HomeMy WebLinkAbout04-24-17 TC Agenda Packet as amendedThe 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
APRIL 24, 2017
WESTLAKE ACADEMY
Sam & Margaret Lee Field House
Fieldhouse Classroom
2600 J.T. Ottinger Road
WESTLAKE, TEXAS 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. REPORTS
Reports are prepared for informational purposes and will be accepted as presented. (there
will no presentations associated with the report items) There will be no separate
discussion unless a Council Member requests that report be removed and considered
separately.
a. Report of Quarterly Financial Dashboard and Analysis as well as Capital Projects
for the Quarter ended March 31, 2017.
b. Annual report from the Keller Police Department relative to police services and
the racial profiling report for the Town of Westlake.
5. DISCUSSION ITEMS
a. Presentation and discussion regarding an annual update from the Westlake
Academy Foundation Board.
b. Presentation and discussion regarding an annual update from the Historical
Preservation Society.
c. Presentation and discussion regarding an annual update from the Texas Student
Housing Authority.
d. Standing Item: Presentation and discussion of development projects per Staff
March 2017 report, March 2017 Entrada report from the Developer and projects
in Planned Development PD 3-5.
6. EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Section 551.071. Consultation with Attorney (1) when the governmental body
seeks the advice of its attorney about: (A) pending or contemplated litigation:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
Page 3 of 5
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
c. Section 551.071(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 the Open
Meetings Act: Waste (Trash) ordinance.
d. Section 551.071 (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:
Trophy Club Municipal District No. 1
7. RECONVENE MEETING
8. COUNCIL RECAP / STAFF DIRECTION
9. 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.
Page 4 of 5
a. Consider approval of the minutes from the March 27, 2017, meeting.
b. Consider approval of the minutes from the April 3, 2017, meeting.
c. Consider approval of Ordinance 821, Amending Chapter 70, Signs, Sec. 70-10
Temporary Business Signs.
d. Consider approval of Resolution 17-20, Entering into an Interlocal Agreement
with the City of Southlake regarding the construction of traffic signals and other
necessary improvements at State Highway 114 and Solana/Kirkwood intersections.
5. DISCUSSION AND CONSIDERATION OF ORDINANCE 822, AUTHORIZING THE
ISSUANCE AND SALE OF TOWN OF WESTLAKE, TEXAS TAX NOTE, SERIES 2017;
LEVYING AN ANNUAL AD VALOREM TAX AND PROVIDING FOR THE SECURITY
FOR AND PAYMENT OF SAID NOTES; AND ENACTING OTHER PROVISIONS
RELATING TO THE SUBJECT AND AMENDING PROJECT BUDGET.
6. EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Section 551.071. Consultation with Attorney (1) when the governmental body
seeks the advice of its attorney about: (A) pending or contemplated litigation:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
c. Section 551.071(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 the Open
Meetings Act: Waste (Trash) ordinance
d. Section 551.071 (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:
Trophy Club Municipal District No. 1
Page 5 of 5
7. RECONVENE MEETING
8. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS.
9. 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.
10. 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, April 19, 2017, 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 3
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 AMENDED
APRIL 24, 2017
WESTLAKE ACADEMY
Sam & Margaret Lee Field House
Fieldhouse Classroom
2600 J.T. Ottinger Road
WESTLAKE, TEXAS 76262
Workshop Session: 5:00 p.m.
Regular Session: 6:30 p.m.
Page 2 of 3
AMENING EXECUTIVE SESSION FOR WORK SESSION ITEM 6 AND
REGULAR SESSION ITEM 6 BY ADDING VAQUERO CLUB INC
Work Session
6. EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Section 551.071. Consultation with Attorney (1) when the governmental body
seeks the advice of its attorney about: (A) pending or contemplated litigation:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
- Vaquero Club, Inc.
c. Section 551.071(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 the Open
Meetings Act: Waste (Trash) ordinance.
d. Section 551.071 (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:
Trophy Club Municipal District No. 1
Regular Session
6. EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
Page 3 of 3
e. Section 551.071. Consultation with Attorney (1) when the governmental body
seeks the advice of its attorney about: (A) pending or contemplated litigation:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
f. 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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
- Vaquero Club, Inc.
g. Section 551.071(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 the Open
Meetings Act: Waste (Trash) ordinance
h. Section 551.071 (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:
Trophy Club Municipal District No. 1
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, April 21, 2017, by 12:00 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 March 27, 2017, meeting.
b. Consider approval of the minutes from the April 3, 2017, meeting.
c. Consider approval of Ordinance 821, Amending Chapter 70, Signs, Sec. 70-10
Temporary Business Signs.
d. Consider approval of Resolution 17-20, Entering into an Interlocal Agreement
with the City of Southlake regarding the construction of traffic signals and other
necessary improvements at State Highway 114 and Solana/Kirkwood
intersections.
Town Council
Item # 3 – Review of
Consent Items
REPORTS
Reports are prepared for informational purposes and will be accepted as presented.
(there will no presentations associated with the report items) There will be no separate discussion
unless a Council Member requests that report be removed and considered separately.
a. Report of Quarterly Financial Dashboard and Analysis as well as Capital Projects
for the Quarter ended March 31, 2017.
b. Annual report from the Keller Police Department relative to police services and the
racial profiling report for the Town of Westlake.
Town Council
Item # 4 – Reports
estlake Town Council
TYPE OF ACTION
Workshop - Report
Westlake Town Council Meeting
Monday, April 24, 2017
TOPIC: Report of Quarterly Financial Dashboard and Analysis as well as Capital
Projects for the Quarter ended March 31, 2017
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
Transparency,
Accessibility &
Communications
Strategic Initiative
Maintain Receipt of Various Financial Awards for both Municipal and Academic Services - Transparency
Time Line - Start Date: October 1, 2016 Completion Date: March 31, 2017
Funding Amount: N/A Status - N/A Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
The 2nd quarter “Dashboard” reports and “Analysis” for the FY 2016-2017 are attached. Our goal
is to have a concise and easy to understand document regarding the financials of our three main
(3) operating funds: General Fund, Visitors Association Fund and the Utility Fund. The remaining
funds are a function of transfers in, related expenditures and transfers out; therefore, we have not
prepared quarterly reports for these funds. We have also included an additional report related to
the capital projects year-to-date expenditures and an update of the projects.
As can be seen by the financial Dashboard, there has been a decrease in revenue within the General
Fund. This is primarily attributed to the delay in building permits and fees associated with Entrada.
Staff has discussed this issue with the infrastructure during previous workshops and are working
with the developer to help finish this portion of the project. As a result, directors have adjusted
expenditures to help offset any shortfall. Operating days remain as projected for this fiscal year.
The financial condition of this fund is in line with our discussions during the budget workshops
and presentations based on the internal adjustments for expenditures noted above.
The Utility Fund is tracking with our estimated budget numbers for FY 16/17. You may note the
estimated budget also shows an increase in expenses of approximately $350K due to the
settlement/negotiations with Southlake for the wastewater treatment. The Visitors Association
Fund also appears to be tracking with budgeted numbers. The majority of our revenue for this fund
arrives in the 3rd and 4th quarters. Staff will continue to monitor all funds and report any anomalies
to the Council.
Please note a change in the year-to-date budget calculations. On each individual fund’s financial
report, you may see an “M” or “%”, beside several revenue line items. The “M” indicates the
calculation for “Estimated Allocation of the YTD Budget” is based on the actual number of months
of revenue received vs. the number of months into the fiscal year (6 months). This is a more apples
to apples comparison and my hope is that this new snapshot avoids confusion with our comparisons
of the accrued revenue accounts, i.e. sales tax revenue, franchise fees, hotel occupancy taxes, etc.
The “%” symbol, which was used previously with the Utility Fund only, represents the use of the
percentage of actual dollars received in the prior year during the same period compared to budgeted
dollars in the current year. The “Estimated Allocation of the YTD Budget” column is based on
this percentage rather than the number of months to-date in the current fiscal year since they are
not received equally throughout the year. Examples of this would be property tax revenues which
are primarily received in the first two quarters of the fiscal year vs. water revenues, of which a
major portion is received in the spring and summer (hotter, dryer months).
These quarterly reports contain a “dashboard” display complete with major revenue and
expenditure categories. Because we are further into the year and aware of various line items that
will need adjustments, we have added an “Estimated” column which includes these changes. The
“Dashboard Variance” amounts are based on the “Estimated” vs. the “Actual” columns. The color
green obviously means that we are good in those specific line items when comparing “YTD
Budget” to “YTD Actuals”. Any concerns between these two areas show up as yellow (cautionary)
or red (critical).
A summary is presented at the bottom of each funds’ financial page indicating the net revenues
over (under) expenditures along with the projected ending fund balances for the PY Actuals,
Adopted Budget, Estimated Budget, Allocation of YTD Estimated Budget, as well as the YTD
Actuals. The operating days remaining in Unrestricted Fund Balance have been calculated using
total operating expenditures. Our Fiscal and Budgetary Policies state that we will strive to maintain
90 days of operations.
Note the “Analysis” is color coded and corresponds to the specific line-item on the “Dashboard”
report. All “cautionary” and “critical” items are detailed with explanations of the variances. I
have explained several of the line-items that were greater (green) in revenue than we anticipated,
helping you understand what specifically happened with that revenue line-item. I have also
included explanations for several expenditures that were considerably under budget so you may
see why these funds have not been expended.
In addition to the above, each section of the “Analysis” contains the “Estimated Budget” and
“Change in Budget” totals with an explanation, if needed. To help in reading this report, each
explanation ties directly back to the “Dashboard” report.
RECOMMENDATION
The Council review the current quarterly financial reports.
ATTACHMENTS
Quarterly Financial Dashboard and Analysis for the Quarter Ended 3/31/17 for the following
funds:
• General Fund
• Visitors Association Fund
• Utility Fund
Capital Improvements Update
Quarterly Financial Dashboard
FY 15/16 FY 16/17 FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals Percent Over
through Annual Annual of the through of YTD (Under)
2nd Quarter Budget Budget YTD Budget 2nd Quarter Budget Budget
M General Sales Tax 1,440,223$ 3,310,500$ 3,310,500$ 1,379,375$ 1,561,393$ 113%182,018$
%Property Tax 1,296,305 1,437,050 1,450,000 1,426,069 1,450,844 102%24,776
%Franchise Fees 249,560 966,370 960,870 257,832 227,407 88%(30,425)
Permits and Fees Misc 381,556 247,885 278,785 139,011 140,352 101%1,341
Permits and Fees Bldg 673,536 2,287,557 1,264,752 630,644 468,762 74%(161,881)
Fines & Forfeitures 399,832 805,350 805,350 401,572 364,701 91%(36,871)
Misc Income 35,230 96,120 118,610 59,143 59,456 101%314
Transfer In 269,545 66,030 156,870 131,655 135,704 103%4,049
4,745,786$ 9,216,862$ 8,345,737$ 4,425,299$ 4,408,619$ 100%(16,680)$
FY 15/16 FY 16/17 FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals Percent Over
through Annual Annual of the through of YTD (Under)
2nd Quarter Budget Budget YTD Budget 2nd Quarter Budget Budget
Payroll, Taxes, Insurance, Retirement 1,538,157$ 3,802,730$ 3,609,547$ 1,799,829$ 1,738,759$ 97%(61,070)$
Operations & Maintenance 1,294,816 3,982,655 3,902,880 2,122,412 1,686,226 79%(436,186)
Transfer Out 986,050 1,103,635 1,013,635 635,785 717,090 113%81,305
3,819,022$ 8,889,020$ 8,526,062$ 4,558,026$ 4,142,075$ 91%(415,952)$
FY 15/16 FY 16/17 FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals
through Annual Annual of the through
2nd Quarter Budget Budget YTD Budget 2nd Quarter
4,745,786$ 9,216,862$ 8,345,737$ 4,425,299$ 4,408,619$
3,819,022 8,889,020 8,526,062 4,558,026 4,142,075
926,764$ 327,842$ (180,325)$ (132,728)$ 266,545$
7,240,729 8,541,363 8,541,363 8,541,363 8,541,363
Ending Fund Balance 8,167,493 8,869,205 8,361,038 8,408,635 8,807,908
572,666 575,039 575,039 575,039 612,521
Unrestricted Fund Balance 7,594,827$ 8,294,167$ 7,786,000$ 7,833,596$ 8,195,387$
Total Operating Expenditures $7,411,775 $8,889,020 $8,526,062 $4,558,026 $4,142,075
Daily Operating Cost $20,005 $24,353 $23,359 $23,359 $23,359
# of Operating Days Unrestricted 370 365 365 195 177
FY 16/17 ESTIMATED
FY 16/17 ESTIMATED DASHBOARD VARIANCE
FY 16/17 ESTIMATED DASHBOARD VARIANCE
Quarter Ended
General Fund
EXPENDITURES AND OTHER USES
Total Revenues and Other Sources
REVENUES AND OTHER SOURCES
(M) Based on number of months of receipts
(%) Based on same %% as prior year
5 months
98%
27%
3/31/2017
SUMMARY
Restricted Funds
Net Change to Fund Balance
Beginning Fund Balance
Total Revenues & Other Sources
Total Expenditures & Other Uses
Total Expenditures and Other Uses
Positive
•greater than
90%
Cautious
•between
70% -90%
Negative
•less than
70%
Revenue Legend
Positive
•less than
100%
Cautious
•between
101% -110%
Negative
•greater than
110%
Expenditure Legend
EXEMPLARY
GOVERNANCE
Town Officials, both
Elected and
Appointed, exhibit
Respect, Stewardship,
Vision, and
Transparency
SERVICE
EXCELLENCE
Public Service that is
Responsive and
Professional, while
balancing Efficiency,
Effectiveness and
Financial Stewardship
1
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
GENERAL FUND
TOTAL REVENUES AND OTHER SOURCES
$9,216,862 ADOPTED BUDGET
$8,345,737 ESTIMATED BUDGET
$( 861,125) CHANGE IN BUDGET
$4,425,299 YTD ESTIMATED BUDGET
$4,408,619 YTD ACTUAL
100% PERCENT OF YTD BUDGET
$ ( 16,680) OVER(UNDER) ESTIMATED BUDGET
GENERAL SALES TAX (GF portion only)
$3,310,500 Adopted Budget
$3,310,500 Estimated Budget
$1,379,375 YTD Estimated Budget
$1,561,393 YTD Actual
113% Percent of YTD Estimated Budget
$ 182,018 Over(Under) Estimated Budget
• YTD budget calculation is based on 5 out of 12 payments.
• Sales tax revenues are received from the State two months after paid; therefore, the YTD
revenue for the month ended 3-31 only covers 4 months. Because we have already received
April’s payment (for February sales); we are using 5 months of revenue.
PROPERTY TAX
$1,437,050 Adopted Budget
$1,450,000 Estimated Budget
$ 12,950 Change in Budget
$1,426,069 YTD Estimated Budget
$1,450,844 YTD Actual
102% Percent of YTD Estimated Budget
$ 24,776 Over(Under) Estimated Budget
• Because the majority of the property tax is received in the first two quarters of the fiscal
year, the YTD budget calculation is based on the percentage of revenues received for the
same time- frame in the prior year (98%).
FRANCHISE FEES
$ 966,370 Adopted Budget
$ 960,780 Estimated Budget
$( 5,590) Change in Budget
$ 257,832 YTD Estimated Budget
$ 227,407 YTD Actual
88% Percent of YTD Estimated Budget
$ (30,425) Over(Under) Estimated Budget
2
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
GENERAL FUND
• YTD budget calculation is based on the percentage of revenues received for the same time
frame in the prior year (27%). Receipts for the second quarter are typically received in April
and May.
• Upon review of each franchisee’s revenue, we noted several payments that were received in
the prior year during this time have not been received yet. A close eye will be given to these
line-items to verify these payments are received in subsequent months.
PERMITS & FEES - MISC
$247,885 Adopted Budget
$278,785 Estimated Budget
$ 30,900 Change in Budget
$139,011 YTD Estimated Budget
$140,352 YTD Actual
101% Percent of YTD Estimated Budget
$ 1,341 Over(Under) Estimated Budget
• The majority of the increase in this estimated budget is due to additional tree reforestation
and erosion control fees
• This revenue classification is comprised of permits such as liquor and sprinkler as well as fees
such as administrative, user and renewal. Revenues are on target for the year.
PERMITS & FEES - BUILDINGS
$ 2,287,557 Adopted Budget
$ 1,264,752 Estimated Budget
$(1,022,805) Change in Budget
$ 630,644 YTD Estimated Budget
$ 468,762 YTD Actual
74% Percent of YTD Estimated Budget
$ (161,881) Over(Under) Estimated Budget
• Entrada – no building permits were issued in the first quarter given the slow performance of
the developer in completing the public improvements required to issue building permits
amounting in a variance of $185K for the first quarter. Entrada revenues remain uncertain
pending any improvement to the performance by the developer in completing the required
public improvements.
o To be conservative, fees originally adopted for this project, i.e. restaurant row, oil
pad site, etc. have been moved to the next fiscal year’s budget; therefore, reducing
the current year’s budget.
• Project Blizzard/Schwab – no building permits were issued in the first quarter and none are
anticipated for issuance during the current fiscal year. There is a slight chance the Town will
recognize approximately $600K if the project moves forward during the current fiscal year
but this is not included in the estimated budget.
