HomeMy WebLinkAboutRes 21-23 Authorizing Publication of Notice of Intent to issue tax and revenue certificates of obligationRESOLUTION NO.21-23
A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAla, TEXAS,
AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION;
AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT
AND NOTICE OF SALE; AND PROVIDING FOR OTHER MATTERS INCIDENTAL
THERETO
WHEREAS, the Town Council of the Town of Westlake, Texas (the "Town") deems it
advisable to issue certificates of obligation (the "Certificates") of the Town in accordance with the
notice hereinafter set forth; and
WHEREAS, the Town desires to authorize the preparation of a preliminary official
statement (the "Preliminary Official Statement") and notice of sale (the "Notice of Sale") in
anticipation of its issuance of the Certificates; NOW, THEREFORE
B'E, IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS
THAT:
Section 1. The findings, determinations, definitions and recitations, set out in the
preamble to this resolution are found to be true and correct and are hereby adopted by Town
Council and made a part hereof for all purposes.
Section 2. The Town Secretary is hereby authorized and directed to cause to be
published in the manner required by law and in substantially the form attached hereto as Exhibit A.
a notice of the Town's intention to issue the Certificates (the "Notice").
Section 3. The Notice shall be published once a week for two (2) consecutive weeks
in a newspaper that is of general circulation in the Town, the date of the first publication to be at
least forty-six (46) days before the date tentatively set in the Notice for the passage of the ordinance
authorizing the issuance of the Certificates. In addition, the Notice shall be posted continuously
on the Town's website for at least forty-five (45) days before the date tentatively set in the Notice
for the passage of the ordinance authorizing the issuance of the Certificates.
Section 4. The Town hereby authorizes the preparation and distribution of a Notice of
Sale, if required, and Preliminary Official Statement relating to the Certificates and authorizes the
Town Manager or the Director of Finance to approve the contents of and deem final such
Preliminary Official Statement within the meaning and for the purposes of paragraph (b)(1) of
Rule 15c2-12 under the Securities Exchange Act of 1934.
Section 5. For purposes of section 1.150-2(d) of the Treasury Regulations, this Notice
serves as the Town's official declaration of intent to reimburse• itself from proceeds of the
Certificates in the maximum principal amount and for expenditures paid in connection with the
projects, each as set forth in Exhibit A. hereof. Any such reimbursement will only be made (i) for
an original expenditure paid no earlier than 60 days prior to the date hereof and (ii) not later than
18 months after the 1r:F,t of (A) the date the original expenditure is paid or (B) the date the project
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to which such expenditure relates is placed in service or abandoned, but in to event more than three
years after the original expenditure is paid.
Section 6. The Town's financial advisor, Hilltop Securities, Inc. and bond counsel,
Bracewell LLP, are authorized and directed to proceed with the necessary arrangements for the
sale of the Certificates in accordance with the aforesaid Notice of Sale and Preliminary Official
Statement.
Section 7. The Mayor, Town Manager, Director of Finance, Town Secretary, and other
officers and agents of the Town are hereby authorized and directed to do any and all things
necessary or desirable to carry out the provisions of this resolution.
Section 8. This resolution shall take effect immediately upon its passage.
[Execution Page to Follow)
48073026.1 -2-
PASSED AND APPROVED on this the 21 st day of June, 2021 by the Town Council of
the Town of Westlake, Texas.
