Ordinance shall be construed and enforced in
accordance with the laws of the State and the United States of America.
SECTION 17. SEVERABILITY. If any provision of this Ordinance or the application
thereof to any circumstance shall be held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless be valid, and this governing body
hereby declares that this Ordinance would have been enacted without such invalid provision.
SECTION 18. EVENTS OF DEFAULT. Each of the following occurrences or events
for the purpose of this Ordinance is hereby declared to be an event of default (an "Event of
Default"):
(i) the failure to make payment of the principal of or interest on any of the Bonds when
the same becomes due and payable; or
(ii) default in the performance or observance of any other covenant, agreement or
obligation of the Issuer, the failure to perform which materially, adversely affects the
rights of the Registered Owners, including, but not limited to, their prospect or ability to
be repaid in accordance with this Ordinance, and the continuation thereof for a period of
60 days after notice of such default is given by any Registered Owner to the Issuer.
SECTION 19. REMEDIES FOR DEFAULT. (a) Upon the happening of any Event of
Default, then and in every case, any Owner or an authorized representative thereof, including,
but not limited to, a trustee or trustees therefor, may proceed against the Issuer for the purpose of
protecting and enforcing the rights of the Owners under this Ordinance, by mandamus or other
suit, action or special proceeding in equity or at law, in any court of competent jurisdiction, for
any relief permitted by law, including the specific performance of any covenant or agreement
contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation of any
right of the Owners hereunder or any combination of such remedies.
(b) It is provided that all such proceedings shall be instituted and maintained for the
equal benefit of all Owners of Bonds then outstanding.
SECTION 20. REMEDIES NOT EXCLUSIVE. (a) No remedy herein conferred or
reserved is intended to be exclusive of any other available remedy or remedies, but each and
every such remedy shall be cumulative and shall be in addition to every other remedy given
hereunder or under the Bonds or now or hereafter existing at law or in equity; provided,
however, that notwithstanding any other provision of this Ordinance, the right to accelerate the
debt evidenced by the Bonds shall not be available as a remedy under this Ordinance.
(b) The exercise of any remedy herein conferred or reserved shall not be deemed a
waiver of any other available remedy.
(c) By accepting the delivery of a Bond authorized under this Ordinance, such Owner
agrees that the certifications required to effectuate any covenants or representations contained in
23
this Ordinance do not and shall never constitute or give rise to a personal or pecuniary liability or
charge against the officers, employees or officials of the Issuer or the Council.
SECTION 21. EFFECTIVE DATE. In accordance with the provisions of Texas
Government Code, Section 1201.028, this Ordinance shall be effective immediately upon its
adoption by the Council.
-------------------------------------
S-1
SCHEDULE I
SCHEDULE OF ELIGIBLE REFUNDED OBLIGATIONS
Town of Westlake, Texas, General Obligation Refunding Bonds, Series 2007
EXHIBIT A
FORM OF BOND
(a) The form of the Bond, including the form of Paying Agent/Registrar's Authentication
Certificate, the form of Assignment and the form of Registration Certificate of the Comptroller
of Public Accounts of the State of Texas to be attached only to the Bonds initially issued and
delivered pursuant to this Ordinance, shall be, respectively, substantially as follows, with such
appropriate variations, omissions, or insertions as are permitted or required by this Ordinance
and with the Bonds to be completed with information set forth in the Pricing Certificate. The
Form of Bond as it appears in this Exhibit A shall be completed, amended and modified by
Bond Counsel to incorporate the information set forth in the Pricing Certificate, but it is not
required for the Form of Bond to be reproduced as an exhibit to the Pricing Certificate.
NO. R-__ UNITED STATES OF AMERICA
STATE OF TEXAS
TOWN OF WESTLAKE, TEXAS
GENERAL OBLIGATION REFUNDING BOND
SERIES 2017
PRINCIPAL
AMOUNT
$_________
INTEREST
RATE
_______%
ISSUANCE
DATE
_____, 2017
MATURITY
DATE
_____, 20__
CUSIP NO.
