HomeMy WebLinkAboutRes 18-14 Expressing Official Intent to reimburse costs for the regional 30” Waterline Project constructed by the City of Fort Worth TOWN OF WESTLAKE
RESOLUTION NO. 18-14
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE
REGIONAL 30" WATERLINE PROJECT TO BE CONSTRUCTED BY THE CITY OF
FORT WORTH.
WHEREAS, the Town of Westlake, Texas (the "Issuer") is a duly created governmental
body of the State of Texas;
WHEREAS, the provision of water service throughout the Town of Westlake is of vital
importance to the health, safety, and welfare of the citizens of Westlake; and
WHEREAS, Westlake desires to secure and maintain an adequate potable water source
for the health, safety, and welfare of the citizens of Westlake; and
WHEREAS, the Town expects to pay, or have paid on its behalf, expenditures in
connection with the design, planning, acquisition and construction of the projects described on
Exhibit "A" hereto (the "Project") prior to the issuance of tax-exempt obligations, tax-credit
obligations and/or obligations for which a prior expression of intent to finance or refinance is
required by Federal or state law (collectively and individually, the "Obligations") to finance the
Project;
WHEREAS, the Town finds, considers, and declares that the reimbursement for the
payment of such expenditures will be appropriate and consistent with the lawful objectives of the
Issuer and, as such, chooses to declare its intention to reimburse itself for such payments at such
time as it issues Obligations to finance the Project;
WHEREAS, the Town Council finds that the passage of this Resolution is in the best
interest of the citizens of Westlake.
THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF WESTLAKE, TEXAS THAT:
SECTION 1: The Town reasonably expects to incur debt, as one or more series of
Obligations, with an aggregate maximum principal amount equal to $2,100,000 for the purpose
of paying the costs of the Regional 30" Waterline Project, as identified in Exhibit "A", attached
hereto.
Resolution 18-14
Page 1 of 2
SECTION 2: All costs to be reimbursed pursuant hereto will be capital expenditures.
No Obligations will be issued by the Issuer in furtherance of this Resolution after a date which is
later than 18 months after the later of (1) the date the expenditures are paid or (2) the date on
which the property, with respect to which such expenditures were made, is placed in service.
SECTION 3: The foregoing notwithstanding, no Obligation will be issued pursuant to
this Resolution more than three years after the date any expenditure which is to be reimbursed is
paid.
SECTION 4: The foregoing Sections 2 and 3 notwithstanding, all costs to be reimbursed
with qualified tax credit obligations shall not be paid prior to the date hereof and no tax credit
obligations shall be issued after 18 months of the date the original expenditure is made.
SECTION 5: If any portion of this Resolution shall, for any reason, be declared invalid
by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions
hereof and the Council hereby determines that it would have adopted this Resolution without the
invalid provision.
SECTION 6: That this resolution shall become effective from and after its date of
passage.
PASSED AND APPROVED ON THIS 301h DAY OF APRIL,2018.
ATTEST: Laura Wheat, Mayor
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Kell, Edward , Town Secretary Thomas E. ry er, own Manager
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Resolution 18-14
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Res 18-14
Exhibit "A"
Regional 30” Waterline Project
• Acquisition, construction, installation and equipment of additions, improvements, repairs
and extensions to Issuer’s water system, including a water transmission line from the City
of Fort Worth to serve the Town of Westlake and Trophy Club.