• Granada/Quail Hollow/Glenwyck Farms – no building permits were issued in the first
quarter. To date, no permits for new construction have been submitted for Quail
3
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
GENERAL FUND
Hollow. However, six building permits for new construction were issued for Granada in the
second quarter.
• Vaquero, Terra Bella and Carlyle Court - Permit fees collected in these areas continue to
exceed projections
• Granada Phase 2 and Quail Hollow Phase 1 and 2a - It is anticipated permit fee revenues will
rebound somewhat in the third quarter with the release of these areas.
FINES AND FORFEITURES
$ 805,350 Adopted Budget
$ 805,350 Estimated Budget
$ 401,574 YTD Estimated Budget
$ 364,701 YTD Actual
91% Percent of YTD Estimated Budget
$(36,873) Over(Under) Estimated Budget
• Current year revenues are under budget due to 848 less citations being issued within the
same time-frame (October to March). Revenues historically increase during the summer
vacation months of June, July and August.
MISC INCOME
$ 96,120 Adopted Budget
$ 118,610 Estimated Budget
$ 22,490 Change in Budget
$ 59,143 YTD Estimated Budget
$ 59,456 YTD Actual
101% Percent of YTD Estimated Budget
$ 314 Over(Under) Estimated Budget
• The change in this budget is primarily due to increased interest income. Staff worked with
the bank to earn a rate of interest equal to the average rate paid by TexPool for the prior
month plus 5 bps. Prior rate was .35%; Current rate for March was .609%
• These revenues are comprised of interest income, administrative fees and insurance
refunds. Revenues are on target for the year.
TRANSFERS IN
$ 66,030 Adopted Budget
$ 156,870 Estimated Budget
$ 90,840 Change in Budget
$ 131,655 YTD Estimated Budget
$ 135,704 YTD Actual
103% Percent of YTD Estimated Budget
$ 4,049 Over(Under) Estimated Budget
4
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
GENERAL FUND
• Change in the budget represents the allocated portion of rental expenditures that are
received from the Visitors Association Fund and Utility Fund.
• Transfer-In from Visitors Association Fund
o 100% transferred - Amount of the Communication’s Department related to Visitors
Association Fund activities
o 100% transferred - The portion allocated to the Visitors Association Fund savings
related to rent/utilities costs) to be added to the FFE budget.
• Transfer-In from Utility Fund-
o Represents the transfer of the Impact Fee revenues which is dependent upon new
home starts
o 100% transferred - The portion allocated to the Utility Fund savings related to
rent/utilities costs to be added to the FFE budget
5
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
GENERAL FUND
TOTAL EXPENDITURES AND OTHER USES
$8,889,020 Adopted Budget
$8,525,062 Estimated Budget
$( 363,958) Change in Budget
$4,558,026 YTD Estimated Budget
$4,142,075 YTD Actual
91% Percent of YTD Estimated Budget
$ (415,952) Over(Under) Estimated Budget
PAYROLL AND RELATED
$3,802,730 Adopted Budget
$3,609,547 Estimated Budget
$( 193,183) Change in Budget
$1,799,829 YTD Estimated Budget
$1,738,759 YTD Actual
97% Percent of YTD Estimated Budget
$ (61,070) Over(Under) Estimated Budget
• The change in budget is due to the change in staff (primarily in the Development Dept.) as
well as the adopted budget including two position in the Fire Department that have yet to be
filled.
• This cost is affected by employee taxes and insurances costs and will fluctuate as policies
change; medical, dental, life, workers comp, unemployment.
OPERATIONS & MAINTENANCE
$ 3,982,655 Adopted Budget
$ 3,902,880 Estimated Budget
$ (79,775) Change in Budget
$ 2,122,412 YTD Estimated Budget
$ 1,686,266 YTD Actual
79% Percent of YTD Estimated Budget
$ (436,186) Over(Under) Estimated Budget
• The change in budget is based on the review by each Department Head of the budget to date
and making any reductions in an effort to offset the reduction in estimated revenue
• Operations and maintenance accounts are comprised of supplies, service, rent, utilities,
repair and maintenance, insurance, debt and capital outlay. Some of these expenditures will
not be distributed evenly over the fiscal year. The budget shortage is comprised mainly of
the following classifications.
o Capital Outlay (under budget $241,984) – funds related to FFE for the new town
building will be spent in the 3rd and 4th quarters
o Service accounts (under budget $114,700) – the majority is due to contract services;
consultant fees and training costs that will be spent during the summer months.
6
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
GENERAL FUND
TRANSFERS OUT
$ 1,103,635 Adopted Budget
$ 1,013,635 Estimated Budget
$ ( 90,000) Change in Budget
$ 635,785 YTD Estimated Budget
$ 717,090 YTD Actual
113% Percent of YTD Estimated Budget
$ 81,305 Over(Under) Estimated Budget
• The change in budget represents a reduction in transfers out to General Maintenance and
Replacement Fund in an effort to offset estimated revenue reduction
• Transfers out to Debt Service Fund (over budget $81,305) - due to timing of bond payments,
the General Fund will be refunded by 4B as more sales tax/cash is recorded.
• Transfers Out to General Maintenance & Replacement Fund – 100% transferred
7
FY 15/16 FY 16/17 FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals Percent Over
through Annual Annual of the through of YTD (Under)
2nd Quarter Budget Budget YTD Budget 2nd Quarter Budget Budget
M 320,441$ 804,640$ 804,640$ 335,267$ 288,213$ 86%(47,053)$
6,062 8,250 14,060 7,011 7,134 102%124
326,503$ 812,890$ 818,700$ 342,277$ 295,348$ 86%(46,930)$
FY 15/16 FY FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals percent Over
through Annual Annual of the through of YTD (Under)
2nd Quarter Budget Budget YTD Budget 2nd Quarter Budget Budget
275,238$ 872,095$ 802,806$ 400,303$ 324,970$ 81%(75,333)$
134,925 157,850 211,645 211,645 211,645 100%-
410,163$ 1,029,945$ 1,014,451$ 611,948$ 536,615$ 88%(75,333)$
FY 15/16 FY FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals
through Annual Annual of the through
2nd Quarter Budget Budget YTD Budget 2nd Quarter
326,503 812,890 818,700 342,277 295,348
410,163 1,029,945 1,014,451 611,948 536,615
(83,660)$ (217,055)$ (195,751)$ (269,671)$ (241,268)$
1,082,882 1,011,951 1,011,951 1,011,951 1,011,951
999,222 794,896 816,200 742,280 770,683
142,250 142,250 142,250 142,250 150,625
856,972$ 652,647$ 673,951$ 600,030$ 620,058$
Total Operating Expenditures $410,163 $1,029,945 $1,014,451 $611,948 $536,615
Daily Operating Cost $2,454 $2,822 $2,779 $2,779 $2,779
# of Operating Days Unrestricted 167 231 242 216 223
FY 16/17 ESTIMATED DASHBOARD
Restricted Funds
Net Change to Fund Balance
Unrestricted Fund Balance
Operations & Maintenance
Transfer Out
Ending Fund Balance
SUMMARY
Total Expenditgures & Other Uses
Total Revenues & Other Sources
Beginning Fund Balance
Quarter Ended
Quarterly Financial Dashboard
EXPENDITURES AND OTHER USES
Total Revenues and Other Sources
REVENUES AND OTHER SOURCES
(M) Based on number of months of receipts
Hotel Occupancy Tax
Misc Income
5 months
Total Expenditures and Other Uses
FY 16/17 ESTIMATED DASHBOARD
FY 16/17 ESTIMATED
Visitor Association Fund
03/31/17
Positive
•greater than
90%
Cautious
•between
70% -90%
Negative
•less than
70%
Revenue Legend
Positive
•less than
100%
Cautious
•between
101% -110%
Negative
•greater than
110%
Expenditure Legend
EXEMPLARY
GOVERNANCE
Town Officials, both
Elected and
Appointed, exhibit
Respect, Stewardship,
Vision, and
Transparency
SERVICE
EXCELLENCE
Public Service that is
Responsive and
Professional, while
balancing Efficiency,
Effectiveness and
Financial Stewardship
8
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
VISITORS ASSOCIATION FUND
TOTAL REVENUES AND OTHER SOURCES
$812,890 ADOPTED BUDGET
$818,700 ESTIMATED BUDGET
$ 5,810 CHANGE IN BUDGET
$342,277 YTD ESTIMATED BUDGET
$295,348 YTD ACTUAL
86% PERCENT OF YTD ESTIMATED BUDGET
$(46,930) OVER(UNDER) ESTIMATED BUDGET
HOTEL OCCUPANCY TAX
$804,640 Adopted Budget
$804,640 Estimated Budget
$335,267 YTD Estimated Budget
$288,213 YTD Actual
86% Percent of YTD Estimated Budget
$(47,053) Over(Under) Estimated Budget
• Receipts from March 2017 Hotel Tax have not been received to-date; therefore, only 5
months are used for comparison.
• In review of prior years, it appears a larger percentage of the budget is received during the
3rd and 4th quarters.
MISCELLANEOUS INCOME
$ 8,250 Adopted Budget
$ 14,060 Estimated Budget
$ 5,810 Change in Budget
$ 7,011 YTD Estimated Budget
$ 7,134 YTD Actual
102% Percent of YTD Estimated Budget
$ 124 Over(Under) Estimated Budget
• The change in budget is primarily due to additional sponsorships received for the Car Show
• This income represents interest revenues as well as sponsorships, donations and special
events from the Historical Board, Public Arts and Arbor Days.
9
Town of Westlake
Dashboard Analysis for Quarter Ended 03/31/2017
VISITORS ASSOCIATION FUND
TOTAL EXPENDITURES AND OTHER USES
$1,029,945 ADOPTED BUDGET
$1,014,451 ESTIMATED BUDGET
$ (15,494) CHANGE IN BUDGET
$ 611,948 YTD ESTIMATED BUDGET
$ 536,615 YTD ACTUAL
88% PERCENT OF YTD ESTIMATED BUDGET
$ (75,333) OVER(UNDER) ESTIMATED BUDGET
OPERATIONS & MAINTENANCE
$ 872,095 Adopted Budget
$ 802,806 Estimated Budget
$ ( 69,289) Change in Budget
$ 400,303 YTD Estimated Budget
$ 324,970 YTD Actual
71% Percent of YTD Estimated Budget
$ (75,333) Over(Under) Estimated Budget
• The change in budget is primarily due to the operating transfers out for payroll
• The majority of expenditures are from Department 10 General Services.
o Operating Transfers Out for Payroll Costs (under budget $19,885) - Amount
transferred is in direct relation to payroll costs. This cost is affected by employee
taxes and insurances costs and will fluctuate as policies change; medical, dental, life,
workers comp, unemployment. Finance Department is in the process of reviewing
this variance.
o Marriott Marketing (under budget $17,569) – In the process of paying $17.2K for
additional marketing incentives.
TRANSFERS OUT
$ 157,850 Adopted Budget
$ 203,270 Estimated Budget
$ 53,795 Change in Budget
$ 211,645 YTD Estimated Budget (includes 100% transfers out)
$ 211,645 YTD Actual
100% Percent of YTD Estimated Budget
$ -0- Over(Under) Estimated Budget
• Transfer Out to General Fund
o 100% transferred - represents the amount of the Communication’s Department
related to Visitors Association Fund activities
o 100% transferred - The savings related to rent/utilities costs to be added to the FFE
budget. (Included in Change in Budget above)
• Transfer Out to Debt Service Fund
o 100% transferred – represents the amount due for the Arts & Sciences Center debt
payment
10
FY 15/16 FY 16/17 FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals Percent Over
through Annual Annual of the through of YTD (Under)
2nd Quarter Budget Budget YTD Budget 2nd Quarter Budget Budget
%Water Revenues 833,782$ 2,632,490$ 2,632,490$ 797,349$ 1,021,766$ 128%224,418$
%Sewer & Waste Revenues 386,496 800,425 800,425 326,424 421,921 129%95,497
%Tap & Impact Fee Revenues 60,140 121,265 121,265 58,420 42,300 72%(16,120)
%Permit & Fee Revenues 43,400 152,265 152,265 52,525 47,600 91%(4,925)
Misc Revenues 10,022 24,300 47,050 17,188 24,974 145%7,786
1,333,840$ 3,730,745$ 3,753,495$ 1,251,905$ 1,558,561$ 124%306,656$
FY 15/16 FY 2016/2017 FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals Percent Over
through Annual Annual of the through of YTD (Under)
2nd Quarter Budget Budget YTD Budget 2nd Quarter Budget Budget
831,557$ 3,900,960$ 4,266,209$ 1,684,397$ 1,298,307$ 77%(386,090)$
Capial Projects - 96,435 96,435 48,085 - 0%(48,085)
564,578 158,765 204,185 178,839 183,019 102%4,180
1,396,136$ 4,156,160$ 4,566,829$ 1,911,321$ 1,481,326$ 78%(429,995)$
FY 15/16 FY 2016/2017 FY 16/17
PY Actuals ADOPTED ESTIMATED Allocation YTD Actuals
through Annual Annual of the through
2nd Quarter Budget Budget YTD Budget 2nd Quarter
1,333,840 3,730,745 3,753,495 1,251,905 1,558,561
1,396,136 4,156,160 4,566,829 1,911,321 1,481,326
(62,296)$ (425,415)$ (813,334)$ (659,416)$ 77,236$
3,226,933 1,947,767 1,947,767 1,947,767 1,947,767
3,164,637 1,522,352 1,134,433 1,288,351 2,025,003
235,000 237,185 235,000 235,000 233,485
2,929,637$ 1,285,168$ 899,434$ 1,053,352$ 1,791,518$
Total Operating Expenses $4,174,852 $3,900,960 $3,856,209 $1,684,397 $1,298,307
Daily Operating Cost $11,438 $10,688 $10,565 $10,565 $10,565
# of Operating Days Unrestricted 256 120 85 100 170
DASHBOARD VARIANCEFY 16/17 ESTIMATED
FY 16/17 ESTIMATED DASHBOARD VARIANCE
FY 16/17 ESTIMATED
Total Expenditures and Other Uses
Operations & Maintenance
Transfer Out
Total Expenses & Other Uses
Restricted Funds
Net Change to Fund Balance
Unrestricted Fund Balance
Total Revenues & Other Sources
Beginning Fund Balance
Ending Fund Balance
SUMMARY
Quarterly Financial Dashboard
Utility Fund
EXPENSES AND OTHER USES
Total Revenues and Other Sources
REVENUES AND OTHER SOURCES
(%) Based on same %% as prior year
03/31/17
30%
41%
48%
34%
Quarter Ended
Positive
•greater than
90%
Cautious
•between
70% -90%
Negative
•less than
70%
Revenue Legend
Positive
•less than
100%
Cautious
•between
101% -110%
Negative
•greater than
110%
Expenditure Legend
EXEMPLARY
GOVERNANCE
Town Officials, both
Elected and
Appointed, exhibit
Respect, Stewardship,
Vision, and
Transparency
SERVICE EXCELLENCE
Public Service that is
Responsive and
Professional, while
balancing Efficiency,
Effectiveness and
Financial Stewardship
11
Town of Westlake
Dashboard Analysis for Quarter Ending 03/31/2017
UTILITY FUND
TOTAL REVENUES AND OTHER SOURCES
$3,730,745 ADOPTED BUDGET
$3,753,495 ESTIMATED BUDGET
$ 22,750 CHANGE IN BUDGET
$1,251,905 YTD ESTIMATED BUDGET
$1,558,561 YTD ACTUAL
124% PERCENT OF YTD ESTIMATED BUDGET
$ 306,656 OVER(UNDER) ESTIMATED BUDGET
WATER REVENUES
$2,632,490 Adopted Budget
$2,632,490 Estimated Budget
$ 797,349 YTD Budget
$1,021,766 YTD Actual
128% Percent of YTD Budget
$ 224,418 Over(Under) Budget
• YTD budget calculation is based on the percentage of revenues received for the same time-
frame in the prior year (30%).
• Because the budget process is beginning in mid-summer, the proposed budget is based on
the prior year utility rates providing for a more conservative revenue projection. We are
considering the possibility of aligning the rate study with the budget process to provide a
more accurate projection.
• Based on the historical rainfall totals and coupled with our increase in the number of
accounts/residents there was an increase in consumption.
SEWER & WASTE REVENUES
$800,425 Adopted Budget
$800,425 Estimated Budget
$326,424 YTD Budget
$421,921 YTD Actual
129% Percent of YTD Budget
$ 95,497 Over(Under) Budget
• YTD budget calculation is based on the percentage of revenues received for the same time-
frame in the prior year (41%).
• Residential sewer averages work in correlation with increased water usage and are based on
December, January and February consumption. Commercial is based on the actual
consumption.
• In addition, there has been an increase in the number of accounts/residents (see water)
12
Town of Westlake
Dashboard Analysis for Quarter Ending 03/31/2017
UTILITY FUND
TAP AND IMPACT FEE REVENUES
$121,265 Adopted Budget
$121,265 Estimated Budget
$ 58,420 YTD Budget
$ 42,300 YTD Actual
72% Percent of YTD Budget
$(16,120) Over(Under) Budget
• These revenues are based on building permit forecasts that includes new meter connections
for commercial and single family residential as well as reimbursements for additional meter
installations requested by property owners.