REGISTERED OWNER:
PRINCIPAL AMOUNT:
ON THE MATURITY DATE specified above, TOWN OF WESTLAKE, TEXAS, in
Tarrant and Denton Counties, Texas (the "Issuer"), being a political subdivision of the State of
Texas, hereby promises to pay to the Registered Owner set forth above, or registered assigns
(hereinafter called the "registered owner") the principal amount set forth above, and to pay
interest thereon from the ________, on ___________ and semiannually thereafter on each
_____________ and ____________ to the maturity date specified above, or the date of
redemption prior to maturity, at the interest rate per annum specified above; except that if this
Bond is required to be authenticated and the date of its authentication is later than the first
Record Date (hereinafter defined), such principal amount shall bear interest from the interest
payment date next preceding the date of authentication, unless such date of authentication is after
any Record Date but on or before the next following interest payment date, in which case such
principal amount shall bear interest from such next following interest payment date; provided,
however, that if on the date of authentication hereof the interest on the Bond or Bonds, if any, for
which this Bond is being exchanged or converted from is due but has not been paid, then this
Bond shall bear interest from the date to which such interest has been paid in full.
THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of
the United States of America, without exchange or collection charges. The principal of this
Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at
maturity, or upon the date fixed for its redemption prior to maturity, at the designated corporate
trust office of _______________, _____, Texas, which is the "Paying Agent/Registrar" for this
A-2
Bond. The payment of interest on this Bond shall be made by the Paying Agent/Registrar to the
registered owner hereof on each interest payment date by check or draft, dated as of such interest
payment date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the
Issuer required by the ordinance authorizing the issuance of the Bonds (the "Bond Ordinance") to
be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such
check or draft shall be sent by the Paying Agent/Registrar by United States mail, first-class
postage prepaid, on each such interest payment date, to the registered owner hereof, at its address
as it appeared on the _____ day of the month next preceding each such date (the "Record Date")
on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described. In
addition, interest may be paid by such other method, acceptable to the Paying Agent/Registrar,
requested by, and at the risk and expense of, the registered owner. In the event of a non-payment
of interest on a scheduled payment date, and for 30 days thereafter, a new record date for such
interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar, if
and when funds for the payment of such interest have been received from the Issuer. Notice of
the Special Record Date and of the scheduled payment date of the past due interest (which shall
be 15 days after the Special Record Date) shall be sent at least five business days prior to the
Special Record Date by United States mail, first-class postage prepaid, to the address of each
owner of a Bond appearing on the Registration Books at the close of business on the last
business day next preceding the date of mailing of such notice.
ANY ACCRUED INTEREST due at maturity or upon the redemption of this Bond prior
to maturity as provided herein shall be paid to the registered owner upon presentation and
surrender of this Bond for payment at the principal corporate trust office of the Paying
Agent/Registrar. The Issuer covenants with the registered owner of this Bond that on or before
each principal payment date and interest payment date for this Bond it will make available to the
Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Bond Ordinance,
the amounts required to provide for the payment, in immediately available funds, of all principal
of and interest on the Bonds, when due.
IF THE DATE for any payment due on this Bond shall be a Saturday, Sunday, a legal
holiday, or a day on which banking institutions in the city where the principal corporate trust
office of the Paying Agent/Registrar is located are authorized by law or executive order to close,
then the date for such payment shall be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day on which banking institutions are authorized to close, and payment
on such date shall have the same force and effect as if made on the original date payment was
due.
THIS BOND is one of a Series of Bonds dated as of _____, 2017, authorized in
accordance with the Constitution and laws of the State of Texas in the principal amount of
$_____ FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND A PORTION OF THE
ISSUER'S OUTSTANDING OBLIGATIONS.
ON _____, 20__, or on any date thereafter, the Bonds may be redeemed prior to their
scheduled maturities, at the option of the Issuer, with funds derived from any available and
lawful source, as a whole, or in part, and, if in part, the particular Bonds, or portions thereof, to
be redeemed shall be selected and designated by the Issuer (provided that a portion of a Bond
A-3
may be redeemed only in an integral multiple of $5,000), at a redemption price equal to the
principal amount to be redeemed plus accrued interest to the date fixed for redemption.
