HomeMy WebLinkAboutRes 11-03 Publication of Notice of Intent to Issue Combination Tax and Revenue Certificates of ObligationTOWN OF WESTLAKE
RESOLUTION NO. 11-03
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
WHEREAS, this Town Council deems it advisable to give notice of intention to issue
certificates of obligation of the Town of Westlake Texas, as hereinafter provided; and
WHEREAS, it is hereby officially found and determined that the meeting at which this
Resolution was passed, was open to the public and public notice of the time, place, and purpose
of said meeting was given, all as required by Chapter 551, Texas Government Code.
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: Attached hereto is a form of the Notice of Intention to issue Combination
Tax and Revenue Certificates of Obligation, the form and substance of which is hereby adopted
and approved..
SECTION 3: The Town Secretary shall cause said notice to be published in
substantially the form attached hereto, in a newspaper, as defined by Subchapter C, Chapter
2051, Texas Government Code, of general circulation in the area of said Town, once a week for
two consecutive weeks, the date of the first publication thereof to be at least 30 days prior to the
date tentatively set for the adoption of the ordinance authorizing the issuance of such certificates
of obligation as shown in said notice.
SECTION 4: 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 11-03
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SECTION 5: That this resolution shall become effective from and after its date of
passage.
PASSED AND APPROVED ON THIS 24TH DAY OF JANUARY, 2011.
OF VV
A,
ATTEST: m
A -S
Kelly Edwardq Town Secretary
APPROV AS RM:
L. tanton Lori n Attorney
Laura L. Wheat, Mayor
r
Thomas'�'Brymer,ZT n Manager
Resolution ] 1-03
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TOWN OF WESTLAKE
NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas, at
its meeting to commence at 7:00 P.M. on February 28, 2011, at its regular meeting place at 3
Village Circle, 2nd Floor, Council Chamber, Westlake, Texas, tentatively proposes to adopt an
ordinance authorizing the issuance of interest bearing certificates of obligation, in one or more
series, in an amount not to exceed $2,140,000 for paying all or a portion of the Town's
contractual obligations incurred in connection with:
(i) constructing, reconstructing and improving streets and roads, sidewalks and alleys including
related drainage, signalization, landscaping, lighting and signage;
(ii) constructing and equipping renovations to existing buildings at the Westlake Academy,
including landscaping and related infrastructure; and
(iii) legal, fiscal and engineering fees in connection with such projects.
The Town proposes to provide for the payment of such certificates of obligation from the levy
and collection of ad valorem taxes in the Town as provided by law and from a pledge of limited
surplus revenues of the Town's waterworks and sewer system, remaining after payment of all
operation and maintenance expenses thereof, and all debt service, reserve, and other
requirements in connection with all of the Town's revenue bonds or other obligations (now or
hereafter outstanding), which are payable from, all or any part of the net revenues of the Town's
waterworks and sewer system. The certificates of obligation are to be issued, and this notice is
given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C
of Chapter 271.
TOWN OF WESTLAKE, TEXAS
Resolution 11-03
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