HomeMy WebLinkAboutRes 21-24 Approving the reimbursement resolution expressing intent to reimburse expenditures from proceeds of future obligationsTOWN OF WESTLAKE
RESOLUTION NO. 21-24
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
APPROVING THE REIMBURSEMENT RESOLUTION EXPRESSING INTENT TO
REIMBURSE EXPENDITURES FROM PROCEEDS OF FUTURE OBLIGATIONS.
WHEREAS, the Town of Westlake, Texas (the "Town") is a municipal corporation and
political subdivision of the State of Texas authorized to finance its activities by issuing
obligations; and
WHEREAS, the Town will make, or has made not more than 60 days prior to the date
hereof, payments with respect to the design, engineering, acquisition, construction,
reconstruction or renovation of the projects listed on Exhibit A attached hereto (collectively, the
"Financed Project"); and
WHEREAS, the Town has concluded that it does not currently desire to issue obligations
to finance the costs associated with the Financed Project; and
WHEREAS, the Town desires to reimburse itself for the costs associated with the
Financed Project from the proceeds of obligations to be issued subsequent to the date hereof; and
WHEREAS, the Town reasonably expects to issue obligations to reimburse itself for the
costs associated with the Financed Project;
NOW, THEREFORE, be it resolved that:
Section 1. The Town reasonably expects to reimburse itself for costs that have been or
will be paid subsequent to the date that is 60 days prior to the date hereof and that are to be paid
in connection with the acquisition, construction, reconstruction or renovation of the Financed
Project from the proceeds of obligations to be issued subsequent to the date hereof.
Section 2. The Town reasonably expects that the maximum principal amount of
obligations issued to reimburse the Town for the costs associated with the Financed Project will
be $3,400,000.
Section 3. Unless otherwise advised by bond counsel, any reimbursement allocation will
be made not later than 18 month after the later of (1) the date the original expenditure is paid or
(2) the date on which the Financed Project to which the expenditure relates is placed in service or
abandoned, but in no event more than three years after the original expenditure is paid.
OF WEST
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Resolution 21-24
Page 1 of 2
PASSED AND APPROVED on this the 21st day of June, 2021 by the Town Council of
the Town of Westlake, Texas.
. t 44
TowA Secretary
Town of Westlake, Texas
[SEAL]
TEXPc'
Mayor
Town of Westlake, Texas
Resolution of Intent to Issue Certificates of Obligation
EXHIBIT A
DESCRIPTION OF PROJECT
Purpose/Project Amount
(i) designing, developing, constructing and acquiring drainage $3,400,000
improvements and facilities within the Town, including the
acquisition of land therefor; (ii) designing, developing,
constructing, improving and renovating Town parks, trails and
recreation facilities, including the acquisition of land therefor,
(iii) designing, developing, constructing, improving, extending,
and expanding streets, thoroughfares, sidewalks, bridges, and
other public ways of the Town, including streetscaping, signage,
streetlighting, right-of-way protection, utility relocation, and
related storm drainage improvements; and acquiring rights -of -
way in connection therewith, (iv) designing, developing,
constructing, and renovating Town cemetery improvements.
A-1
94098890.1