THE BONDS scheduled to mature on _____ in the years 20__, 20__, 20__ and 20__ (the
"Term Bonds") are subject to scheduled mandatory redemption by the Paying Agent/Registrar by
lot, or by any other customary method that results in a random selection, at a price equal to the
principal amount thereof, plus accrued interest to the redemption date, out of moneys available
for such purpose in the interest and sinking fund for the Bonds, on the dates and in the respective
principal amounts, set forth in the following schedule:
Term Bond
Maturity: _____, 20__
Term Bond
Maturity: _____, 20__ Mandatory Redemption
Date
Principal
Amount
Mandatory Redemption
Date
Principal
Amount _____, 20__ _____, 20__ _____, 20__* _____, 20__*
Term Bond
Maturity: _____, 20__
Term Bond
Maturity: _____, 20__ Mandatory Redemption
Date
Principal
Amount
Mandatory Redemption
Date
Principal
Amount _____, 20__ _____, 20__ _____, 20__* _____, 20__*
* Stated Maturity.
The principal amount of Term Bonds of a stated maturity required to be redeemed on any
mandatory redemption date pursuant to the operation of the mandatory sinking fund redemption
provisions shall be reduced, at the option of the Issuer, by the principal amount of any Term
Bonds of the same maturity which, at least 45 days prior to a mandatory redemption date
(1) shall have been acquired by the Issuer at a price not exceeding the principal amount of such
Term Bonds plus accrued interest to the date of purchase thereof, and delivered to the Paying
Agent/Registrar for cancellation, (2) shall have been purchased and canceled by the Paying
Agent/Registrar at the request of the Issuer at a price not exceeding the principal amount of such
Term Bonds plus accrued interest to the date of purchase, or (3) shall have been redeemed
pursuant to the optional redemption provisions and not theretofore credited against a mandatory
redemption requirement.
AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions
thereof prior to maturity a written notice of such redemption shall be sent by the Paying
Agent/Registrar by United States mail, first-class postage prepaid, to the registered owner of
each Bond to be redeemed at its address as it appeared at the close of business on the day of
mailing such notice; provided, however, that the failure of the registered owner to receive such
notice, or any defect therein or in the sending or mailing thereof, shall not affect the validity or
effectiveness of the proceedings for the redemption of any Bond. By the date fixed for any such
redemption, due provision shall be made with the Paying Agent/Registrar for the payment of the
A-4
required redemption price for the Bonds or portions thereof which are to be so redeemed. If such
written notice of redemption is sent and if due provision for such payment is made, all as
provided above, the Bonds or portions thereof which are to be so redeemed thereby
automatically shall be treated as redeemed prior to their scheduled maturities, and they shall not
bear interest after the date fixed for redemption, and they shall not be regarded as being
outstanding except for the right of the registered owner to receive the redemption price from the
Paying Agent/Registrar out of the funds provided for such payment. If a portion of any Bond
shall be redeemed a substitute Bond or Bonds having the same maturity date, bearing interest at
the same rate, in any denomination or denominations in any integral multiple of $5,000, at the
written request of the registered owner, and in aggregate amount equal to the unredeemed
portion thereof, will be issued to the registered owner upon the surrender thereof for cancellation,
at the expense of the Issuer, all as provided in the Bond Ordinance.
WITH RESPECT TO ANY OPTIONAL REDEMPTION OF THE BONDS, unless
certain prerequisites to such redemption required by the Bond Ordinance have been met and
moneys sufficient to pay the principal of and premium, if any, and interest on the Bonds to be
redeemed shall have been received by the Paying Agent/Registrar prior to the giving of such
notice of redemption, such notice may state that said redemption may, at the option of the Issuer,
be conditional upon the satisfaction of such prerequisites and receipt of such moneys by the
Paying Agent/Registrar on or prior to the date fixed for such redemption, or upon any
prerequisite set forth in such notice of redemption. If a conditional notice of redemption is given
and such prerequisites to the redemption and sufficient moneys are not received, such notice
shall be of no force and effect, the Issuer shall not redeem such Bonds and the Paying
Agent/Registrar shall give notice, in the manner in which the notice of redemption was given, to
the effect that the Bonds have not been redeemed.