• We anticipate meeting revenue expectations based on projected residential permits.
PERMIT & FEES REVENUE
$152,265 Adopted Budget
$152,265 Estimated Budget
$ 52,525 YTD Budge
$ 47,600 YTD Actual
91% Percent of YTD Budget
$ (4,925) Over(Under) Budget
• These revenues are comprised of TRA Wastewater Settle-up fees (recognized annually in
April); Duct Bank lease revenues (recognized annually in September); and duct bank permit
fees that are a direct reflection of monthly new home starts.
• We anticipate meeting revenue expectations based on projected residential permits.
MISCELLANEOUS REVENUES
$24,300 Adopted Budget
$47,050 Estimated Budget
$22,750 Change in Budget
$17,188 YTD Estimated Budget
$24,974 YTD Actual
145% Percent of YTD Estimated Budget
$ 7,786 Over(Under) Estimated Budget
• Increase in Estimated budget is primarily due to interest income and meter repair and
replacement increases to-date
• These revenues are comprised of interest income, administrative fees and insurance
refunds. Revenues are on target for the year.
13
Town of Westlake
Dashboard Analysis for Quarter Ending 03/31/2017
UTILITY FUND
TOTAL EXPENSES AND OTHER USES
$4,156,160 ADOPTED BUDGET
$4,566,829 ESTIMATED BUDGET
$ 410,669 CHANGE IN BUDGET
$1,911,321 YTD ESTIMATED BUDGET
$1,481,326 YTD ACTUAL
68% PERCENT OF YTD ESTIMATED BUDGET
$(429,995) OVER(UNDER) ESTIMATED BUDGET
OPERATIONS AND MAINTENANCE
$ 3,900,960 Adopted Budget
$ 4,266,209 Estimated Budget
$ 365,249 Change in Budget
$ 1,684,397 YTD Estimated Budget
$ 1,298,307 YTD Actual
77% Percent of YTD Estimated Budget
$ (386,090) Over(Under) Estimated Budget
• Change in Budget is primarily due to the increased payment to Southlake related to the
wastewater treatment, one of the significant rate drivers as presented to Council during the
2017 rate study
• Water Purchases (under budget $315,926) – invoices from Fort Worth water are historically
two months behind; therefore, the YTD actual only covers 4 months. (Invoice paid in March
was for January consumption)
o Prior year February billing was $70,729
o Prior year March billing was $80,916
• As the year progresses, these expenditures should balance out (seasonality of water
consumption)
CAPITAL PROJECTS
$ 96,435 Adopted Budget
$ 96,435 Estimated Budget
$ 48,085 YTD Budget
$ -0- YTD Actual
0% Percent of YTD Budget
$(48,085) Over(Under) Budget
• N1 Sewer Line Transfer I&I Repair Project - We just approved a contract with RJN for flow
monitoring and the work should start in the next couple of weeks. This work will be
completed this summer 2017. We are expected to spend approximately $50,000 this year.
• As the year progresses, there is a possibility that we will amend this budget and move
balance out to FY17/18.
14
Town of Westlake
Dashboard Analysis for Quarter Ending 03/31/2017
UTILITY FUND
TRANSFERS OUT
$158,765 Adopted Budget
$204,185 Estimated Budget
$ 45,420 Change in Budget
$178,839 YTD Estimated Budget
$183,019 YTD Actual
102% Percent of YTD Estimated Budget
$ 4,180 Over(Under) Estimated Budget
• Change in the budget represents the savings in the allocated portion of rental expenditures
that are transferred to the General Fund
• Transfer Out to General Fund – under budget ($9,743)
o Represents the transfer of the Impact Fee revenues which is dependent upon new
home starts
o 100% transferred - The portion allocated from the Utility Fund savings related to
rent/utilities costs to be added to the FFE budget
• Transfer Out to Vehicle Maintenance & Replacement
o 100% transferred - Represents the annual amount budgeted to build fund balance
for future vehicle maintenance and replacement.
• Transfer Out to Utility Maintenance & Replacement
o 100% transferred - Represents the annual amount due to build fund balance for
future maintenance and replacement.
15
Town of Westlake
Update for Quarter Ended 03/31/2017
CAPITAL PROJECTS UPDATE
PROJECT DIRECTOR: JARROD GREENWOOD
UTILITY FUND PROJECTS
Adopted
Budget
YTD
Actuals
Variance
N1 Sewer Line Transfer $ 96,435 - $ (96,435)
$ 96,435 - $ (96,435)
TRA ASSUMPTION OF N-1 SEWER LINE
We have approved a contract with RJN for flow monitoring and the work should begin in the next couple of
weeks. This work will be completed this summer. We anticipate spending approximately $50,000 this year.
TRANSPORATION PROJECTS
Adopted
Budget
YTD
Actuals
Variance
E. Dove Rd Recon/Drain Vaquero-TB $ 691,085 - $ (691,085)
Dove Rd/FM1938 Signalization 260,000 12,866 (247,134)
Solana/FM1938 Signalization 10,000 16,984 6,984
$ 961,085 29,849 $ (931,236)
EAST DOVE ROAD RECONSTRUCTION/DRAIN SOUTH
No work has started on this project
DOVE RD/FM1938 SIGNALIZATION
Waiting for TXDOT to start the project. Will be paid in full at that time.
SOLANA/FM1938 SIGNALIZATION
Project is slightly over budget, but will be reimbursed for actual cost of construction upon completion.
16
Town of Westlake
Update for Quarter Ended 03/31/2017
CAPITAL PROJECTS UPDATE
PROJECT DIRECTOR: TROY MEYER
FACILITY PROJECTS
Adopted
Budget
Project
Actuals
Variance
Fire/EMS Station Complex $ 8,430,500 $ 112,207 $ (8,318,293)
WA Outdoor Science Project 64,000 66,133 2,133
$ 8,494,500 $178,339 $ (8,316,161)
FIRE STATION COMPLEX
In December of 2016 the town received $9.2M in bond process for the 18,070-sq. ft. Fire/EMS Station No.1. In
January 2017 staff selected Core Construction as the Contractor Manager-at-Risk for the project. BRW, the
architect, and Core have been working with staff on the iconic aspects of the station. On April 3rd, the first draft
of the station was presented at a Town Council workshop for their review of the design and site plan. To ensure
the station has the iconic look desired and to stay true to high Westlake standards, the project cost would increase
by $2.7M. Staff recommended using cash and short- term debt to cover the increase in project. The sale of a 6-
acre tract for $1.2M (one time cash) and a $1.5M, 7-year note and $60K from fund balance will fund the remaining
portion needed to complete the project. This would provide the town with the option for debt capacity to
complete future projects. Forecast of residential construction indicates the town can absorb most of the principal
and interest payment for the short-term, 7-year note. This funding will be presented for approval to the Town
Council on April 24. The station exterior includes: clay tile roof with multiple elevations, 70 – 80% stone walls,
stone retaining walls, and eco-friendly, native landscaping. The interior includes four bays, living quarters, office
space, fitness room, lobby and multi-purpose community/training and emergency operation center. Staff is
planning a second Fire/EMS Station community forum in May 2017. The station is scheduled to be open in the fall
of 2018.
WA OUTDOOR SCIENCE PROJECT
The contractor is putting the final touches on the vegetable garden which includes three planter boxes, a row
garden, two compost bins, worm farm, benches and storage bins. The total cost of the project is $116,000, which
was funded by the Westlake Foundation at a 100%. This project is scheduled to be completed by the end of April.
17
estlake Town Council
TYPE OF ACTION
Workshop - Report
Westlake Town Council Meeting
Monday, April 24, 2017
TOPIC: Annual report from the Keller Police Department relative to police
services and the racial profiling report for the Town of Westlake
STAFF CONTACT: Amanda DeGan, Assistant Town Manager
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome
Objective
Transparent / Integrity-
driven Government
Municipal &
Academic Operations
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: January 1, 2016 Completion Date: December 31, 2016
Funding Amount: $0.00 Status - N/A Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
Each year, the police department provides the Town Council with an update and/or report
regarding the enforcement activities and levels of service for the community as well as the required
racial profiling report. The current information has been compiled by Chief Mike Wilson and
contains the yearly information as well as a chart outlining the historical data for our contractual
period with the agency.
RECOMMENDATION / ATTACHMENTS
Keller Police Department Annual Activity and Racial Profiling Report
P O L I C E D E P A R T M E N T
330 RUFE SNOW DR. P.O. BOX 770 KELLER, TEXAS 76244 (817)743--4500 Fax (817)743-4594
Web: http://www.kellerpd.com info@kellerpd.com
February 3, 2017
Mayor Laura Wheat and members of the Westlake Town Council
3 Village Circle Suite #202
Westlake, TX. 76262
Dear Mayor Wheat and Westlake Town Council,
I am pleased to provide the Westlake Service Report for the calendar year ending 2016.
As you view the data you can see that our officers were active delivering service to your community in 2016. We
stopped over 11,100 vehicles, arrested 202 people for criminal violations, issued 7,583 traffic citations, and removed
66 intoxicated drivers from the roadways in Westlake. We investigated 461 motor vehicle collisions on the
roadways within the Town of Westlake and regional animal services handled 74 calls for service. During our
routine patrols we checked businesses and residences on the vacation watch list over 6,000.
The Regional Communications Center which Westlake is a member by virtue of the Police Services Agreement
dispatched your Fire/EMS Department 493 times which represented 5.3% of the fire calls among the
four communities.
The 13 Part 1 Crimes reported in 2016 met our stated goal and was our 2nd lowest annual amount since we started
our partnership over a decade ago.
Besides the statistical information in this report we have spent many hours working to enhance relationships with
Homeowners Associations, Fidelity Investments, Deloitte University, and Westlake Academy.
When you total the number of calls for service (20,227) and divide it by the price of the police services agreement
($888,486) it costs the Town of Westlake $43.93 per call for service. This continues to be a very efficient cost
when you compare it to the $111.93 cost per call for service in Keller.
We are committed to delivering the highest quality of police services to the Town of Westlake and continuing to
work to enhance our partnership relationship in 2017. Our partnership has worked out extremely well for both
cities and has been a model for the effectiveness of municipal partnerships. Westlake receives the services of an 89
person nationally and state accredited police agency fully staffed and equipped to handle all types of incidents for a
fraction of the cost. In turn Keller receives additional patrol coverage in the north section of their city and an
administrative charge for the program. There are many things to be excited about in the coming year. Our Regional
Communication Center (NETCOM) is currently in the process of becoming a Nationally Accredited Communication
Center and will begin preparing for their on-site assessment. Once the unit becomes Nationally Accredited, they will be
the only regional communication center, to date, to achieve the distinction. Our partnership has truly been win-win for
both communities.
As always, I am here for your questions and concerns.
Michael Wilson
Chief of Police
cc: Tom Brymer, Westlake Town Manager
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Motor Vehicle Stops 8,992 10,045 10,357 9,249 9,763 9,829 12,221 9,993 9,579 10,432 11,109
Investigative Motor Vehicle Stops 947 1,387 1,324 1,110 1,320 1,456 1,483 1,331 1,348 1,248 1,265
Miscellaneous Service Calls 683 532 433 609 792 793 741 1,066 1,088 992 1,016
Traffic Accident Investigations 164 225 208 266 273 348 343 322 341 398 461
Building Checks 4,440 5,394 6,217 5,602 4,587 5,092 6,595 6,916 6,927 6,506 6,061
Alarm Responses 78 142 107 73 105 133 235 273 266 230 241
Animal Control Calls for Service 54 47 85 83 82 91 85 114 99 60 74
Citizen Initiated Calls for Service 1,669 1,729 1,884 1,984 1,965 2,748 2,959 3,125 2,528 2,693 2,567
Total Calls for Service 15,358 17,772 18,731 16,992 16,902 17,742 21,703 20,002 19,944 19,866 20,227
Part 1 Crimes 23 25 26 23 19 30 39 9 15 20 13
Traffic Violations on Citations 9,300 8,231 8,014 6,464 8,364 6,409 6,464 7,527 7,164 7,524 7,583
Westlake Prisoners Booked-In 199 295 349 238 252 252 248 262 254 211 202
DWI Arrests 56 53 45 24 32 80 50 69 55 62 66
Case Reports 144 124 110 71 65 140 108 116 113 118 122
Fire/EMS Calls Dispatched 348 386 346 315 316 459 445 529 495 463 493
DISCUSSION ITEMS
a. Presentation and discussion regarding an annual update from the Westlake
Academy Foundation Board.
b. Presentation and discussion regarding an annual update from the Historical
Preservation Society.
c. Presentation and discussion regarding an annual update from the Texas Student
Housing Authority.
d. Standing Item: Presentation and discussion of development projects per Staff
March 2017 report, March 2017 Entrada report from the Developer and projects in
Planned Development PD 3-5.
Town Council
Item #5 – Discussion
Items
Page 1 of 2
estlake Town Council
TYPE OF ACTION
Workshop - Discussion Item
Westlake Town Council Meeting
Monday, April 24, 2017
TOPIC: Presentation and discussion regarding an annual update from the Westlake
Academy Foundation Board.
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
Natural Oasis - Preserve &
Maintain a Perfect Blend of the
Community's Natural Beauty
Encourage Westlake's
Unique Sense of Place
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: April 24, 2017 Completion Date: April 17, 2017
Funding Amount: $0.00 Status - Not Funded Source - General Fund
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
The Westlake Academy Foundation (WAF) will present a status report and update on their board,
whose Board is appointed by the Town Council. WAF Executive Director Dr. Shelly Myers will
be present at the Town Council’s workshop for this presentation, to answer questions, and discuss
the WAF with the This agenda item carries out the Town Council’s Citizen Advisory
Board/Committee/Affiliate Relations and Communications Policy adopted December 8, 2008.
RECOMMENDATION
N/A
Page 2 of 2
ATTACHMENTS
N/A
Page 1 of 2
estlake Town Council
TYPE OF ACTION
Workshop - Discussion Item
Westlake Town Council Meeting
Monday, April 24, 2017
TOPIC: Presentation and discussion regarding an annual update from 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
Citizen, Student &
Stakeholder
Natural Oasis - Preserve &
Maintain a Perfect Blend of the
Community's Natural Beauty
Encourage Westlake's
Unique Sense of Place
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: April 24, 2017 Completion Date: April 24, 2017
Funding Amount: $0.00 Status - Not Funded Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
The Westlake Historical Preservation Society (WHPS) will present a status report and update on
their board, whose Board is appointed by the Town Council. President Stephen Thornton will be
present at the Town Council’s workshop for this presentation, to answer questions, and discuss the
WHPS with the Council. This agenda item carries out the Town Council’s Citizen Advisory
Board/Committee/Affiliate Relations and Communications Policy adopted December 8, 2008.
RECOMMENDATION
N/A
Page 2 of 2
ATTACHMENTS
N/A
Page 1 of 2
estlake Town Council
TYPE OF ACTION
Workshop - Discussion Item
Westlake Town Council Meeting
Monday, April 24, 2017
TOPIC: Presentation and discussion regarding an annual update from the Texas
Student Housing Authority.
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
Natural Oasis - Preserve &
Maintain a Perfect Blend of the
Community's Natural Beauty
Encourage Westlake's
Unique Sense of Place
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: April 24, 2017 Completion Date: April 24, 2017
Funding Amount: $0.00 Status - Not Funded Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
The Texas Student Housing Authority (TSHA) will present a status report and update on their
agency, an instrumentality of the Town whose Board is appointed by the Town Council. TSHA
representatives will be present at the Town Council’s workshop for this presentation, to answer
questions, and discuss the TSHA with the Council. This agenda item carries out the Town
Council’s Citizen Advisory Board/Committee/Affiliate Relations and Communications Policy
adopted December 8, 2008.
Page 2 of 2
RECOMMENDATION
N/A
ATTACHMENTS
N/A
Development Snapshot
March 2017
DENTON COUNTY
TARRANT COUNTY
CITY OF
ROANOKE
DENTON COUNTY
TARRANT COUNTY
CITY OF
FORT WORTH
TOWN LIMIT
TOWN LIMIT
TOWN LIMIT
TOWN LIMIT
TOWN LIMIT
TOWN LIMIT
TOWN LIMIT
TOWN LIMIT
TOWN OF
TROPHY CLUB
CITY OF
SOUTHLAKE
1
170 114
377
377
170
114
5
2
3
4
MAP GUIDE
1. Primrose School Entrada
26 Arta Drive
2. Terra Bella
Residential Development
3. Carlyle Court
Residential Development
4. Quail Hollow
Residential Development
5. Granada
Residential Development
6. Project Blizzard
Mixed-Use Development
7. Schwab Corporate Campus
Office Campus
8. Solana Parking Garage Addition
Two Parking Garages
March 2017 This map is for information purposes only.
DEVELOPMENT ACTIVITIES MAP
CITY OF
SOUTHLAKE
CITY OF
KELLER
ROAD LEGEND
Subdivision Roads
Collector/Arterial Roads
Highways
Future Traffic Signal
8
114
170 6
7
Development Activities Map Table
Project
No.