c
Town Secretary
Town of Westlake, Texas
#8073026.1
A/
M yor
Town of Westlake, Texas
TOWN OF WESTLAKE
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas (the
"Town"), will meet at the Town Council Chambers, 1500 Solana Boulevard
Building 7, Suite 7200 Westlake, TX 76262, at 5:00 p.m., on the 23rd day of August, 2021 (unless
alternative meeting arrangements are required to address public health concerns, which meeting
arrangements will be specified in the notice of such meeting posted in accordance with applicable
law), which is the time and place tentatively set for the passage of an ordinance and such other
action as may be deemed necessary to authorize the issuance of the Town's Combination Tax &
Revenue Certificates of Obligation, Series 2021 (the "Certificates"), in the maximum aggregate
principal amount not to exceed $3,400,000, payable from the levy of a direct and continuing ad
valorem tax against all taxable property within the Town sufficient to pay the interest on this series
of Certificates as due and to provide for the payment of the principal thereof as the same matures,
as authorized by Chapter 271, Subchapter C, Texas Local Government Code, as amended, and
from all or a part of the surplus revenues of the Town's water and wastewater revenue system,
such pledge of surplus revenues being limited to $1,000, bearing interest at any rate or rates not to
exceed the maximum interest rate authorized by law, as shall be determined within the discretion
of the Town Council of the Town at the time of issuance of the Certificates, and maturing over a
period not to exceed forty (40) years from the date of issuance, for the purposes of evidencing the
indebtedness of the Town for all or any part of the costs associated with (i) designing, developing,
constructing and acquiring drainage 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; and (v) professional services incurred
in connection with items (i) through (iv) and to pay the costs incurred in connection with the
issuance of the Certificates. The estimated combined principal and interest required to pay the
Certificates on time and in full is $4,405,706. Such estimate is provided for illustrative purposes
only, and is based on an assumed interest rate of approximately 2.75%. Market conditions
affecting interest rates vary based on a number of factors beyond the control of the Town, and the
Town cannot and does not guarantee a particular interest rate associated with the Certificates. As
of the date of this notice, the aggregate principal amount outstanding of tax -supported debt
obligations of the Town is $31,684,000. Based on the Town's expectations, as of the date of this
notice, the combined principal and interest required to pay all of the outstanding tax -supported
debt obligations of the Town on time and in full is $43,511,990.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 21 st day of
June, 2021.
Todd Wood
O.'
Town Secretary
Town of Westlake, Texas
vn2-49076671.1 P�,ts
CERTIFICATE FOR RESOLUTION
STATE OF TEXAS
TOWN OF WESTLAKE
I, the undersigned officer of the Town Council of the Town of Westlake, Texas, hereby
certify as follows:
1. The Town Council of the Town of Westlake, Texas, convened in a regular meeting
on the 21 s' day of June, 2021, at the regular meeting place of the Town Council, 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 Tern
Alesa Belvedere
Council Member
Chandrika Dasgupta
Council Member
Rajiv Trivedi
Council Member
Anna White
Council Member
and all of said persons were present, except the following absentee(s): ItIDy+e
thus constituting a quorum. Whereupon, among other b1.lsiness, the following was transacted at
said meeting: a written
RESOLUTION NO. 21-23
A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS,
AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION;
AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT
AND NOTICE OF SALE; AND PROVIDING FOR OTHER MATTERS INCIDENTAL
THERETO
was duly introduced for the consideration of said Town Council. It was then duly moved and
seconded that said resolution be adopted; and, after due discussion, said motion, carrying with it
the adoption of said resolution, prevailed and carried by the following vote:
S Member(s) of Town Council shown present voted "Aye."
Mernber(s) of Town Council shown present voted "No."
2. A true, full and correct copy of the aforesaid resolution adopted at the meeting
described in the above and foregoing paragraph is attached to and follows this certificate; that said
resolution has been duly recorded in said Town Council's minutes of said meeting; that the above
#8073026.1
and foregoing paragraph is a true, full and correct excerpt from said Town Council's minutes of
said meeting pertaining to the adoption of said resolution; that the persons named in the above and
foregoing paragraph are the duly chosen, qualified and acting officers and members of said Town
Council as indicated therein; that each of the officers and members of said Town Council was duly
and sufficiently notified officially and personally, in advance, of the date, hour, place and purpose
of the aforesaid meeting, and that said resolution would be introduced and considered for adoption
at said meeting, and each of said officers and members consented, in advance, to the holding of
said meeting for such purpose; that said meeting was open to the public as required by law; and
that public notice of the date, hour, place and subject of said meeting was given as required by
Chapter 551, Texas Government Code.
SIGNED AND SEALED this 21 5* day of Jane , 2021.
ev�
* Tod Wood
Town Secretary
Town of Westlake. Texas
[SEAL] _ TEXAS
#8073026.1 -2-
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 Towii, 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.
4o
A -I
94098890.1
CERTIFICATE FOR RESOLUTION
STATE OF TEXAS
TOWN OF WESTLAKE
I, the undersigned officer of the Town Council of the Town of Westlake, Texas, hereby
certify as follows:
1. The Town Council of the Town of Westlake, Texas, convened in a regular meeting
on the 21'" day of June, 2021, at the regular meeting place of the Town Council, 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 Tern
Alesa Belvedere
Council Member
Chandrika Dasgupta
Council Member
Rajiv Trivedi
Council Member
Anna White
Council Member
and all of said persons were present, except the following absentee(s): /Done
thus constituting a quorum. Whereupon, among other business, the following was transacted at
said meeting: a written
RESOLUTION NO. 21-23
A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS,
AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION;.
AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT
AND NOTICE OF SALE; AND PROVIDING FOR OTHER MATTERS INCIDENTAL
THERETO
was duly introduced for the consideration of said Town Council. It was then duly moved and
seconded that said resolution be adopted; and, after due discussion, said motion, carrying with it
the adoption of said resolution, prevailed and carried by the following vote:
EST�9r
S Member(s) of Town Council shown present voted "Aye."
(� Member(s) of Town Council shown present voted "No."
rrrx PS,
2. A true, full and correct copy of the aforesaid resolution adopted at the m(�Ptin-`°
described in the above and foregoing paragraph is attached to and follows this certificate; that said
resolution has been duly recorded in said Town Council's minutes of said meeting; that the above
#8073026.1
and foregoing paragraph is a true, full and correct excerpt from said Town Council's minutes of
said meeting pertaining to the adoption of said resolution; that the persons named in the above and
foregoing paragraph are the duly chosen, qualified and acting officers and members of said Town
Council as indicated therein; that each of the officers and members of said Town Council was duly
and sufficiently notified officially and personally, in advance, of the date, hour, place and purpose
of the aforesaid meeting, and that said resolution would be introduced and considered for adoption
at said meeting, and each of said officers and members consented, in advance, to the holding of
said meeting for such purpose; that said meeting was open to the public as required by law; and
that public notice of the date, hour, place and subject of said meeting was given as required by
Chapter 551, Texas Government Code.
SIGNED AND SEALED this 2/*� day of Jvn t 12021.
[SEAL]
rE X P5
#8073026.1 -2-
`r/
Todd ood 4
Town Secretary
Town of Westlake, Texas
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 21st day of
.Lune, 2021.
Todd Wood
Town Secretary
Town of Westlake, Texas
48073026.1 -2-
�e5 z1 -23
TOWN OF WESTLAKE
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the Town Council of the Town of Westlake, Texas (the
"Town"), will meet at the Town Council Chambers, 1500 Solana Boulevard
Builduig 7, Suite 7200 Westlake, TX 76262, at 5:00 p.m., on the 23rd day of August, 2021 (unless
alternative meeting arrangements are required to address public health concerns, which meeting
arrangements will be specified in the notice of such meeting posted in accordance with applicable law),
which is the time and place tentatively set for the passage of an ordinance and such other action as may be
deemed necessary to authorize the issuance of the Town's Combination Tax & Revenue Certificates of
Obligation, Series 2021 (the "Certificates"), in the maximum aggregate principal amount not to exceed
$3,400,000, payable from the levy of a direct and continuing ad valorem tax against all taxable property
within the Town sufficient to pay the interest on this series of Certificates as due and to provide for the
payment of the principal thereof as the same matures, as authorized by Chapter 271, Subchapter C, Texas
Local Government Code, as amended, and from all or a part of the surplus revenues of the Town's water
and wastewater revenue system, such pledge of surplus revenues being limited to $1,000, bearing interest
at any rate or rates not to exceed the maximum interest rate authorized by law, as shall be determined within
the discretion of the Town Council of the Town at the time of issuance of the Certificates, and maturing
over a period not to exceed forty (40) years from the date of issuance, for the purposes of evidencing the
indebtedness of the Town for all or any part of the costs associated with (i) designing, developing,
constructing and acquiring drainage 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; and (v) professional services
incurred in connection with items (i) through (iv) and. to pay the costs incurred in connection with the
issuance of the Certificates. The estimated combined principal and interest required to pay the Certificates
on time and in full is $4,405,706. Such estimate is provided for illustrative purposes only and is based on
an assumed interest rate of approximately 2.75%. Market conditions affecting interest rates vary based on
a number of factors beyond the control of the Town, and the Town cannot and does not guarantee a
particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal
amount outstanding of tax -supported debt obligations of the Town is $31,684,000. Based on the Town's
expectations, as of the date of this notice, the combined principal and interest required to pay all of the
outstanding tax -supported debt obligations of the Town on time and in full is $43,511,990.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 21st day of June, 2021.
Ae Z41I.—L
Todd Wood
Town Secretary
Town of Westlake, Texas
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TEC'
DM-#8076671.1