ALL BONDS OF THIS SERIES are issuable solely as fully registered Bonds, without
interest coupons, in the denomination of any integral multiple of $5,000. As provided in the
Bond Ordinance, this Bond may, at the request of the registered owner or the assignee or
assignees hereof, be assigned, transferred, converted into and exchanged for a like aggregate
amount of fully registered Bonds, without interest coupons, payable to the appropriate registered
owner, assignee or assignees, as the case may be, having any authorized denomination or
denominations as requested in writing by the appropriate registered owner, assignee or assignees,
as the case may be, upon surrender of this Bond to the Paying Agent/Registrar for cancellation,
all in accordance with the form and procedures set forth in the Bond Ordinance. Among other
requirements for such assignment and transfer, this Bond must be presented and surrendered to
the Paying Agent/Registrar, together with proper instruments of assignment, in form and with
guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment of this
Bond or any portion or portions hereof in any authorized denomination to the assignee or
assignees in whose name or names this Bond or any such portion or portions hereof is or are to
be registered. The form of Assignment printed or endorsed on this Bond may be executed by the
registered owner to evidence the assignment hereof, but such method is not exclusive, and other
instruments of assignment satisfactory to the Paying Agent/Registrar may be used to evidence
the assignment of this Bond or any portion or portions hereof from time to time by the registered
owner. The Paying Agent/Registrar's reasonable standard or customary fees and charges for
assigning, transferring, converting and exchanging any Bond or portion thereof will be paid by
the Issuer. In any circumstance, any taxes or governmental charges required to be paid with
A-5
respect thereto shall be paid by the one requesting such assignment, transfer, conversion or
exchange, as a condition precedent to the exercise of such privilege. The Paying Agent/Registrar
shall not be required to make any such transfer or exchange of any Bonds during the period
commencing with the close of business on any Record Date and ending with the opening of
business on the next following principal or interest payment date or, with respect to any Bond or
any portion thereof called for redemption prior to maturity, within 30 days prior to its redemption
date.
IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer,
resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Ordinance that
it promptly will appoint a competent and legally qualified substitute therefor, and cause written
notice thereof to be mailed to the registered owners of the Bonds.
IT IS HEREBY certified, recited and covenanted that this Bond has been duly and validly
authorized, issued and delivered; that all acts, conditions and things required or proper to be
performed, exist and be done precedent to or in the authorization, issuance and delivery of this
Bond have been performed, existed and been done in accordance with law; and that annual ad
valorem taxes sufficient to provide for the payment of the interest on and principal of this Bond,
as such interest comes due and such principal matures, have been levied and ordered to be levied
against all taxable property in said Issuer, and have been pledged for such payment, within the
limits prescribed by law.
THE ISSUER ALSO HAS RESERVED THE RIGHT to amend the Bond Ordinance as
provided therein, and under some (but not all) circumstances amendments thereto must be
approved by the registered owners of a majority in aggregate principal amount of the outstanding
Bonds.
BY BECOMING the registered owner of this Bond, the registered owner thereby
acknowledges all of the terms and provisions of the Bond Ordinance, agrees to be bound by such
terms and provisions, acknowledges that the Bond Ordinance is duly recorded and available for
inspection in the official minutes and records of the governing body of the Issuer, and agrees that
the terms and provisions of this Bond and the Bond Ordinance constitute a contract between each
registered owner hereof and the Issuer.
IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the manual
or facsimile signature of the Mayor of the Issuer and countersigned with the manual or facsimile
signature of the Town Secretary of the Issuer, and has caused the official seal of the Issuer to be
duly impressed, or placed in facsimile, on this Bond.
Kelly Edwards, Town Secretary Laura L. Wheat, Mayor
Town of Westlake, Texas Town of Westlake, Texas
(SEAL)
A-6
(b) Form of Paying Agent/Registrar's Authentication Certificate.
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
(To be executed if this Bond is not accompanied by an
executed Registration Certificate of the Comptroller
of Public Accounts of the State of Texas)
It is hereby certified that this Bond has been issued under the provisions of the Bond
Ordinance described in the text of this Bond; and that this Bond has been issued in conversion or
replacement of, or in exchange for, a bond, bonds, or a portion of a bond or bonds of a Series
which originally was approved by the Attorney General of the State of Texas and registered by
the Comptroller of Public Accounts of the State of Texas.