Project
Name Land Use Number of
Lots/Units Size Development Status Percent
Complete1
Estimated
Completion
1 Primrose School Commercial N/A 12,100 s.f. Almost complete. Landscaping, pavestones, and interior FF&E needed. 90% May 2017
2 Terra Bella Residential 28 54.7 acres 23/28 lots currently developed or under construction 66.07% N/A
3 Carlyle Court Residential 8 10.2 acres 4/8 lots under construction 25% N/A
4 Quail Hollow Residential 92 188 acres Phase I and IIA infrastructure complete. Building permits expected soon. 0.00% N/A
5
Granada Phase I
Residential
41
85 acres
Phase I has 31/41 lots currently developed or under construction. 52.44%
N/A
Granada Phase II 43 Phase II has 3/43 lots under construction. 3.49%
Project Blizzard Mix-Use N/A 53 acres Preliminary utility work under construction. Dam/Lake hydrology improvements under
construction N/A N/A 6
Schwab Campus Office
4 buildings
2,600 car garage
555,000 s.f.
80 acres Concept plan and site plan received March 17, 2017. Plans under review by staff.
Developer aiming for a July 2017 start date N/A N/A 7
8 Solana Parking
Garage Addition Office 1,126 spaces 10.32 acres Elevator work and landscaping are outstanding items. 95% April 2017
1 % Complete = (#of BP’s x 50%)/Total BP’s + (#CO’s x 50%)/Total CO’s March 2017
Key
Map
ID
Approved Site Plans / Building Elevations Plat Status Status of Public Improvements Building Permit Status
1 CVS Pharmacy (Ord. 762)Block N, Lot 3 95% complete; not accepted Final C of O Issued
2 Primrose School (Ord. 763)Block M, Lot 2 95% complete; not accepted Issued; Construction Nearing Completion
3 Retail Corner (Ord. 771)Blocks O and A substantially incomplete - not accepted Building Permits Under Review
4 Ampitheater (Ord. 777)Lot 1, Block B (not replatted)#substantially incomplete - not accepted not issued**
5 Gas Pad Parking (Ord. 778)Lot 1, Block B (not replatted)#substantially incomplete - not accepted not issued**
6 Restaurant ROW (Ord. 779)Lot 1, Block B (not replatted)#substantially incomplete - not accepted not issued**
7 Residential Villas (Ord. 783)Block J substantially incomplete - not accepted not issued**
8 Residential Townhomes (Ord. 795)Block I substantially incomplete - not accepted not issued**
Key
Map
ID
Unapproved Site Plans Plat Status Status of Public Improvements Building Permit Status
9 Single Family Residential (Block D, E, F, H)Lot 1, Block B (not replatted)#substantially incomplete - not accepted not issued**
10 Hotel Plaza (Block C)Lot 1, Block B (not replatted)#substantially incomplete - not accepted not issued**
11 Chapel, Town Hall & Parking Garage Lot 1, Block B (not replatted)#substantially incomplete - not accepted not issued***
Key
Map
ID
Unapproved Site Plans Plat Status Status of Public Improvements Building Permit Status
12 Unspecified Residential / Commercial Units Lot 1, Block B (not replatted)#construction not apporoved not issued****
** Building permits cannot be issued until all Phase One public improvements are accepted
*** A foundation only permit is issued for the chapel. All other building permits cannot be issued until site plans are approved and all Phase One public improvements are accepted.
**** No developer's agreement exists for phase 2. Building permits cannot be issued until site plans are approved and all Phase One public improvements are accepted.
Entrada Phase One - Construction Status (as of 3/31/2017)
Entrada Phase Two - Construction Status (as of 1/20/2017)
* Foundation only permit requested by developer. Plans under review
# replat required for compliance with preliminary plat and development plan
Entrada Development Report - March 2017
Event Description Ordinance / Resolution Approval Date
Initial Zoning Approved Ordinance 703 Monday, April 22, 2013
Economic Development Agreement Approved Resolution 13-17 Monday, April 22, 2013
Development Plan Approved Ordinance 720 Monday, October 28, 2013
Preliminary Plat Approved Resolution 13-32 Monday, October 28, 2013
Phase 1 Development Agreement Approved Resolution 13-34 Monday, October 28, 2013
Solana Public Improvement District Created Resolution 14-07 Monday, February 24, 2014
Amendment One to Economic Development Agreement Approved Resolution 14-46 Monday, December 15, 2014
Amendment Two to Economic Development Agreement Approved Resolution 15-02 Thursday, January 15, 2015
Phase One Public Improvements Construction Begins n/a Sunday, March 1, 2015
Initial Final Plat Approved Ordinance 761 Monday, December 14, 2015
Design Guidelines Approved Ordinance 760 Monday, December 14, 2015
Master Landscape, Lighting and Paving Plan Approved Ordinance 759 Monday, December 14, 2015
Amendment One to Ph. 1 Development Agreement Approved Resolution 15-35 Monday, December 14, 2015
CVS Pharmacy Site Plan & Building Elevations Apprved Ordinance 762 Monday, December 14, 2015
Primrose School Site Plan & Building Elevations Approved Ordinance 763 Monday, December 14, 2015
CVS Building Permit Issued*n/a Thursday, January 14, 2016
Retail Corner Site Plan & Building Elevations Approved Ordinance 771 Monday, February 22, 2016
Ampitheater Site Plan & Building Elevations Approved Ordinance 777 Monday, March 28, 2016
Gas Pad Parking Site Plan & Building Elevations Approved Ordinance 778 Monday, March 28, 2016
Restaurant ROW Site Plan & Building Elevations Approved Ordinance 779 Monday, March 28, 2016
Residential Villas Site Plan & Building Elevations Approved Ordinance 783 Monday, April 25, 2016
Primrose Building Permit Issued*n/a Tuesday, July 26, 2016
Residential Townhomes Site Plan & Building Elevations Approved Ordinance 795 Monday, September 19, 2016
CVS Final C of O Issued n/a Friday, February 3, 2017
Phase One Public Improvements Construction Projected Completion**n/a Thursday, July 27, 2017
*Permits Issued prior to acceptance of public imrpovements
**According to developer's projection
Entrada Development Chronology - as of 3/31/2017
NOTE: Phase Two agreements, replats, site plans and construction have not been not been approved as of 2/24/2017
Entrada Development Report - March 2017
1 3 4 5 9 10 11 12 2 7 8 6 Approved Entrada Development Plan ConstrucƟon / Approval Status Key Map—as of 3/31/2017 Entrada Development Report - March 2017
PD Zoning and Concept Plan Approved PD Development Plan Approved (Split into 2 phases) PD Site Plan(s) Approved Preliminary/Final Plats Approved (Final plats further divid-ed as individual replats) Public Improvements Accepted by Town Building Permits Approved 1 2 3 4 C o n s t r u c t I o n o f P u b l I c I m p r o v e m e n t s 5 6 7 Westlake Entrada General Development Process Flow Chart Entrada Development Report - March 2017
EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Section 551.071. Consultation with Attorney (1) when the governmental body
seeks the advice of its attorney about: (A) pending or contemplated litigation:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
c. Section 551.071(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 the Open
Meetings Act: Waste (Trash) ordinance.
d. Section 551.071 (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:
Trophy Club Municipal District No. 1
Town Council
Item # 6 – Executive
Session
Town Council
Item # 7 – Reconvene
Council Meeting
COUNCIL RECAP / STAFF DIRECTION
Town Council
Item # 8 – Council Recap /
Staff Direction
Town Council
Item # 9 – 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.
Masterworks Spring Concert (2 of 2) with Electric Circus
Thursday, April 20, 2017; 7-8:00 pm
Solana’s Plaza Courtyard – 1301 Solana Boulevard
Annual Bandana Bonanza at WA; Hosted by the HOC
Saturday, April 22, 2017; 3:00 pm – 6:00 pm
WA Campus – Open to all Westlake residents, too; Bring the kids to enjoy this western themed event with games,
rides, petting zoo, food, & more fun for all ages!
Early Voting for May 6, 2017 Election
April 24 – May 2, 2016; See website for hours
Westlake Town Hall, Solana Bldg 4 (The Plaza) – Council Chambers/Courtroom (Second Level, interior hall)
-Open to all residents living/registered in Tarrant County
Town Council Workshop/Meeting
Monday, April 24, 2017*
Westlake Town Hall, Solana Bldg. 4 – Council Chamber/Courtroom
Annual New Westlake Residents’ Dinner Reception
Tuesday, April 25, 2017; 6:30 – 8:30 pm
Home of Mayor Laura & Doug Wheat
-Invitations emailed to new residents since last year’s event in April 2016; Contact Ginger Awtry to RSVP or for more
info!
Westlake’s 18th Annual Arbor Day Celebration
Saturday, April 29, 2017; 10:00 am – 12:00 pm
Westlake Academy Campus – Southwest Parking Lot; adjacent to the Sam & Margaret Lee Athletic Fieldhouse
Coffee & Conversation with the Mayor/Board President
Monday, May 1, 2017; 8:00 – 9:30 am
Marriott Solana Hotel – Great Room
Election Day
Saturday, May 6, 2017; Polls open 7:00 am – 7:00 pm
Westlake Town Hall, Solana Bldg. 4 (The Plaza) – Council Chambers/Courtroom (Second Level, interior hall)
-On Election Day, polls at Town Hall are only open to Westlake residents only
WA Board of Trustees Workshop/Meeting
Monday, May 8, 2017*
Westlake Town Hall, Solana – Council Chamber/Courtroom
Town Council Meeting (To canvass the May election)
Thursday, May 11, 2017; 6:00 pm
Westlake Town Hall, Solana Bldg. 4 – Council Chamber/Courtroom
Vaquero Annual Neighborhood Town Meeting
Thursday, May 11, 2017: 6:30 pm
-Invitations to be emailed; Contact Ginger for more information
Planning & Zoning Meeting; if needed
Town Council
Item # 2 – Items of
Community Interest
Monday, May 15, 2017*
Westlake Town Hall, Solana – Council Chamber/Courtroom
Town Council Workshop/Meeting
Monday, May 22, 2017*
Westlake Town Hall, Solana Bldg. 4 – Council Chamber/Courtroom
Westlake Municipal and Academy Closed in Observance of Memorial Day Holiday
Monday, May 29, 2017
Westlake’s 14th Annual Decoration Day; Hosted by the Westlake Historical Preservation Society
Monday, May 29, 2017; 6:30 pm – 8:00 pm
Westlake IOOF Cemetery, 3101 J.T. Ottinger Road (If rained out, will be moved to Westlake Academy Multi-Purpose
Hall at 2600 J.T. Ottinger Road, middle entrance)
COMING UP QUICKLY IN JUNE …
Annual Town Council/Board of Trustees Planning Retreat
Friday, June 2, 2017; 8:00 – 4:30 pm
Cambria Hotel & Suites, Southlake
2017 WA Senior Banquet
Thursday, June 1, 2017; 6:00 – 9:00 pm
Marriott Solana Hotel
2017 Westlake Academy Commencement Ceremony
Saturday, June 3, 2017; 2:00 pm
Hurst Conference Center, 1601 Campus Drive, Hurst 76054
Coffee & Conversation with the Mayor/Board President (Last one until August 2017)
Monday, June 5, 2017; 8:00 – 9:30 am
Marriott Solana Hotel – Great Room
WA Board of Trustees Workshop/Meeting
Monday, June 5, 2017*
Westlake Town Hall, Solana – Council Chamber/Courtroom
Planning & Zoning Meeting; if needed
Monday, June 12, 2017*
Westlake Town Hall, Solana – Council Chamber/Courtroom
Town Council Workshop/Meeting
Monday, June 19, 2017*
Westlake Town Hall, Solana Bldg. 4 – Council Chamber/Courtroom
*For meeting agendas and details on calendar events, please visit the Town’s website.
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 March 27, 2017, meeting.
b. Consider approval of the minutes from the April 3, 2017, meeting.
c. Consider approval of Ordinance 821, Amending Chapter 70, Signs, Sec. 70-10
Temporary Business Signs.
d. Consider approval of Resolution 17-20, Entering into an Interlocal Agreement
with the City of Southlake regarding the construction of traffic signals and other
necessary improvements at State Highway 114 and Solana/Kirkwood intersections.
Town Council
Item # 4 – Consent
Agenda
Town Council Minutes
03/27/17
Page 1 of 6
MINUTES OF THE
TOWN OF WESTLAKE, TEXAS
TOWN COUNCIL MEETING
February 27, 2017
PRESENT: Mayor Laura Wheat, Council Members: Michael Barrett, Alesa Belvedere, Carol
Langdon, and Rick Rennhack.
ABSENT: Wayne Stoltenberg
OTHERS PRESENT: Town Manager Thomas Brymer, Assistant Town Manager Amanda
DeGan, Town Secretary Kelly Edwards, Town Attorney Stan
Lowry, Director of Public Works Jarrod Greenwood, Fire Chief
Richard Whitten, Deputy Chief John Ard, Director of
Communications Ginger Awtry, Director of Information
Technology Jason Power, Director of Planning & Development Ron
Ruthven, Development Coordinator/ Management Analyst Joel
Enders, Director of Finance Debbie Piper, Director of
Communications Ginger Awtry, Communications Manager Jon
Sasser, Keller Police Chief Mike Wilson, Building Official Pat Cooke,
and Development Intern Nick 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
03/27/17
Page 2 of 6
3. REVIEW OF CONSENT AGENDA ITEMS FOR THE TOWN COUNCIL REGULAR
MEETING AGENDA.
Tom Brymer provided an overview of item h that was added to the agenda and items
regarding Dove Road and the City of Fort Worth.
4. DISCUSSION ITEMS
a. Presentation and discussion regarding the proposed amendments to Chapter 62
Planning, adding Article III, Implementation of the Comprehensive Plan.
Director Ruthven provided an overview of the item.
b. Presentation and discussion regarding reconstruction and drainage improvements
on Dove Road in conformance with the Comprehensive Plan.
Director Greenwood provided a presentation and overview of the item.
Discussion ensued regarding the amendment to the Development Agreement,
Southlake’s meter station along Dove Road, bridge enhancements, construction
and closure timeline, and communication plan notifying residents.
c. Standing Item: Presentation and discussion of development projects per Staff
February 2017 report and February 2017 Entrada report from the Developer.
Director Ruthven provided an overview of the development items provided in the
packet.
Discussion ensued regarding the following developments:
Schwab: plans submitted, building permit issued approximately summer 2017,
reviewing the traffic impact analysis, Hillwood mixed development on the
property, and the Parish Lane connection to the development.
Entrada: Temporary Certificate of Occupancy for Primrose, plan review of the
retail corner, public infrastructure in Phase I, Plaza De Mayor, opening of Solana
Boulevard, parking garages within the development, and possible second
amendment to the Development Agreement.
Quail Hollow: construction of the guard house, temporary mobile home during
construction, and the Keller ISD boundary within the subdivision.
Granada: Carroll ISD boundary discussions.
Town Council Minutes
03/27/17
Page 3 of 6
5. EXECUTIVE SESSION
The Council convened into executive session at 6:08 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:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
6. RECONVENE MEETING
Mayor Wheat reconvened the meeting at 6:28 p.m.
7. COUNCIL RECAP / STAFF DIRECTION
Reach out to TXDOT regarding signage on Highway 114 and to review the drainage along
Cowgirl Estates during the Dove Road reconstruction.
8. ADJOURNMENT
Mayor Wheat adjourned the work session at 6:29 p.m.
Town Council Minutes
03/27/17
Page 4 of 6
Regular Session
1. CALL TO ORDER
Mayor Wheat called the regular session to order at 6:30 p.m.
2. ITEMS OF COMMUNITY INTEREST
Director Awtry provided an overview of the upcoming events including the grand re
opening of the Terrace at Solana, State of the Communities Chamber event, Mahotea
Boone Trail Historical Marker dedication, and neighborhood meetings.
Town Manager Brymer discussed the International Site Selectors Guild award, moving the
Council’s retreat from June 9th to June 2nd.
3. CITIZEN COMMENTS
No one addressed the Council.
4. CONSENT AGENDA
a. Consider approval of the minutes from the February 27, 2017, meeting.
b. Consider approval of Resolution 17-13, Appointing a member to the Texas
Student Housing Authority.
c. Consider approval of Resolution 17-14, Amending the Westlake Historic
Monument Master Plan, approved by Resolution 11-18, approving additional
monument locations.
d. Consider approval of Resolution 17-15, Approving an Interlocal Agreement with
Tarrant County for the reconstruction of Dove Road and further authorizing the
Town Manager to execute the agreement.
e. Consider approval of Resolution 17-16, Amending Resolution 16-35, approving
the First Amendment to the Economic Development Agreement with Quail Hollow
Development II, LLC, and further authorizing the Town Manger to execute the
agreement.
f. Consider approval of Resolution 17-17, Amending Resolution 16-35, approving
the First Amendment to the Developer Agreement with Quail Hollow Development
II, LLC, and further authorizing the Town Manger to execute the agreement.
g. Consider approval of Resolution 17-18, Adopting the City of Fort Worth Impact
Fee Ordinance.
h. Consider approval of Resolution 17-19, Authorizing the Mayor to enter into a
Joint Election Agreement with Tarrant County to conduct the General election to be
held on May 6, 2017.
Town Council Minutes
03/27/17
Page 5 of 6
MOTION: Council Member Belvedere made a motion to approve the consent
agenda. Council Langdon seconded the motion. The motion carried
by a vote of 4-0.
