HomeMy WebLinkAboutRes 07-34 Intention to Issue Certificates of ObligationTOWN OF WESTLAKE
RESOLUTION NO. 07-34
A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE,
TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION, AND RESOLVING OTHER MATTERS RELATING
TO THE SUBJECT.
WHEREAS, the Board of Aldermen deem 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 considered was open to the public, and public notice of the time, place and purpose
of said meeting was given, all as required by Chapter 551 of the Texas Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE
TOWN OF WESTLAKE, TEXAS:
SECTION 1. The Notice of Intention to Issue Certificates of Obligation, attached as Exhibit
A, of the Town of Westlake, Texas; the form and substance of which are hereby adopted and
approved.
SECTION 2. The Town Secretary shall cause said notice to be published in substantially the
form attached as Exhibit A in a newspaper, as defined by Subchapter C, Chapter 2051 of the Texas
Government Code, of general circulation in the area of the Town of Westlake, in each of two
consecutive weeks.
SECTION 3. This Resolution shall be effective immediately upon adoption.
PASSED AND APPROVED ON THIS 11th DAY OF JUNE 2007,
ATTEST:
Kira] Sutter; TRMC, Town Secretary
Scott Bradley, Mayor
Trent O. Petty, ToNemNfanager
Exhibit A
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
OF THE TOWN OF WESTLAKE, TEXAS
NOTICE IS HEREBY GIVEN that it is the intention of the Board of Aldermen of the
Town of Westlake, Texas, to issue one or more series of the interest bearing certificates of obligation
of the Town for the purpose of paying all or a portion of the Town's contractual obligations incurred
in connection with: (i) constructing and equipping a building and related improvements to be used
for a civic center and for science classrooms and laboratories for the Westlake Academy; and (ii)
paying legal, fiscal, engineering and architectural fees in connection with the project. The Board of
Aldermen tentatively proposes to adopt an ordinance authorizing the issuance of said certificates of
obligation at the regular meeting place thereof, Town Hall, 2650 JT Ottinger Road, Westlake, Texas,
at a meeting to commence at 7:00 p.m., on July 23, 2007. The maximum amount of certificates of
obligation indebtedness that may be authorized to be sold on said date for such purposes described
above is $2,500,000. The Town proposes to provide for the payment of such certificates of
obligation from the levy and collection of ad valorem taxes in the Town as provided by law, and
from 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