Dated: _____________________________,
______________, Texas,
Paying Agent/Registrar
_______________
By: __________________________
Authorized Representative
(c) Form of Assignment.
ASSIGNMENT
(Please print or type clearly)
For value received, the undersigned hereby sells, assigns and transfers unto:
Transferee's Social Security or Taxpayer Identification Number:
Transferee's name and address, including zip code:
the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
, attorney, to register the transfer of
the within Bond on the books kept for registration thereof, with full power of substitution in the
premises.
Dated: _______________________
Signature Guaranteed:
A-7
NOTICE: Signature(s) must be guaranteed by
an eligible guarantor institution participating
in a securities transfer association recognized
signature guarantee program.
NOTICE: The signature above must
correspond with the name of the Registered
Owner as it appears upon the front of this
Bond in every particular, without alteration or
enlargement or any change whatsoever.
(d) Form of Registration Certificate of the Comptroller of Public Accounts
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. __________
I hereby certify that this Bond has been examined, certified as to validity, and approved
by the Attorney General of the State of Texas, and that this Bond has been registered by the
Comptroller of Public Accounts of the State of Texas.
Witness my signature and seal this _______________________.
Comptroller of Public Accounts
of the State of Texas
(COMPTROLLER'S SEAL)
(e) Insertions for the Initial Bond.
(i) The initial Bond shall be in the form set forth in paragraph (a) of this Section,
except that:
(A) immediately under the name of the Bond, the headings "INTEREST
RATE" and "MATURITY DATE" shall both be completed with the words "As
shown below" and "CUSIP NO. _____" shall be deleted.
(B) the first paragraph shall be deleted and the following will be inserted:
"TOWN OF WESTLAKE, TEXAS (the "Issuer"), being a political subdivision located in
Tarrant and Denton Counties, Texas, hereby promises to pay to the Registered Owner specified
above, or registered assigns (hereinafter called the "Registered Owner"), on _____ in each of the
years, in the principal installments and bearing interest at the per annum rates set forth in the
following schedule:
Maturity
Date
Principal
Installments
Interest
Rates
20__
20__
20__
20__
20__
A-8
20__
20__
20__
20__
20__
20__
20__
20__
20__
The Issuer promises to pay interest on the unpaid principal amount hereof (calculated on the
basis of a 360-day year of twelve 30-day months) from _________ at the respective Interest Rate
per annum specified above. Interest is payable on __________, and on each __________ and
__________ thereafter to the date of payment of the principal installment specified above, or the
date of redemption prior to maturity; except, that if this Bond is required to be authenticated and
the date of its authentication is later than the first Record Date (hereinafter defined), such
principal amount shall bear interest from the interest payment date next preceding the date of
authentication, unless such date of authentication is after any Record Date but on or before the
next following interest payment date, in which case such principal amount shall bear interest
from such next following interest payment date; provided, however, that if on the date of
authentication hereof the interest on the Bond or Bonds, if any, for which this Bond is being
exchanged is due but has not been paid, then this Bond shall bear interest from the date to which
such interest has been paid in full."
(C) The initial Bond shall be numbered "T-1."
A-9
B-1
EXHIBIT B
[NOTICE OF DEFEASANCE AND REDEMPTION
TOWN OF WESTLAKE, TEXAS
(TARRANT AND DENTON COUNTIES, TEXAS)
NOTICE IS HEREBY GIVEN that the Town of Westlake, Texas (the "Town") has called for
early redemption the outstanding obligations of the Town described as follows:
Town of Westlake, Texas, General Obligation Refunding Bonds, Series 2007,
dated March 15, 2007 (the "Series 2007 Obligations"), maturing on May 1 in the
years and in the amounts shown below. Such Series 2007 Obligations have been
called for redemption on May 1, 2017 (the "Redemption Date") at the redemption
price of par and accrued interest to the Redemption Date:
Maturity
Date
Principal
Amount
CUSIP
Number
Maturity
Date
Principal
Amount
CUSIP
Number
2020 $ 125,000 96048PCJ3 2028 $ 730,000 96048PCS3
*** *** *** 2029 760,000 96048PCT1
2024 230,000 96048PCN4 2030 790,000 96048PCU8
2025 645,000 96048PCP9 2031 825,000 96048PCV6
2026 670,000 96048PCQ7 2032 855,000 96048PCW4
2027 700,000 96048PCR5
aggregating $6,330,000 in principal amount. On _____, 2017, funds were deposited with [U.S.