5. DISCUSSION AND CONSIDERATION OF ORDINANCE 820, AMENDING CHAPTER
62 PLANNING, ADDING ARTICLE III, IMPLEMENTATION OF THE
COMPREHENSIVE PLAN.
MOTION: Council Member Rennhack made a motion to approve Ordinance
820. Council Member Barrett seconded the motion. The motion
carried by a vote of 4-0.
6. 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:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
7. RECONVENE MEETING
8. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS.
Town Council Minutes
03/27/17
Page 6 of 6
9. FUTURE AGENDA ITEMS
No future agenda items.
10. ADJOURNMENT
There being no further business before the Council, Mayor Wheat asked for a motion to
adjourn the meeting.
MOTION: Council Member Rennhack made a motion to adjourn the meeting.
Council Member Langdon seconded the motion. The motion
carried by a vote of 4-0.
Mayor Wheat adjourned the meeting at 6:43 p.m.
APPROVED BY THE TOWN COUNCIL ON APRIL 24, 2017.
ATTEST: _____________________________
Laura Wheat, Mayor
_____________________________
Kelly Edwards, Town Secretary
Town Council Minutes
04/03/17
Page 1 of 2
MINUTES OF THE
TOWN OF WESTLAKE, TEXAS
TOWN COUNCIL MEETING
April 3, 2017
PRESENT: Mayor Laura Wheat, Council Members: Alesa Belvedere, Carol Langdon, Rick
Rennhack and Wayne Stoltenberg.
ABSENT: Michael Barrett
OTHERS PRESENT: Town Manager Thomas Brymer, Assistant Town Manager Amanda
DeGan, Town Secretary Kelly Edwards, Director of Public Works
Jarrod Greenwood, Fire Chief Richard Whitten, Deputy Chief John
Ard, Director of Communications Ginger Awtry, Director of
Planning & Development Ron Ruthven, Director of Finance Debbie
Piper, Director of Communications Ginger Awtry, Director of Parks
& Recreation Troy Meyer, and Building Official Pat Cooke.
Work Session
1. CALL TO ORDER
Mayor Wheat called the work session to order at 6:49 p.m.
2. DISCUSSION ITEMS
a. Presentation and Discussion of the Funding, Design, and Construction of a Fire-
EMS Station to be located at the Northwest Corner of Dove Road and Davis
Boulevard (FM 1938).
Director Meyers provided a presentation and overview of the item.
Town Council Minutes
04/03/17
Page 2 of 2
Discussion ensued regarding the building’s architecture, property elevations, a median
break along Davis Boulevard, Emergency Operation Center (EOC) location, funding options
cash/debt, value of town owned property in Entrada, value engineering options,
landscaping and communicating the message to the residents.
Town Staff will be scheduling a community forum in the next week weeks.
3. COUNCIL RECAP / STAFF DIRECTION
4. ADJOURNMENT
Mayor Wheat adjourned the work session at 7:30 p.m.
APPROVED BY THE TOWN COUNCIL ON APRIL 24, 2017.
ATTEST: _____________________________
Laura Wheat, Mayor
_____________________________
Kelly Edwards, Town Secretary
estlake Town Council
TYPE OF ACTION
Regular Meeting - Action Item
Monday, April 24, 2017
TOPIC: Consideration of an ordinance amending Chapter 70 of the Westlake Code
of Ordinances by amending Sec. 70-10 Temporary Business Signs
STAFF CONTACT: Ron Ruthven, Director of Planning and Development
Strategic Alignment
Vision, Value, Mission Perspective Strategic Theme & Results Outcome
Objective
Mission: Westlake is a
unique community blending
preservation of our natural
environment and
viewscapes, while serving
our residents and businesess
with superior municipal and
academic services that are
accessible, efficient, cost-
effective, & transparent.
Citizen, Student &
Stakeholder
High Quality Planning, Design &
Development - We are a desirable
well planned, high-quality
community that is distinguished by
exemplary design standards.
Preserve Desirability
& Quality of Life
Strategic Initiative
Update Development Regulations
Time Line - Start Date: December 1, 2016 Completion Date: April 24, 2017
Funding Amount: 00.00 Status - Not Funded Source - N/A
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
The purpose of this item is to provide for minor amendments to the new section regarding
temporary business signs that was recently adopted by the Town Council. On December 12, 2016
the Town Council approved amendments to Chapter 70 Signs in the Code of Ordinances adding a
new section called “Temporary Business Signs”, which allowed certain new businesses to place
grand opening banners on their building. On February 27, 2017, the Council approved additional
amendments extending the time a temporary banner can be displayed by a new business and
expanding the allowance to include all new businesses including businesses in multi-tenant lease
buildings.
Given recent court rulings regarding municipal regulation of signage, staff proposes the following
minor modifications to Section 70-10 Temporary Business Signs:
“Sec. 70-10. – Temporary Business Signs.
(a) New Business Grand Opening Banner. The purpose of the new business grand opening
banner is to allow a new business the ability to advertise to the public its opening status for
a temporary period. The following regulations apply to new business grand opening
banners: The following regulations apply to banners allowed at new business locations:
(1) A banner allowed under this section may only be placed upon the issuance of the
Certificate of Occupancy for a new business by the Town Manager or designee.
Subject to the time limitation below, the banner may be placed at any time within one
year of the issuance of the Certificate of Occupancy.
(2) Only one banner shall be permitted per premises;
(3) The banner shall not exceed 50 square feet in size;
(4) The banner shall be attached to the principal structure, or leased portion of the building
if located in a building that is occupied by more than one tenant;
(5) Upon placement, the banner must be removed no later than sixty (60) calendar days
from the date it was first displayed;”
As shown above, staff deleted the specific reference to the sign’s content as recommended by the
Town Attorney. No other changes are proposed.
RECOMMENDATION
Staff recommends approval of the proposed amendments.
ATTACHMENTS
1. Proposed ordinance.
Ordinance 821
Page 1 of 3
TOWN OF WESTLAKE
ORDINANCE 821
AN ORDINANCE OF THE TOWN OF WESTLAKE, TEXAS, AMENDING CHAPTER
70 “SIGNS,” BY DELETING SECTION 70-10 “TEMPORARY BUSINESS SIGNS;” AND
ADDING A NEW SECTION 70-10 “TEMPORARY BUSINESS SIGNS;” PROVIDING A
PENALTY; PROVIDING A SAVINGS CLAUSE; PROVIDING FOR PUBLICATION;
PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEAL OF CONFLICTING
PROVISIONS; PROVIDING A CUMULATIVE CLAUSE; AND ESTABLISHING AN
EFFECTIVE DATE.
WHEREAS, the Town of Westlake, Texas, (the “Town”) is a General Law Municipality
located in Tarrant and Denton Counties, Texas, created in accordance with the provisions of the
Texas Local Government Code and operating pursuant to the enabling legislation of the State of
Texas; and
WHEREAS, the Town Council of Westlake, Texas, finds that it would be in the best
interests of the community to amend regulations for temporary business signs such that all new
business may place temporary signage on said business; and
WHEREAS, the Town Council of Westlake, Texas, deems it necessary to enact this
ordinance providing for amendments to temporary business signage requirements; and
WHEREAS, the Town Council of the Town of Westlake, Texas, is of the opinion that it
is in the best interests of the town and its citizens that the amendments should be approved and
adopted.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF WESTLAKE, TEXAS:
SECTION 1: That the above findings are hereby found to be true and correct and are
incorporated herein as if copied in their entirety.
SECTION 2: That, the Town hereby adopts the following amendments to Chapter 70 –
Signs, Section 10 Temporary Business Signs as follows:
Sec. 70-10. – Temporary Business Signs.
(a) New Business Grand Opening Banner. The following regulations apply to banners
allowed at new business locations:
(1) A banner allowed under this section may only be placed upon the issuance of the
Certificate of Occupancy for a new business by the Town Manager or designee.
Subject to the time limitation below, the banner may be placed at any time within one
year of the issuance of the Certificate of Occupancy.
(2) Only one banner shall be permitted per premises;
Ordinance 821
Page 2 of 3
(3) The banner shall not exceed 50 square feet in size;
(4) The banner shall be attached to the principal structure, or leased portion of the
building if located in a building that is occupied by more than one tenant;
(5) Upon placement, the banner must be removed no later than sixty (60) calendar days
from the date it was first displayed;
That all provisions of Chapter 70, Section 70-10 not hereby amended shall remain in full
force and effect.
SECTION 3: That any person, firm or corporation violating any of the provisions or
terms of this Ordinance shall be subject to the same penalty as provided for in the Code of
Ordinances of the Town of Westlake, and upon conviction shall be punished by a fine not to
exceed the sum of Five Hundred Dollars ($500.00) for each offense. Each day that a violation is
permitted to exist shall constitute a separate offense.
SECTION 4: All rights and remedies of the Town of Westlake, Texas, are expressly
saved as to any and all violations of the provisions of the prior ordinance sections which existed
at the time of the effective date of this Ordinance; and, as to such accrued violations and all
pending litigation, both civil and criminal, whether pending in court or not, under such
ordinances, the same shall not be affected by this Ordinance but may be prosecuted until final
disposition by the courts.
SECTION 5: It is hereby declared to be the intention of the Town Council of the Town
of Westlake, Texas, that sections, paragraphs, clauses and phrases of this Ordinance are
severable, and if any phrase, clause, sentence, paragraph or section of this Ordinance shall be
declared legally invalid or unconstitutional by the valid judgment or decree of any court of
competent jurisdiction, such legal invalidity or unconstitutionality shall not affect any of the
remaining phrases, clauses, sentences, paragraphs or sections of this Ordinance since the same
would have been enacted by the Town Council of the Town of Westlake without the
incorporation in this Ordinance of any such legally invalid or unconstitutional, phrase, sentence,
paragraph or section.
SECTION 6: This Ordinance shall be cumulative of all provisions of ordinances of the
Town except where the provisions of this Ordinance are in direct conflict with the provisions of
such ordinances, in which event the conflicting provisions of such ordinances are hereby
repealed.
Ordinance 821
Page 3 of 3
SECTION 7: This ordinance shall take effect immediately from and after its passage as
the law in such case provides.
PASSED AND APPROVED ON THIS 24th DAY OF APRIL 2017.
____________________________
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 2
estlake Town Council
TYPE OF ACTION
Regular Meeting - Consent
Westlake Town Council Meeting
Monday, April 24, 2017
TOPIC: Consider a resolution to enter into an Interlocal Agreement with the City of
Southlake regarding the construction of traffic signals and other necessary
improvements at SH 114 and Solana/Kirkwood intersections.
STAFF CONTACT: Jarrod Greenwood, Public Works Director/Assistant to the Town Manager
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.
Maximize Efficiencies
& Effectiveness
Strategic Initiative
Outside the Scope of Identified Strategic Initiatives
Time Line - Start Date: April 24, 2017 Completion Date: December 31, 2017
Funding Amount: $268,680.00 Status - Funded Source - Contributions/Grants
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
Over the last 3 months, Town staff has been working with the City of Southlake regarding SH
114 improvements to mitigate traffic congestion along our shared boundary between FM 1938
and Dove Road. The first of these improvement projects is to signalize the Solana/Kirkwood
intersection.
The proposed ILA with the City of Southlake will provide funding for the construction of
drainage improvements, traffic signals, crosswalks, and turn lanes at the SH 114 and
Page 2 of 2
Solana/Kirkwood intersections. The City of Southlake will provide project management,
however, with Westlake input.
The signal poles will be the Town of Westlake standard and look like the existing and future
signal poles on FM 1938.
Westlake’s contribution of $268,680 is fully funded through Fidelity, Granada, and Entrada
Development Agreements.
Southlake anticipates construction starting this summer and being completed this fall.
RECOMMENDATION
Staff recommends approval of the Westlake-Southlake ILA.
ATTACHMENTS
Resolution with Attachment A - Proposed ILA with Southlake
Resolution 17-20
Page 1 of 2
TOWN OF WESTLAKE
RESOLUTION NO. 17-20
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
TEXAS, AUTHORIZING THE TOWN MANAGER TO ENTER INTO AN
INTERLOCAL AGREEMENT WITH THE CITY OF SOUTHLAKE REGARDING THE
CONSTRUCTION OF TRAFFIC SIGNALS AND OTHER NECESSARY
IMPROVEMENTS AT SH 114 AND SOLANA/KIRKWOOD INTERECTIONS.
WHEREAS, the Town Council finds that signalization of the intersection benefits
commuters and citizens and is in the best interest of residential and corporate citizens; and
WHEREAS, Westlake desires to provide residents and commuters safe and aesthetically
pleasing streets to travel; and
WHEREAS, the Town Council finds that the proposed agreement with the City of
Southlake is necessary for the construction of the traffic signal at the SH 114 and
Solana/Kirkwood intersection; and
WHEREAS, the Town Council finds that the Interlocal Agreement provides sound
infrastructure maintenance and planning; and
WHEREAS, the Town Council finds that the Interlocal Agreement with the City of
Southlake is in the best interest of the citizens of Westlake.
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 of Westlake Town Council does hereby authorize the
Town Manager to enter into the interlocal agreement, attached as Exhibit “A”.
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 17-20
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 APRIL 2017.
ATTEST: _____________________________
Laura L. Wheat, Mayor
____________________________ ______________________________
Kelly Edwards, Town Secretary Thomas E. Brymer, Town Manager
APPROVED AS TO FORM:
____________________________
L. Stanton Lowry, Town Attorney
Page 1 of 9
STATE OF TEXAS §
COUNTY OF TARRANT §
INTERLOCAL AGREEMENT BETWEEN THE TOWN OF WESTLAKE, TEXAS
AND THE CITY OF SOUTHLAKE, TEXAS FOR CONSTRUCTION OF
THE KIRKWOOD/SOLANA DRIVE INTERSECTION AND SIGNALIZATION
IMPROVEMENTS
This Interlocal Agreement (the “Agreement”) for the Construction of the
Kirkwood/Solana Drive Intersection and Signalization Improvements to include
paving, drainage, signalization is made and entered into by and between the Town
of Westlake, Texas, a municipal corporation located in Tarrant County, Texas
(“Westlake”), and the City of Southlake, Texas, a municipal corporation located in
Tarrant County, Texas (“Southlake”). (Southlake and Westlake shall hereafter be
collectively referred to as the “municipalities”).
WHEREAS, Westlake and Southlake mutually desire to enter into an
interlocal agreement to reconstruct the Kirkwood/Solana Drive intersection with
SH114 ramp intersection (the “Project”) between the municipalities; and
WHEREAS, Chapter 791, Texas Government Code, as amended (the
“Act”), provides authorization for municipalities to contract with one another for the
Page 2 of 9
performance of governmental functions and services under the terms of the Act;
and
WHEREAS, Westlake and Southlake have need to construct these
intersection and signalization improvements, which shall be located in part in
Westlake and in part in Southlake; and
WHEREAS, Westlake and Southlake shall provide financing for the Project
as provided herein; and
WHEREAS, Westlake and Southlake are willing to cooperate with one
another to accomplish the construction and maintenance as provided in this
Agreement; and
WHEREAS, each party paying for the performance of governmental
functions or services under this Agreement must make those payments from
current available funds; and
WHEREAS, it is mutually advantageous to both parties to enter into this
Agreement:
Page 3 of 9
WITNESSETH
NOW, THEREFORE, for and in consideration of the mutual covenants, terms and
conditions set forth herein, and the mutual benefits to each party, the receipt and
sufficiency of which are hereby acknowledged, Westlake and Southlake hereby
contract, covenant, warrant and agree as follows:
I. ADOPTION OF PREAMBLE
All of the matters stated in the preamble of this Agreement are found to be
true and correct and are hereby incorporated into the body of the Agreement by
reference as though fully set forth in their entirety herein.
II. OBLIGATIONS OF THE PARTIES
1. The City of Southlake has contracted for Project Management and
Consulting Engineering Services related to the design of the Project.
2. The municipalities agree that Westlake shall have an opportunity to
review and approve the construction plans and specification submittals. It is
agreed that each municipality will review the plans in an expedient manner, not to
exceed five (5) business days so that this project can remain on its current fast
track. Completion of the construction of these intersection and signalization
improvements as expeditiously as possible is of paramount importance to both
municipalities.
Page 4 of 9
3. If necessary, the municipalities agree that each respective city will
be responsible for pursuing the relocation of city owned utilities within their city,
should it be required and each city will acquire the necessary rights-of-way and
easements for the construction of the Project. It should be noted that no additional
easements and/or right-of-way are anticipated for this project.
4. The municipalities agree that Southlake will contract the services of
a Third Party Contractor to construct the concrete curbs, gutter and flatwork,
signalization improvements associated with the pavement of the Project.
5. The municipalities agree that the Third Party Contractor shall provide
Performance, Payment and Maintenance Bonds in the full amount of the contract
cost issued to the contracting municipality.
6. The municipalities agree to funding of the project as follows:
a) The total estimated cost of the project including design and
construction of the proposed improvements is $823,000.
b) The Opinion of Probable Construction Cost estimate prepared by
Consultant Kimley-Horn & Associates as of January 31, 2017 is
$738,000. This cost is reflected in Exhibit A attached to the
Agreement.
c) An additional cost of $85,000 is estimated for the cost of the
design of the Kirkwood Intersection and Signalization
improvements. The design services contract for this project with
Kimley-Horn and Associates was approved by the Southlake City
Council on March 7, 2017.