Bank National Association], which is the Escrow Agent for the Series 2007 Obligations, in an
amount, together with investment earnings thereon, to redeem the Series 2007 Obligations on the
Redemption Date, and such Series 2007 Obligations shall be paid from amounts held in an
escrow account administered by Escrow Agent, until the Redemption Date, when the redemption
price shall be paid upon presentation of the Series 2007 Obligations to the paying agent/registrar
thereof, as follows:
First Class/Registered/
Certified Mail
Express Delivery
Hand Delivery
U.S. Bank National Association
Corporate Trust Services
P. O. Box 64111
St. Paul, MN 55164-0111
U.S. Bank National Association
Corporate Trust Services
60 Livingston Avenue
1st Floor - Bond Drop Window
St. Paul, MN 55107
Upon presentation of the Series 2007 Obligations at the paying agent/registrar on the
Redemption Date, the holder thereof shall be entitled to receive the redemption price equal to par
plus accrued interest to the Redemption Date and thereafter the Series 2007 Obligations shall no
longer bear interest.
TOWN OF WESTLAKE, TEXAS
Town of Westlake
General Obligation Refunding Bonds, Series 2017
October 24, 2016
Sample Refunding Numbers (pages 1-4)
Schedule for Refunding (page 5)
Town of Westlake, Texas
General Obligation Refunding Bonds, Series 2007
(Advance Refunded 2002; refundable beginning 2-1-17)
Total Refunded Debt Service
Date Principal Coupon Interest Total P+I
05/01/2017 -4.000%129,803.75 129,803.75
05/01/2018 40,000.00 4.000%259,607.50 299,607.50
05/01/2019 40,000.00 4.000%258,007.50 298,007.50
05/01/2020 45,000.00 4.000%256,407.50 301,407.50
05/01/2021 50,000.00 4.000%254,607.50 304,607.50
05/01/2022 55,000.00 4.000%252,607.50 307,607.50
05/01/2023 60,000.00 4.000%250,407.50 310,407.50
05/01/2024 65,000.00 4.000%248,007.50 313,007.50
05/01/2025 645,000.00 4.000%245,407.50 890,407.50
05/01/2026 670,000.00 4.000%219,607.50 889,607.50
05/01/2027 700,000.00 4.000%192,807.50 892,807.50
05/01/2028 730,000.00 4.125%164,807.50 894,807.50
05/01/2029 760,000.00 4.125%134,695.00 894,695.00
05/01/2030 790,000.00 4.150%103,345.00 893,345.00
05/01/2031 825,000.00 4.200%70,560.00 895,560.00
05/01/2032 855,000.00 4.200%35,910.00 890,910.00
Total $6,330,000.00 -$3,076,596.25 $9,406,596.25
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 2/07/2017
Average Life 11.533 Years
Average Coupon 4.1192866%
Weighted Average Maturity (Par Basis) 11.533 Years
Refunding Bond Information
Refunding Dated Date 2/07/2017
Refunding Delivery Date 2/07/2017
2007 (adv rfd 2002) | SINGLE PURPOSE | 10/17/2016 | 4:22 PM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 1
Town of Westlake, Texas
General Obligation Refunding Bonds, Series 2017
(Refund 2007)
Pricing Summary
Maturity
Type of
Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
02/15/2018 Serial Coupon 2.000%1.000%40,000.00 101.014% ---40,405.60
02/15/2019 Serial Coupon 3.000%1.100%40,000.00 103.789% ---41,515.60
02/15/2020 Serial Coupon 3.000%1.200%45,000.00 105.326% ---47,396.70
02/15/2021 Serial Coupon 3.000%1.300%50,000.00 106.640% ---53,320.00
02/15/2022 Serial Coupon 3.000%1.450%55,000.00 107.481% ---59,114.55
02/15/2023 Serial Coupon 3.000%1.550%60,000.00 108.306% ---64,983.60
02/15/2024 Serial Coupon 3.000%1.700%60,000.00 108.570% ---65,142.00
02/15/2025 Serial Coupon 3.000%1.800%650,000.00 108.926% ---708,019.00
02/15/2026 Serial Coupon 3.000%1.950%670,000.00 108.647% ---727,934.90
02/15/2027 Serial Coupon 3.000%2.050%695,000.00 108.566% ---754,533.70
02/15/2028 Serial Coupon 3.000%2.150%715,000.00 107.626%c 2.216%02/15/2027 100.000%769,525.90
02/15/2029 Serial Coupon 3.000%2.250%735,000.00 106.695%c 2.357%02/15/2027 100.000%784,208.25