Page 5 of 9
d) Westlake shall reimburse to Southlake a portion of the
construction phase costs and services, in an amount not to
exceed $268,680 for the project upon substantial completion of
construction. A final invoice shall be provided to Westlake by
Southlake.
7. Westlake agrees to make payment to Southlake within a reasonable
length of time estimated at 30 days after receipt of the invoice from Southlake.
8. The municipalities agree that Southlake will provide all construction
inspection and construction management for the Project.
9. Since the majority of improvements will be completed within TxDOT
right-of-way, TxDOT guidelines and standards shall govern. However, if TxDOT
guidelines and standards do not address an issue that arises during the project,
Southlake and Westlake agree that the construction to be done within Westlake
shall be in accordance with Southlake’s Code of Ordinances including, but not
necessarily limited to, providing proper barricades, traffic control during
construction, detours and project clean up after the contractor is completed. The
project plans will incorporate Westlake’s enhanced design standards for the signal
poles, luminaires, wheelchair ramps, and illuminated street name signs.
10. TxDOT will be responsible for maintenance of infrastructure
improvements located within TxDOT right-of-way. The municipalities agree that
each respective city will provide maintenance on all roadway, drainage and
signalization facilities, including signage and pavement markings, lying within their
respective corporate boundaries and outside of TxDOT right-of-way.
Page 6 of 9
III. INDEMNIFICATION AND HOLD HARMLESS
1. To the extent allowed by law, Westlake agrees to indemnify and hold
Southlake harmless from any claim by a third party for damages arising from or
resulting from the construction or maintenance, in accordance with terms set forth
in this agreement, of any portion of the Project lying in the Town of Westlake.
2. To the extent allowed by law, Southlake agrees to indemnify and hold
Westlake harmless from any claim by a third party for damages arising from or
resulting from the construction or maintenance, in accordance with terms set forth
in this agreement, of any portion of the Project lying in the City of Southlake.
3. Furthermore, it is understood that both municipalities will, to the
extent allowed by law, agree to indemnify and hold TxDOT harmless from any
claim by a third party for damages arising from or resulting from the construction
or maintenance, in accordance with terms set forth in this agreement, of any
portion of the Project lying within their respective cities.
4. The provisions of these indemnifications shall not apply to acts of
gross negligence or willful misconduct by the indemnified party.
5. The provisions of this indemnification are solely for the benefit of the
parties hereto and not intended to create or grant any rights, contractual or
otherwise, to any other person or entity.
6. Further, the indemnification and hold harmless contained herein
shall not be deemed a waiver of any sovereign immunity allowed pursuant to Tex.
Civ. Proc. & Rem. Code Section 101.001 et. seq., or otherwise.
Page 7 of 9
IV. NOTICES
Any notice required to be given under this Agreement shall be deemed to
have been adequately given if deposited in the United States mail in an envelope:
TO SOUTHLAKE: TO WESTLAKE:
City of Southlake Town of Westlake
1400 Main Street 1301 Solana Blvd.
Suite 400 Bldg. 4, Suite 4202
Southlake, Texas 76092 Westlake, Texas 76262
Attention: City Manager Attention: Town Manager
A change of address may be made by either party upon the giving of ten
(10) days prior written notice.
V. MISCELLANEOUS PROVISIONS
1. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.
2. This Agreement constitutes the sole and only agreement of the
parties hereto and supersedes any prior understandings or written or oral
agreements between the parties respecting the subject matter hereof.
3. No amendment, modification or alteration of the terms hereof shall
be binding unless the same be in writing, dated subsequent to the date hereof and
duly executed by the parties.
4. All payments made hereunder shall be payable from funds currently
available to the City/Town.
Page 8 of 9
5. This Agreement may be executed concurrently in one or more
counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.
6. If, in case any one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal, or unenforceable in
any respect, such invalidity, illegality, or unenforceability shall not affect any other
provision hereof and this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein.
7. The obligations and undertakings of each of the parties to this
Agreement are and shall be performable in Tarrant County, Texas.
8. Each party hereto warrants that it has received authority from its
governing body to enter into this Agreement.
EXECUTED this the __________ day of _______________, 2017.
CITY OF SOUTHLAKE, TEXAS
_____________________________
Laura Hill, Mayor
City of Southlake, Texas
ATTEST: APPROVED AS TO FORM:
__________________________ _______________________________
Lori Payne, City Secretary City Attorney, City of Southlake
City of Southlake, Texas
[SEAL]
Page 9 of 9
EXECUTED this the __________ day of _______________, 2017.
Town of Westlake, Texas
______________________________
Laura Wheat, Mayor
Town of Westlake, Texas
ATTEST: APPROVED AS TO FORM:
___________________________
__________________________ _____________________________
Kelly Edwards, Town Secretary Town Attorney
Town of Westlake, Texas Town of Westlake, Texas
[SEAL]
Page 1 of 3
estlake Town Council
TYPE OF ACTION
Regular Meeting - Action Item
Westlake Town Council Meeting
Monday, March 27, 2017
TOPIC: Discussion and Consideration of an Ordinance of the Town Council of Westlake,
Texas authorizing the issuance and sale of Town of Westlake, Texas Tax Note,
Series 2017; levying an annual ad valorem tax and providing for the security for
and payment of said notes; and enacting other provisions relating to the subject and
amending project budget.
STAFF CONTACT: Troy Meyer, Director of Facilities & Recreation
Debbie Piper, Finance 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: March 27, 2017 Completion Date: May 23, 2017
Funding Amount: $2.760M Status - Project Funded Source - Multiple Sources - see
comments below
EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY)
Below is a recap regarding the funding for the new Westlake Fire-EMS Station to-date:
• October 24, 2016 - Adopted a resolution directing publication of notice of intention to issue
certificates of obligation in the amount of $9.2M for the Westlake Fire-EMS Station No. 1.
Page 2 of 3
• November 18, 2016 - Standard and Poor’s Global Ratings raised its long-term and underlying
ratings on Westlake’s general obligation (GO) bonds to ‘AAA’ from ‘AA+’. At the same time,
they assigned their ‘AAA’ long-term rating to the town’s series 2016 combination tax and revenue
certificates of obligation. The outlook on all ratings is stable.
• December 5, 2016 - CO/Pricing/Interest Rates established and approval of the Council authorizing
the issuance and sale of Town of Westlake, Texas combination tax and revenue Certificates of
Obligation, Series 2016
• December 12, 2016 - Approved a contract for architectural services with Brown Reynolds
Watford (BRW) for the design of the station
• December 22, 2016 - Closing and funding of the $9.2M bonds
• January 23, 2017 – Approved a contract with Core Construction for Construction Manager at Risk
services for the project. The Guaranteed maximum price will be presented for approval in
September 2017.
• February-March - Staff met with the architect BRW, Core Construction Services, and consulting
architect Robin McCaffrey regarding the building and site program which also includes cost
estimates for the station. Previously, staff was given direction from Council and received feedback
from our first Fire-EMS Station forum in October that the station needs to have an iconic look and
meet the high-quality building standards in Westlake. The team was challenged to work within our
funding level of $9.2M AND accomplish this iconic look and determined an additional $2.76M was
needed to achieve this vision.
• April 3, 2017 - Discussed funding, design, and construction of the station with Council for
direction regarding how to proceed with the project’s scope and funding. It was determined that
to ensure the station has the iconic look desired and to stay true to high Westlake standards, the
projects increased amount of $2.76M would be funded by using $1.2M (one time money) from the
sale of a 6-acre tract as well as a $1.5M 7-year note with the remaining $60K being provided by
fund balance.
Determination to use the $1.5M 7-year note and the proceeds from the sale of the land was reached
by considering the following:
o Utilize one-time cash funds (reduces amount of debt issuance) and issue short-term debt for
the remainder
o Forecast of residential construction indicates we can absorb most of the annual payments of
the 7-year note
o Saves for debt capacity for future projects
o Provides flexibility for unfunded (under discussion) capital projects.
• April 4, 2017 - Financial Statements, budget and other information made available to lenders
• April 18, 2017 - Lenders Proposals Due and determine best pricing
• April 24, 2017 - Council adopts Ordinance approving execution of Tax Note
Page 3 of 3
• May 23, 2017 - Closing and funding of the Tax Note
RECOMMENDATION
Staff recommends authorization of the issuance and sale of Town of Westlake, Texas Tax Note, Series 2017,
and the amendment to the project.
ATTACHMENTS
1) Tax Note – Lawrence Financial
2) Ordinance
Town of Westlake
Tax Note, Series 2017
April 24, 2017
Registered Municipal Advisor and Texas Securities Dealer
(512) 375-3424 (Phone) (512) 582-8259 (Fax)
tlawrence@lfctexas.com (email)
www.lfctexas.com (website)
Town of Westlake, Texas
Tax Note, Series 2017
(Prepayable anytime at par)
Table of Contents
Report
Debt Service Schedule 1
Sources & Uses 2
Aggregate Debt Service 3
2017 Note | SINGLE PURPOSE | 4/18/2017 | 10:04 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer
Town of Westlake, Texas
Tax Note, Series 2017
(Prepayable anytime at par)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
05/23/2017 -----
02/15/2018 202,000.00 1.810%20,154.35 222,154.35 -
08/15/2018 --12,018.40 12,018.40 -
09/30/2018 ----234,172.75
02/15/2019 212,000.00 1.810%12,018.40 224,018.40 -
08/15/2019 --10,099.80 10,099.80 -
09/30/2019 ----234,118.20
02/15/2020 215,000.00 1.810%10,099.80 225,099.80 -
08/15/2020 --8,154.05 8,154.05 -
09/30/2020 ----233,253.85
02/15/2021 219,000.00 1.810%8,154.05 227,154.05 -
08/15/2021 --6,172.10 6,172.10 -
09/30/2021 ----233,326.15
02/15/2022 223,000.00 1.810%6,172.10 229,172.10 -
08/15/2022 --4,153.95 4,153.95 -
09/30/2022 ----233,326.05
02/15/2023 227,000.00 1.810%4,153.95 231,153.95 -
08/15/2023 --2,099.60 2,099.60 -
09/30/2023 ----233,253.55
02/15/2024 232,000.00 1.810%2,099.60 234,099.60 -
09/30/2024 ----234,099.60
Total $1,530,000.00 -$105,550.15 $1,635,550.15 -
Yield Statistics
Bond Year Dollars $5,831.50
Average Life 3.811 Years
Average Coupon 1.8100000%
Net Interest Cost (NIC)1.8100000%
True Interest Cost (TIC)1.8092639%
Bond Yield for Arbitrage Purposes 1.8092639%
All Inclusive Cost (AIC)2.3476641%
IRS Form 8038
Net Interest Cost 1.8100000%
Weighted Average Maturity 3.811 Years
2017 Note | SINGLE PURPOSE | 4/18/2017 | 10:04 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 1
Town of Westlake, Texas
Tax Note, Series 2017
(Prepayable anytime at par)
Sources & Uses
Dated 05/23/2017 | Delivered 05/23/2017
Sources Of Funds
Principal Amount $1,530,000.00
Total Sources $1,530,000.00
Uses Of Funds
Deposit to Project Construction Fund 1,500,000.00
Transaction Costs 29,530.00
Rounding Amount 470.00
Total Uses $1,530,000.00
2017 Note | SINGLE PURPOSE | 4/18/2017 | 10:04 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 2
Town of Westlake, Texas
Tax Note, Series 2017
(Prepayable anytime at par)
Aggregate Debt Service Part 1 of 3
DATE 2011 CO 2011 Rfd 2013 Rfd 2013 CO 2014 Rfd
09/30/2018 115,300.00 892,650.00 162,400.00 500,193.76 70,040.00
09/30/2019 117,356.00 886,425.00 169,462.50 501,143.76 69,860.00
09/30/2020 119,316.00 879,750.00 171,025.00 506,943.76 69,680.00
09/30/2021 121,180.00 877,550.00 172,462.50 502,106.26 69,500.00
09/30/2022 123,936.00 874,750.00 168,837.50 506,606.26 69,320.00
09/30/2023 126,572.00 871,350.00 170,375.00 505,343.76 69,140.00
09/30/2024 129,088.00 875,150.00 162,130.00 508,293.76 68,960.00
09/30/2025 131,484.00 296,250.00 168,830.00 501,093.76 68,780.00
09/30/2026 134,748.00 287,150.00 175,062.50 508,668.76 68,600.00
09/30/2027 137,868.00 292,100.00 166,000.00 505,618.76 68,420.00
09/30/2028 140,844.00 295,800.00 162,000.00 507,006.26 68,240.00
09/30/2029 144,664.00 --615,793.76 406,150.00
09/30/2030 148,316.00 --616,881.26 401,950.00
09/30/2031 151,800.00 --612,531.26 402,250.00
09/30/2032 ---773,368.76 404,875.00
09/30/2033 ---475,168.76 -
09/30/2034 ---477,268.76 -
09/30/2035 ---478,768.76 -
09/30/2036 ---479,668.76 -
09/30/2037 ---475,762.51 -
09/30/2038 ---477,078.13 -
09/30/2039 ---477,850.00 -
09/30/2040 ---477,300.00 -
09/30/2041 ---475,400.00 -
09/30/2042 ---477,800.00 -
09/30/2043 ---479,400.00 -
09/30/2044 -----
09/30/2045 -----
09/30/2046 -----
Total $1,842,472.00 $7,328,925.00 $1,848,585.00 $13,423,059.58 $2,375,765.00
Aggregate | 4/18/2017 | 10:04 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 3
Town of Westlake, Texas
Tax Note, Series 2017
(Prepayable anytime at par)
Aggregate Debt Service Part 2 of 3
DATE 2016 CO 2017 Rfd 2017 Note TOTAL
09/30/2018 510,800.00 257,625.00 234,172.75 2,743,181.51
09/30/2019 509,725.00 257,025.00 234,118.20 2,745,115.46
09/30/2020 508,500.00 261,375.00 233,253.85 2,749,843.61
09/30/2021 507,125.00 260,675.00 233,326.15 2,743,924.91
09/30/2022 510,525.00 259,887.50 233,326.05 2,747,188.31
09/30/2023 508,700.00 258,925.00 233,253.55 2,743,659.31
09/30/2024 506,725.00 262,800.00 234,099.60 2,747,246.36
09/30/2025 509,525.00 815,100.00 -2,491,062.76
09/30/2026 507,100.00 810,500.00 -2,491,829.26
09/30/2027 509,450.00 805,100.00 -2,484,556.76
09/30/2028 506,575.00 808,700.00 -2,489,165.26
09/30/2029 508,475.00 820,900.00 -2,495,982.76
09/30/2030 510,075.00 811,900.00 -2,489,122.26
09/30/2031 506,450.00 821,700.00 -2,494,731.26
09/30/2032 507,600.00 795,600.00 -2,481,443.76
09/30/2033 508,450.00 --983,618.76
09/30/2034 509,000.00 --986,268.76
09/30/2035 509,250.00 --988,018.76
09/30/2036 509,200.00 --988,868.76
09/30/2037 508,850.00 --984,612.51
09/30/2038 506,400.00 --983,478.13
09/30/2039 506,700.00 --984,550.00
09/30/2040 506,400.00 --983,700.00
09/30/2041 510,400.00 --985,800.00
09/30/2042 508,700.00 --986,500.00
09/30/2043 506,400.00 --985,800.00
09/30/2044 508,400.00 --508,400.00
09/30/2045 509,600.00 --509,600.00
09/30/2046 510,000.00 --510,000.00
Total $14,745,100.00 $8,307,812.50 $1,635,550.15 $51,507,269.23
Aggregate | 4/18/2017 | 10:04 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 4
Town of Westlake, Texas
Tax Note, Series 2017
(Prepayable anytime at par)
Aggregate Debt Service Part 3 of 3
Par Amounts Of Selected Issues
2011 CO 1,552,000.00
2011 Rfd 6,360,000.00
2013 Rfd 1,625,000.00
2013 CO 8,630,000.00
2014 Rfd 1,535,000.00
2016 CO 9,180,000.00
2017 Rfd 5,795,000.00
2017 Note 1,530,000.00
TOTAL 36,207,000.00
Aggregate | 4/18/2017 | 10:04 AM
Lawrence Financial Consulting LLC
Registered Municipal Advisor & Texas Securities Dealer Page 5
TOWN OF WESTLAKE, TEXAS
TAX NOTE, SERIES 2017
SUMMARY OF LOAN PROPOSALS
Redemption Redemption Serve as Additional
Lender Rate Date Price PA/R Costs
TIB 1.81% Anytime Par Yes None
Bank of Texas 1.87% Anytime Make-whole Yes $4,353.00
BB&T 2.05% Anytime Par Yes None
Regions Bank 2.22% Anytime Par Yes $4,053.00
National Bank of Texas 2.25% Anytime Par Yes None
Capital One Public Funding 2.33% 02/15/21 Par No PA/R
Page 6
CERTIFICATE FOR ORDINANCE
THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
TOWN OF WESTLAKE
We, the undersigned Mayor and Town Secretary of the Town of Westlake, Texas (the "Town"),
hereby certify as follows:
1. The Town Council of said Town convened in Regular Meeting on April 24, 2017, at the
designated meeting place, and the roll was called of the duly constituted officers and members of said Town
Council, to-wit:
Laura Wheat, Mayor
Carol Langdon, Mayor Pro Tem
Michael Barrett, Council Member
Alesa Belvedere, Council Member
Wayne Stoltenberg, Council Member
Rick Rennhack, Council Member
Kelly Edwards, Town Secretary
and all of said persons were present, except ______________________________, thus constituting a
quorum. Whereupon, among other business, the following was transacted at said meeting: a written
Ordinance entitled
ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF TOWN OF WESTLAKE, TEXAS,
TAX NOTE, SERIES 2017; LEVYING AN ANNUAL AD VALOREM TAX AND PROVIDING FOR
THE SECURITY FOR AND PAYMENT OF SAID NOTES; AND ENACTING OTHER PROVISIONS
RELATING TO THE SUBJECT
was duly introduced for the consideration of said Town Council. It was then duly moved and seconded that
said Ordinance be adopted and, after due discussion, said motion, carrying with it the adoption of said
Ordinance, prevailed and carried with all members present voting "AYE" except the following:
NOES: ABSTAIN:
2. A true, full and correct copy of the aforesaid Ordinance passed at the meeting described in
the above and foregoing paragraph is attached to and follows this Certificate; said Ordinance has been duly
recorded in the official minutes of said Town Council; the above and foregoing paragraph is a true and
correct excerpt from said minutes of said meeting pertaining to the passage of said Ordinance; the persons
named in the above and foregoing paragraph, at the time of said meeting and the passage of said Ordinance,
were the duly chosen, qualified and acting members of said Town Council as indicated therein; each of said
officers and member was duly and sufficiently notified officially and personally in advance, of the time,
place and purpose of the aforesaid meeting and that said Ordinance would be introduced and considered
for passage at said meeting; and said meeting was open to the public, and public notice of the time, place
and purpose of said meeting was given, all as required by Texas Government Code, Chapter 551.
3. The Town Council has approved and hereby approves the aforesaid Ordinance; and the
Mayor and the Town Secretary of the Town hereby declare that their signing of this Certificate shall
constitute the signing of the attached and following copy of said Ordinance for all purposes.
SIGNED AND SEALED APRIL 24, 2017.
Town Secretary Mayor
(TOWN SEAL)
Certificate for Ordinance Authorizing the Issuance of Town of Westlake, Texas, Tax Note, Series 2017
1
ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF TOWN OF
WESTLAKE, TEXAS, TAX NOTE, SERIES 2017; LEVYING AN ANNUAL AD
VALOREM TAX AND PROVIDING FOR THE SECURITY FOR AND PAYMENT OF
SAID NOTES; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT
WHEREAS, the Town Council (the "Council") of the Town of Westlake, Texas (the
"Issuer") hereby finds and determines that it is necessary, useful and appropriate for the Issuer's
public purposes to authorize and provide for the issuance and sale of notes of the Issuer for the
purposes hereinafter set forth, as authorized by Chapter 1431, Texas Government Code, as
amended; and
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 time, place and subject
matter of the public business to be considered and acted upon at said meeting, including this
Ordinance, was given, all as required by the applicable provisions of Texas Government Code,
Chapter 551; Now, Therefore
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
TEXAS:
Section 1. RECITALS, AMOUNT AND PURPOSE OF THE NOTES. 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. The tax note of the Town of Westlake, Texas (the "Issuer") is hereby
authorized to be issued and delivered in the aggregate principal amount of [$1,530,000] for the
public purpose of (i) acquiring, constructing, installing and equipping fire-fighting facilities, with
any surplus proceeds to be used for (1) equipping Town Hall, including related parking,
landscaping, and signage; and (2) constructing and improving streets, roads and sidewalks in the
Town, including related drainage, signalization, landscaping, lighting, signage and utility
relocation (collectively, the "Project") and (ii) payment of costs of issuance of the Notes.
Section 2. DESIGNATION, DATE, DENOMINATION, NUMBER, AND MATURITY
AND INTEREST RATE OF NOTES.
(a) Each Note issued pursuant to this Ordinance shall be designated: "TOWN OF
WESTLAKE, TEXAS, TAX NOTE, SERIES 2017," and initially there shall be issued, sold, and
delivered hereunder one fully registered Note, without interest coupons, dated May 15, 2017, in
the denomination and principal amount of [$1,530,000], numbered R-1, with any Note issued in
replacement thereof being in the denomination and principal amount hereinafter stated and
numbered consecutively from R-2 upward, payable in installments to the registered owner thereof,
or to the registered assignee of said Note (in each case, the "Registered Owner"). Principal of said
Note shall be payable in installments on the dates and in the amounts stated in the FORM OF
NOTE set forth in Exhibit A hereto. The Note shall bear interest, calculated on the basis of a 360-
day year of twelve 30-day months from the Delivery Date at the rate of _____% per annum. Said
TOWN OF WESTLAKE
ORDINANCE 822
2
interest shall be payable in the manner provided and on the dates stated in the FORM OF NOTE
set forth in Exhibit A hereto.
The term "Notes" as used in this Ordinance shall mean and include collectively the Note
initially issued and delivered pursuant to this Ordinance and all substitute Notes exchanged
therefor, as well as all other substitute notes and replacement notes issued pursuant hereto, and the
term "Note" shall mean any of the Notes.
(b) The Notes shall be subject to redemption prior to maturity as set forth in the FORM
OF NOTE attached hereto as Exhibit A.
Section 3. CHARACTERISTICS OF THE NOTES.
(a) Registration. The Issuer shall keep or cause to be kept at the principal corporate trust
office of __________, _____, Texas (the "Paying Agent/Registrar"), books or records for the
registration of the transfer and exchange of the Notes (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 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 and exchanges as herein provided. The
Paying Agent/Registrar shall obtain and record in the Registration Books the address of the
Registered Owner of each Notes to which payments with respect to the Notes 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, exchange and delivery of substitute Notes. Registration of assignments,
transfers and exchanges of a Notes shall be made in the manner provided and with the effect stated
in the FORM OF NOTES set forth in this Ordinance. Each substitute Note shall bear a letter and/or
number to distinguish it from each other Note.
(b) Transfer and Exchange. Except as provided in Section 3(f) of this Ordinance, an
authorized representative of the Paying Agent/Registrar shall, before the delivery of any such Note,
date and manually sign said Note, and no such Note shall be deemed to be issued or outstanding
unless such Note is so executed. The Paying Agent/Registrar promptly shall cancel any Note
surrendered for 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 transfer and exchange of any Note, and the Paying Agent/Registrar shall provide for the
printing, execution, and delivery of a substitute Note in the manner prescribed herein. Pursuant to
Chapter 1201, Government Code, as amended, the duty of transfer of a Note as aforesaid is hereby
imposed upon the Paying Agent/Registrar, and, upon the execution of said Note, the exchanged
Note shall be valid, incontestable, and enforceable in the same manner and with the same effect as
the Note that initially was issued and delivered pursuant to this Ordinance, approved by the
3
Attorney General and registered by the Comptroller of Public Accounts. The Note may be
transferred and registered in the name of the new registered owner in whole but not in part.
(c) Payment of Notes 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 Notes, 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 Notes, shall
properly and accurately record all payments on the Notes on the Registration Books, and shall
keep proper records of all exchanges of Notes, and all replacements of Notes, as provided in this
Ordinance. However, in the event of a nonpayment 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 past due interest shall be sent at least 5 business
days prior to the Special Record Date by United States mail, first-class postage prepaid, to the
address of the Registered Owner appearing on the Registration Books at the close of business on
the last business day next preceding the date of mailing of such notice.
(d) In General. The Notes (i) shall be issued in fully registered form, without interest
coupons, with the principal of and interest on such Notes to be payable only to the Registered
Owner thereof, (ii) may be prepaid or redeemed prior to its scheduled maturity, (iii) may be
exchanged for another Notes, (iv) may be transferred and assigned, (v) shall have the
characteristics, (vi) shall be signed, sealed, executed and authenticated, (vii) the principal of and
interest on the Notes 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
Notes, all as provided, and in the manner and to the effect as required or indicated, in the FORM
OF NOTES set forth in this Ordinance. The Notes 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 Note issued in exchange for any Note issued under this Ordinance the Paying
Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S AUTHENTICATION
CERTIFICATE, in the form set forth in the FORM OF NOTES.
(e) Paying Agent/Registrar. The Issuer covenants with the Registered Owner of the Notes
that at all times while the Notes are outstanding the Issuer will provide a competent and legally
qualified bank, trust company, financial institution, or other entity to act as and perform the
services of Paying Agent/Registrar for the Notes 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 20 days written notice to the Paying
Agent/Registrar, to be effective not later than 15 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 Notes, 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 the Registered
4
Owner of the Notes, 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.
(f) Authentication. Except as provided below, no Note shall be valid or obligatory for any
purpose or be entitled to any security or benefit of this Ordinance unless and until there appears
thereon the Certificate of Paying Agent/Registrar substantially in the form provided in this
Ordinance, duly authenticated by manual execution of the Paying Agent/Registrar. It shall not be
required that the same authorized representative of the Paying Agent/Registrar sign the Certificate
of Paying Agent/Registrar on the Notes. In lieu of the executed Certificate of Paying
Agent/Registrar described above, the Initial Note delivered on the closing date shall have attached
thereto the Comptroller's Registration Certificate substantially in the form provided in this
Ordinance, manually executed by the Comptroller of Public Accounts of the State of Texas or by
his duly authorized agent, which certificate shall be evidence that the Initial Note has been duly
approved by the Attorney General of the State of Texas and that it is a valid and binding obligation
of the Issuer, and has been registered by the Comptroller.
(g) Delivery of Initial Note. On the closing date, one initial Note representing the entire
principal amount of the Notes, payable in stated installments to the Purchaser designated in Section
10 or its designee, executed by manual or facsimile signature of the Mayor and Town Secretary of
the Issuer, approved by the Attorney General of Texas, and registered and manually signed by the
Comptroller of Public Accounts of the State of Texas, and with the date of delivery inserted thereon
by the Paying Agent/Registrar, will be delivered to such Purchaser or its designee.
(h) Conditional Notice of Redemption. With respect to any optional redemption of the
Notes, 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 Notes 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 Notes and the Paying Agent/Registrar shall give notice, in
the manner in which the notice of redemption was given, to the effect that the Notes have not been
redeemed.
Section 4. FORM OF NOTES. The form of the Notes, 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 to the Notes
initially issued and delivered pursuant to this Ordinance, shall be, respectively, substantially in the
FORM OF NOTES provided in Exhibit A, with such appropriate variations, omissions or
insertions as are permitted or required by this Ordinance.
5
Section 5. INTEREST AND SINKING FUND.
(a) A special "Interest and Sinking Fund" is hereby created and shall be established and
maintained by the Issuer 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 Notes. All ad valorem taxes levied and
collected for and on account of said Notes shall be deposited, as collected, to the credit of said
Interest and Sinking Fund. During each year while any of said Notes is 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 Notes as
such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal
of said Notes as such principal matures (but never less than 2% of the original amount of said
Notes 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 said Notes 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 Notes, 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) Article 1208, Government Code, applies to the issuance of the Notes 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 Notes 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 Owner of the Notes a security interest in said pledge, the Issuer agrees
to take such measures as it determines are reasonable and necessary under Texas law to comply
with the applicable provisions of Chapter 9, Business & Commerce Code and enable a filing of a
security interest in said pledge to occur.
Section 6. DEFEASANCE OF NOTES.
(a) Any Note and the interest thereon shall be deemed to be paid, retired and no longer
outstanding (a "Defeased Note") within the meaning of this Ordinance, except to the extent
provided in subsection (d) of this Section, when payment of the principal of such Note, 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
6
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 the Defeased Note shall have
become due and payable. At such time as a Note shall be deemed to be a Defeased Note hereunder,
as aforesaid, such Note 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. Notwithstanding any other provision of this Ordinance to the contrary, it is hereby
provided that any determination not to redeem a Defeased Note that is made in conjunction with
the payment arrangements specified in subsection 6(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 Note for redemption; (2) gives notice of the reservation of
that right to the Registered Owner of the Defeased Note 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 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 Notes 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 a Defeased Note 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 6(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 Note, 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 Notes, which currently includes the following: (i) direct, noncallable
obligations of the United States of America, including obligations that are unconditionally
guaranteed by the United States of America., (ii) noncallable obligations of an agency or
instrumentality of the United States of America, including obligations that are unconditionally
guaranteed or insured by the agency or instrumentality and that, on the date the governing body of
the Issuer adopts or approves the proceedings authorizing the financial arrangements, are rated as
to investment quality by a nationally recognized investment rating firm not less than AAA or its
equivalent, (iii) noncallable obligations of a state or an agency or a county, municipality, or other
political subdivision of a state that have been refunded and that, on the date the governing body of
the Issuer adopts or approves the proceedings authorizing the financial arrangements, are rated as
to investment quality by a nationally recognized investment rating firm not less than AAA or its
equivalent.
(d) Until the Defeased Note shall have become due and payable, the Paying
Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Note the
7
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.
Section 7. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED NOTES.
(a) Replacement Notes. In the event any outstanding Note is damaged, mutilated, lost,
stolen or destroyed, the Paying Agent/Registrar shall cause to be printed, executed and delivered,
a new Note of the same principal amount, maturity and interest rate, as the damaged, mutilated,
lost, stolen or destroyed Note, in replacement for such Note in the manner hereinafter provided.
(b) Application for Replacement Notes. Application for replacement of a damaged,
mutilated, lost, stolen or destroyed Note shall be made by the Registered Owner thereof to the
Paying Agent/Registrar. In every case of loss, theft or destruction of a Note, the Registered Owner
applying for a replacement Note 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 Note, 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 Note, as the case may be. In every case of
damage or mutilation of a Note, the Registered Owner shall surrender to the Paying
Agent/Registrar for cancellation the Note so damaged or mutilated.
(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in the
event any such Notes shall have matured, and no default has occurred that is then continuing in
the payment of the principal of, redemption premium, if any, or interest on the Notes, the Issuer
may authorize the payment of the same (without surrender thereof except in the case of a damaged
or mutilated Note) instead of issuing a replacement Note, provided security or indemnity is
furnished as above provided in this Section.
(d) Charge for Issuing Replacement Notes. Prior to the issuance of any replacement Notes,
the Paying Agent/Registrar shall charge the Registered Owner of such Notes with all legal,
printing, and other expenses in connection therewith. Every replacement Note issued pursuant to
the provisions of this Section by virtue of the fact that any Note is lost, stolen or destroyed shall
constitute a contractual obligation of the Issuer whether or not the lost, stolen or destroyed Note
shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of
this Ordinance.
(e) Authority for Issuing Replacement Notes. In accordance with Section 1206.022,
Government Code, this Section of this Ordinance shall constitute authority for the issuance of any
such replacement Notes 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 Notes is hereby authorized and
imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate and
deliver such Notes in the form and manner and with the effect, as provided in Section 3(a) of this
Ordinance for a Note issued in exchange for another Note.
8
Section 8. CUSTODY, APPROVAL, AND REGISTRATION OF NOTES; BOND
COUNSEL'S OPINION; AND ENGAGEMENT OF BOND COUNSEL AND PLACEMENT
AGENT.
(a) The Mayor of the Issuer is hereby authorized to have control of the Note initially issued
and delivered hereunder and all necessary records and proceedings pertaining to the Note pending
its delivery and their investigation, examination, and approval by the Attorney General of the State
of Texas, and its registration by the Comptroller of Public Accounts of the State of Texas. Upon
registration of the Note 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 Note, and the seal of said Comptroller shall be impressed, or placed in facsimile, on such
Note. The approving legal opinion of the Issuer's bond counsel may, at the option of the Issuer,
be printed on the Notes issued and delivered under this Ordinance, but shall have no legal effect,
and shall be solely for the convenience and information of the Registered Owner of the Notes.
(b) The obligation of the Purchaser to accept delivery of the Notes 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 date of initial
delivery of the Notes to the Purchaser. The engagement of such firm as bond counsel to the Issuer
in connection with issuance, sale and delivery of the Notes is hereby approved and confirmed.
(c) In accordance with the provisions of Section 1202.004, Texas Government Code in
connection with the submission of the Notes to the Attorney General of Texas for review and
approval, a statutory fee (an amount equal to 0.1% principal amount of the Notes, 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 Notes. The Issuer hereby authorizes and
directs that a check in the amount of the Attorney General filing fee for the Notes, 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 Notes.
Section 9. COVENANTS REGARDING TAX EXEMPTION OF INTEREST ON THE
NOTES.
(a) Covenants. The Issuer covenants to take any action necessary to assure, or refrain from
any action that would adversely affect, the treatment of the Notes as obligations described in
section 103 of 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
Notes (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 Notes, in contravention of
section 141(b)(2) of the Code;
9
(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 Notes 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" that 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 that is greater than the lesser of
$5,000,000, or 5 percent of the proceeds of the Notes (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 that would otherwise result in the Notes 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 Notes 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 Notes, directly or
indirectly, to acquire or to replace funds that were used, directly or indirectly, to acquire
investment property (as defined in section 148(b)(2) of the Code) that produces a materially
higher yield over the term of the Notes, other than investment property acquired with:
(A) proceeds of the Notes invested for a reasonable temporary period of 3
years or less or, in the case of a 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 1.148 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
Notes;
(7) to otherwise restrict the use of the proceeds of the Notes or amounts treated as
proceeds of the Notes, as may be necessary, so that the Notes 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);
(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 Notes) 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 Notes 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; and
10
(9) to assure that the proceeds of the Notes will be used solely for new money
projects.