02/15/2030 Serial Coupon 3.000%2.350%760,000.00 105.773%c 2.479%02/15/2027 100.000%803,874.80
02/15/2031 Serial Coupon 3.000%2.450%785,000.00 104.861%c 2.584%02/15/2027 100.000%823,158.85
02/15/2032 Serial Coupon 3.000%2.500%805,000.00 104.408%c 2.643%02/15/2027 100.000%840,484.40
Total ---$6,165,000.00 -----$6,583,617.85
Bid Information
Par Amount of Bonds $6,165,000.00
Reoffering Premium or (Discount)418,617.85
Gross Production $6,583,617.85
Total Underwriter's Discount (0.700%)$(43,155.00)
Bid (106.090%)6,540,462.85
Total Purchase Price $6,540,462.85
Bond Year Dollars $69,457.00
Average Life 11.266 Years
Average Coupon 2.9994113%
Net Interest Cost (NIC)2.4588425%
True Interest Cost (TIC)2.3753042%
2017 Rfd | SINGLE PURPOSE | 10/17/2016 | 4:22 PM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 2
Town of Westlake, Texas
General Obligation Refunding Bonds, Series 2017
(Refund 2007)
Debt Service Comparison
Date Total P+I
Existing
D/S Net New D/S Old Net D/S Savings
09/30/2017 96,376.11 433,500.00 529,876.11 563,303.75 33,427.64
09/30/2018 224,150.00 -224,150.00 299,607.50 75,457.50
09/30/2019 223,150.00 -223,150.00 298,007.50 74,857.50
09/30/2020 226,875.00 -226,875.00 301,407.50 74,532.50
09/30/2021 230,450.00 -230,450.00 304,607.50 74,157.50
09/30/2022 233,875.00 -233,875.00 307,607.50 73,732.50
09/30/2023 237,150.00 -237,150.00 310,407.50 73,257.50
09/30/2024 235,350.00 -235,350.00 313,007.50 77,657.50
09/30/2025 814,700.00 -814,700.00 890,407.50 75,707.50
09/30/2026 814,900.00 -814,900.00 889,607.50 74,707.50
09/30/2027 819,425.00 -819,425.00 892,807.50 73,382.50
09/30/2028 818,275.00 -818,275.00 894,807.50 76,532.50
09/30/2029 816,525.00 -816,525.00 894,695.00 78,170.00
09/30/2030 819,100.00 -819,100.00 893,345.00 74,245.00
09/30/2031 820,925.00 -820,925.00 895,560.00 74,635.00
09/30/2032 817,075.00 -817,075.00 890,910.00 73,835.00
Total $8,248,301.11 $433,500.00 $8,681,801.11 $9,840,096.25 $1,158,295.14
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings 948,046.41
Net PV Cashflow Savings @ 2.502%(AIC)948,046.41
Contingency or Rounding Amount 2,194.10
Net Present Value Benefit $950,240.51
Net PV Benefit / $6,330,000 Refunded Principal 15.012%
Net PV Benefit / $6,165,000 Refunding Principal 15.413%
Refunding Bond Information
Refunding Dated Date 2/07/2017
Refunding Delivery Date 2/07/2017
2017 Rfd | SINGLE PURPOSE | 10/17/2016 | 4:22 PM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 3
Town of Westlake, Texas
General Obligation Refunding Bonds, Series 2017
(Refund 2007)
Sources & Uses
Dated 02/07/2017 | Delivered 02/07/2017
Sources Of Funds
Par Amount of Bonds $6,165,000.00
Reoffering Premium 418,617.85
Total Sources $6,583,617.85
Uses Of Funds
Deposit to Current Refunding Fund 6,459,803.75
Costs of Issuance 78,465.00
Total Underwriter's Discount (0.700%)43,155.00
Rounding Amount 2,194.10
Total Uses $6,583,617.85
2017 Rfd | SINGLE PURPOSE | 10/17/2016 | 4:22 PM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 4
TOWN OF WESTLAKE
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017
SAMPLE SCHEDULE OF EVENTS
(Council Meeting Dates Highlighted)
Action Date
Bond Sale/Delegated Pricing Approved by Town Council 10/24/16
Application for Credit Rating; initial draft of POS distributed 11/18/16
Credit Rating Received 12/15/16
Preliminary Official Statement Distributed to Investors 01/03/17
Bond Pricing Completed 01/10/17
Bond Counsel Submits Transcript to AG for Review 01/13/17
Final Official Statement printed 01/17/17
Closing Memorandum Distributed 01/18/17
Attorney General Approval Received 02/02/17
Closing 02/07/17
Redemption of 2007 Bonds 05/01/17
Page 5
Lawrence Financial Consulting LLC 10/17/2016
EXECUTIVE SESSION
a. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: (A) pending or contemplated litigation; or (B) a
settlement offer; (2) Consultation with Attorney on a matter in which the duty of
the attorney to the governmental body under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflicts with this chapter:
Ordinance 767
b. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: Contract dispute regarding sanitary sewer
connections.
c. Section 551.087 Deliberation Regarding Economic Development
Negotiations (1) to discuss or deliberate regarding commercial or financial
information that the governmental body has received from a business prospect
that the governmental body seeks to have locate, stay, or expand in or near the
territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of
a financial or other incentive to a business prospect described by Subdivision (1)
for the following:
- Maguire Partners-Solana Land, L.P., related to Centurion’s development
known as Entrada and Granada
- Project Lynx
- Quail Hollow
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
d. Section 551.072 to deliberate the purchase, exchange, lease or value of real
property regarding Town Hall offices, Fire Station site and Town owned property
e. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate
the appointment, employment, evaluation, reassignment, duties, of a public
officer or employee: Town Manager
Town Council
Item # 7 – Executive
Session
Town Council
Item # 8 – Reconvene
Council Meeting
NECESSARY ACTION
a. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: (A) pending or contemplated litigation; or (B) a
settlement offer; (2) Consultation with Attorney on a matter in which the duty of
the attorney to the governmental body under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflicts with this chapter:
Ordinance 767
b. Sec. 551.071 Consultation with Attorney (1) when the governmental body seeks
the advice of its attorney about: Land Sale
c. Section 551.087 Deliberation Regarding Economic Development
Negotiations (1) to discuss or deliberate regarding commercial or financial
information that the governmental body has received from a business prospect
that the governmental body seeks to have locate, stay, or expand in or near the
territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of
a financial or other incentive to a business prospect described by Subdivision (1)
for the following:
- Maguire Partners-Solana Land, L.P., related to Centurion’s development
known as Entrada and Granada
- Project Lynx
- Quail Hollow
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
d. Section 551.072 to deliberate the purchase, exchange, lease or value of real
property regarding Town Hall offices, Fire Station site and Town owned property
e. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate
the appointment, employment, evaluation, reassignment, duties, of a public
officer or employee: Town Manager
Town Council
Item # 9 – Necessary Action
FUTURE AGENDA ITEMS: Any Council member may request at a workshop and / or
Council meeting, under “Future Agenda Item Requests”, an agenda item for a future
Council meeting. The Council Member making the request will contact the Town Manager
with the requested item and the Town Manager will list it on the agenda. At the meeting,
the requesting Council Member will explain the item, the need for Council discussion of
the item, the item’s relationship to the Council’s strategic priorities, and the amount of
estimated staff time necessary to prepare for Council discussion. If the requesting Council
Member receives a second, the Town Manager will place the item on the Council agenda
calendar allowing for adequate time for staff preparation on the agenda item.
None
Town Council
Item # 10 – Future
Agenda Items
Town Council
Item # 11 – Adjournment
Regular Session