(b) Rebate Fund. In order to facilitate compliance with the above covenant (a)(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 Noteholders. The Rebate Fund is established for the additional purpose of
compliance with section 148 of the Code.
(c) Use of Proceeds. For purposes of the foregoing covenants (a)(1) and (a)(2), 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 bonds expended prior to the date of issuance of the Notes. 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 that modify or expand provisions
of the Code, as applicable to the Notes, 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 Notes under section 103 of the Code. In the event that regulations or rulings are hereafter
promulgated that impose additional requirements applicable to the Notes, 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 Notes under section 103 of the Code. In furtherance of such intention, the Issuer hereby
authorizes and directs the Mayor, Mayor Pro Tem, Town Manager, Finance Director and Town
Secretary, individually or jointly, to execute any documents, Notes or reports required by the Code
and to make such elections, on behalf of the Issuer, that may be permitted by the Code as are
consistent with the purpose for the issuance of the Notes.
(d) Allocation of, and Limitation on, Expenditures for the Project. The Issuer covenants
to account for the expenditure of sale proceeds and investment earnings to be used for the
construction and acquisition of the Project on its books and records by allocating proceeds to
expenditures within 18 months of the later of the date that (1) the expenditure is made, or (2) the
Project is completed. The foregoing notwithstanding, the Issuer shall not expend proceeds of the
sale of the Notes or investment earnings thereon more than 60 days after the earlier of (1) the fifth
anniversary of the delivery of the Notes, or (2) the date the Notes are retired, unless the Issuer
obtains an opinion of nationally-recognized bond counsel that such expenditure will not adversely
affect the status, for federal income tax purposes, of the Notes or the interest thereon. 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.
(e) Disposition of Project. The Issuer covenants that 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 any action taken in connection with such disposition will not adversely affect
the tax-exempt status of the Notes. For purpose of the foregoing, the Issuer may rely on an opinion
of nationally-recognized bond counsel that the action taken in connection with such sale or other
11
disposition will not adversely affect the tax-exempt status of the Notes. 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 a
legal opinion that such failure to comply will not adversely affect the excludability for federal
income tax proposes from gross income of the interest.
(f) Designation as Qualified Tax Exempt Obligations. The Issuer hereby designates the
Notes as "qualified tax exempt obligations" as defined in section 265(b)(3) of the Code. In
furtherance of such designation, the Issuer represents, covenants and warrants the following: (a)
that during the calendar year in which the Notes are issued, the Issuer (including any subordinate
entities) has not designated nor will designate obligations that when aggregated with the Notes,
will result in more than $10,000,000 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 Notes are issued, by the Issuer (or any subordinate entities) will not
exceed $10,000,000; and, (c) that the Issuer will take such action or refrain from such action as
necessary, and as more particularly set forth in Section 9 hereof, in order that the Notes will not
be considered "private activity bonds" within the meaning of section 141 of the Code.
Section 10. SALE OF NOTES. The Notes are hereby initially sold and shall be delivered
to _____ (the "Purchaser"), for cash for the par value thereof, pursuant to the purchase agreement
dated the date of the final passage of this Ordinance which the Mayor is hereby authorized to
execute and deliver. The Notes shall initially be registered in the name of the Purchaser. It is
hereby officially found, determined, and declared that the terms of this sale are the most
advantageous reasonably obtainable.
Section 11. FURTHER PROCEDURES. The Mayor, Mayor Pro Tem, Town Manager,
Finance Director and Town Secretary 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 a Paying Agent/Registrar Agreement with the Paying Agent/Registrar 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 Notes and the sale of the Notes. In case
any officer whose signature shall appear on any Note shall cease to be such officer before the
delivery of such Note, such signature shall nevertheless be valid and sufficient for all purposes the
same as if such officer had remained in office until such delivery.
Section 12. NO RULE 15c2-12 UNDERTAKING. The Issuer has not made an
undertaking in accordance with Rule 15c2-12 of the Securities and Exchange Commission (the
"Rule").
Section 13. DEFAULT AND REMEDIES.
(a) 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:
12
(i) the failure to make payment of the principal of or interest on the Notes 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 of the Notes, including, but not limited to its 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 the registered owner to the Issuer.
(b) Remedies for Default. Upon the happening of any Event of Default, then and in every
case, any registered 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 registered owner 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 registered owner hereunder or any combination of such remedies.
(c) Remedies Not Exclusive.
(i) 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 Notes 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 Notes shall
not be available as a remedy under this Ordinance.
(ii) The exercise of any remedy herein conferred or reserved shall not be deemed
a waiver of any other available remedy.
(iii) By accepting the delivery of Notes authorized under this Ordinance, such
registered owner agrees that the certifications contained in this Ordinance do not and shall
never constitute or give rise to a personal or pecuniary liability or charge against the
officers, employees or trustees of the Issuer or the Council.
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-
13
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
Notes 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
Issuer; provided, however, that without the consent of 100% of the Registered Owners in aggregate
principal amount of the then outstanding Notes, nothing herein contained shall permit or be
construed to permit amendment of the terms and conditions of this Ordinance or in any of the
Notes so as to:
(1) Make any change in the maturity of any of the outstanding Notes;
(2) Reduce the rate of interest borne by any of the outstanding Notes;
(3) Reduce the amount of the principal of, or redemption premium, if any,
payable on any outstanding Notes;
(4) Modify the terms of payment of principal or of interest or redemption
premium on outstanding Notes 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 Notes
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 Notes 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 Notes 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 Notes shall thereafter be determined, exercised, and enforced,
subject in all respects to such amendment.
(f) Any consent given by the Registered Owner of a Note 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 Note 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
14
of the affected Notes then outstanding, have, prior to the attempted revocation, consented to and
approved the amendment.
(g) For the purposes of establishing ownership of the Notes, the Issuer shall rely solely
upon the registration of the ownership of such Notes on the Registration Books kept by the Paying
Agent/Registrar.
Section 15. PROJECT FUND.
(a) The Issuer hereby creates and establishes and shall maintain on the books of the Issuer
a separate fund or account to be entitled the "Series 2017 Note Project Fund" for use by the Issuer
for payment of all lawful costs associated with the Project as hereinbefore provided, and to pay
the costs of issuance of the Notes. Upon payment of all such costs, any moneys remaining on
deposit in said fund shall be transferred to the Interest and Sinking Fund. Amounts so deposited
to the Interest and Sinking Fund shall be used in the manner described in Section 5 of this
Ordinance.
(b) The Issuer may place proceeds of the Notes (including investment earnings thereon)
and amounts deposited into the Interest and Sinking Fund in investments authorized by the Public
Funds Investment Act, Chapter 2256, Texas Government Code, as amended; provided, however,
that the Issuer hereby covenants that the proceeds of the sale of the Notes will be used as soon as
practicable for the purposes for which the Notes are issued.
(c) All deposits authorized or required by this Ordinance shall be secured to the fullest
extent required by law for the security of public funds.
Section 16. SEVERABILITY. If any section, article, paragraph, sentence, clause, phrase
or word in this Ordinance, or application thereof to any persons or circumstances is held invalid
or unconstitutional by a court of competent jurisdiction, such holding shall not affect the validity
of the remaining portion of this Ordinance, despite such invalidity, which remaining portions shall
remain in full force and effect.
Section 17. INTEREST EARNINGS ON NOTE PROCEEDS. Interest earnings derived
from the investment of proceeds from the sale of the Notes shall be used along with other Note
proceeds for the Project; provided that after completion of such purpose, if any of such interest
earnings remain on hand, such interest earnings shall be deposited in the Interest and Sinking Fund.
It is further provided, however, that any interest earnings on Note proceeds that are required to be
rebated to the United States of America pursuant to Section 9 hereof in order to prevent the Notes
from being arbitrage bonds shall be so rebated and not considered as interest earnings for the
purposes of this Section.
Section 18. APPROPRIATION. To pay the debt service coming due on the Notes 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.
15
Section 19. 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.
------------------------------
A-1
EXHIBIT A
The form of the Notes, 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 to the Note 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.
(a) Form of Notes.
NO. R-__ UNITED STATES OF AMERICA
STATE OF TEXAS
TOWN OF WESTLAKE, TEXAS
TAX NOTE,
SERIES 2017
PRINCIPAL
AMOUNT
$________
Interest Rate Delivery Date Maturity Date _____% May 23, 2017 February 15, 2024
REGISTERED OWNER:
PRINCIPAL AMOUNT:
THE TOWN OF WESTLAKE, in Tarrant and Denton Counties, Texas (the "Issuer"), being
a political subdivision and municipal corporation of the State of Texas, for value received,
promises to pay, from the sources described herein, to the registered owner specified above, or
registered assigns, the principal amount specified above, and to pay interest thereon, from the
Delivery Date set forth above, on the balance of said principal amount from time to time remaining
unpaid, at the interest rate per annum set forth above. The unpaid principal of this Note shall
finally mature on [February 15, 2024] (the "Maturity Date"), but shall be paid in installments on
the dates and in the amounts set forth in the table below:
[Payment Date
(February 15)
Principal
Amount
2018 $ 206,000
2019 213,000
2020 216,000
2021 218,000
2022 222,000
2023 225,000
2024 230,000]
THE PRINCIPAL OF AND INTEREST ON THIS NOTE are payable in lawful money of
the United States of America, without exchange or collection charges. The Issuer shall pay interest
A-2
on this Note on February 15, 2018, and on each August 15 and February 15 thereafter to the date
of final maturity or redemption prior to maturity. The last principal installment of this Note shall
be paid to the registered owner hereof upon presentation and surrender of this Note at final
maturity, or upon the date fixed for its redemption prior to maturity, at the principal office of
__________ in _____, _____, which is the "Paying Agent/Registrar" for this Note. The payment
of all other principal installments of and interest on this Note shall be made by the Paying
Agent/Registrar to the registered owner hereof without presentation of this Note to the Paying
Agent/Registrar on each principal and interest payment date by check or draft, dated as of such
principal and 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 Notes (the "Note
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 last business 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, principal and 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.
ANY ACCRUED INTEREST due in connection with the final installment of principal of
this Note or upon redemption of this Note in whole at the option of the Issuer prior to final maturity
as provided herein shall be paid to the registered owner upon presentation and surrender of this
Note for payment at the principal corporate trust office of the Paying Agent/Registrar. The Issuer
covenants with the registered owner of this Note that on or before each principal payment date and
interest payment date for this Note it will make available to the Paying Agent/Registrar, from the
"Interest and Sinking Fund" created by the Note Ordinance, the amounts required to provide for
the payment, in immediately available funds, of all principal of and interest on the Note, when due.
IF THE DATE for the payment of the principal of or interest on this Note 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 that 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 NOTE is dated May 15, 2017, authorized in accordance with the Constitution and
laws of the State of Texas in the principal amount of [$1,530,000] for paying all or a portion of
the Issuer's contractual obligations incurred in connection with (i) acquiring, constructing,
installing and equipping fire-fighting facilities, with any surplus proceeds to be used for
(1) equipping Town Hall, including related parking, landscaping, and signage; and (2) constructing
and improving streets, roads and sidewalks in the Town, including related drainage, signalization,
landscaping, lighting, signage and utility relocation (collectively, the "Project") and (ii) payment
of costs of issuance of the Notes.
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ON _____, 20__, or any date thereafter, the Notes 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 Notes, or portions thereof, to be redeemed shall
be selected and designated by the Issuer (provided that a portion of a Note may be redeemed only
in an integral multiple of $1,000), at a redemption price equal to the principal amount to be
redeemed plus accrued interest to the date fixed for redemption.
AT LEAST THIRTY days prior to the date fixed for any redemption of Notes 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
Note to be redeemed at its address as it appeared on the 45th day prior to such redemption date;
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 Note. By the date fixed for any such redemption due
provision shall be made with the Paying Agent/Registrar for the payment of the required
redemption price for the Notes or portions thereof that 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 Notes or portions thereof that 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 Note shall be redeemed, a substitute Note or Notes
having the same maturity date, bearing interest at the same rate, in any denomination or
denominations in any integral multiple of $1,000, at the written request of the registered owner,
and in aggregate principal 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 Note Ordinance.
WITH RESPECT TO ANY OPTIONAL REDEMPTION OF THE NOTES, unless certain
prerequisites to such redemption required by the Note Ordinance have been met and moneys
sufficient to pay the principal of and premium, if any, and interest on the Notes 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 Notes and the Paying Agent/Registrar shall give notice, in
the manner in which the notice of redemption was given, to the effect that the Notes have not been
redeemed.
ALL NOTES OF THIS SERIES are issuable solely as fully registered Notes, without
interest coupons, in the principal denomination of any integral multiple of $1,000. As provided in
the Note Ordinance, this Note 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
principal amount of fully registered Notes, without interest coupons, payable to the appropriate
A-4
registered owner, assignee or assignees, as the case may be, having the same denomination or
denominations in any integral multiple of $1,000 as requested in writing by the appropriate
registered owner, assignee or assignees, as the case may be, upon surrender of this Note to the
Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth
in the Note Ordinance. Among other requirements for such assignment and transfer, this Note
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 Note or any portion or portions hereof in any integral multiple of
$1,000 to the assignee or assignees in whose name or names this Note or any such portion or
portions hereof is or are to be registered. The form of Assignment printed or endorsed on this Note
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 Note 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 Note or portion thereof will be
paid by the Issuer. In any circumstance, any taxes or governmental charges required to be paid
with 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, conversion, or exchange (i) 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 (ii) with respect to any Note
or any portion thereof called for redemption prior to maturity, within 45 days prior to its
redemption date.
IN THE EVENT any Paying Agent/Registrar for the Notes is changed by the Issuer,
resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Note 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 Notes.
IT IS HEREBY certified, recited and covenanted that this Note 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
Note have been performed, existed and been done in accordance with law; that annual ad valorem
taxes sufficient to provide for the payment of the interest on and principal of this Note, 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 limit
prescribed by law.
THE ISSUER HAS RESERVED THE RIGHT to amend the Note 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 Notes.
BY BECOMING the registered owner of this Note, the registered owner thereby
acknowledges all of the terms and provisions of the Note Ordinance, agrees to be bound by such
terms and provisions, acknowledges that the Note Ordinance is duly recorded and available for
inspection in the official minutes and records of the governing body of the Issuer, and agrees that
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the terms and provisions of this Note and the Note Ordinance constitute a contract between each
registered owner hereof and the Issuer.
IN WITNESS WHEREOF, the Issuer has caused this Note 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 said Issuer, and has caused the official seal of the Issuer to be
duly impressed, or placed in facsimile, on this Note.
(signature) (signature)
Town Secretary Mayor
(SEAL)
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
(To be executed if this Note 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 Note has been issued under the provisions of the Note
Ordinance described in the text of this Note; and that this Note has been issued in replacement of,
or in exchange for, a Note that 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:
____________________,
_____, _____,
Paying Agent/Registrar
By:
Authorized Representative
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 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
________________________________, attorney, to register the transfer of the within Note on
A-6
the books kept for registration thereof, with full power of substitution in the premises.
Dated: _______________
Signature Guaranteed:
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 Note
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 Note has been examined, certified as to validity and approved by
the Attorney General of the State of Texas, and that this Note 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)
PREPAYMENT RECORD
Date of
Payment
Principal Prepayment
(amount and
installment(s) to
which payment is
applied)
Remaining
Principal
Balance
Name and Title of
Authorized Officer
making Entry
Signature of Authorized
Officer
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EXECUTIVE SESSION
The Council will conduct a closed session pursuant to Texas Government Code, annotated,
Chapter 551, Subchapter D for the following:
a. Section 551.071. Consultation with Attorney (1) when the governmental body
seeks the advice of its attorney about: (A) pending or contemplated litigation:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
c. Section 551.071(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 the Open
Meetings Act: Waste (Trash) ordinance.
d. Section 551.071 (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:
Trophy Club Municipal District No. 1
Town Council
Item # 6 – Executive
Session
Town Council
Item # 7 – Reconvene
Council Meeting
NECESSARY ACTION
a. Section 551.071. Consultation with Attorney (1) when the governmental body
seeks the advice of its attorney about: (A) pending or contemplated litigation:
Cause No. 348-290326-17 - Neil and Janelle McNabnay, Colin and Melanie
Stevenson, Yair and Sandra Lotan, Jay and Jana Still, Biswajit and Chandrika
Dasgupta, Michael and Michelle Granfield, Michael and Stef Mauler, Rudy and
Christy Renda, David and Jenn Riley, Joseph Mohan and Maria De Leon,
Roberto Arandia, and Patrick and Erin Cockrum (collectively, "Plaintiffs") vs.
Town of Westlake
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
- CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate
Charles Schwab & Co., Inc.
c. Section 551.071(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 the Open
Meetings Act: Waste (Trash) ordinance.
d. Section 551.071 (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:
Trophy Club Municipal District No. 1
Town Council
Item #8 – 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 # 9 – Future Agenda
Items
Town Council
Item # 10 – Adjournment
Regular Session