HomeMy WebLinkAboutRes 03-26 Authorizing the Loan of 4A Sales Tax Funds to the Westlake Academy FoundationTOWN OF WESTLAKE
RESOLUTION NO. 03-26
A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF
WESTLAKE, TEXAS, AUTHORIZING THE LOAN OF 4A SALES TAX
FUNDS IN AN AMOUNT NOT TO EXCEED 525,000.00 FOR AN ECONOMIC
DEVELOPMENT PROJECT ENTITLED THE WESTLAKE ACADEMY
FOUNDATION AS AUTHORIZED IN SECTION 4A OF THE TEXAS REVISED
CIVIL STATUTES, ANN. SEC. 5190.6.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN
OF THE TOWN OF WESTLAKE, TEXAS:
SECTION 1: That the Board of Aldermen of the Town of Westlake, Texas, does
hereby authorize the loan of 4A sales tax funds in an amount not to exceed $25,000.00 for
a start up loan to the Westlake Academy Foundation as authorized in Section 4A of the
Texas Revised Civil Statutes, Ann. Sec. 5190.6.
PASSED AND APPROVED ON THIS 12T' DAY OF MAY 2003.
I 6�� A4--elze� --
Scott Bradley, Mayor
ATTEST:
7
Inge rosswy, Town ecretary Trent O. Petty, Town Njarrager
APPROVED AS TO FORM:
L. Stanton Lowry, Town Attorney
Westlake ademy Foundation �)
Start-up Budget
i;
Westlake Academy Foundation Budget 1 05/07/2003
six Month:
Ma i
June-
Au'ust,,
Se `tember
;'October>
Total
Gotriments
Revenues
Loan from 4A Dev. Corp.
$
25,000
To be reimbursed when cumulative cash is twice the loan amount.
Board Seed Funding
$
- 45,000
Seed contributions from Board of Foundation.
Charitable Donations
Do not expect to receive contributions until later in the school year.
$
25,000
$
-
$
$
$ -
$
45,000
$ 70,000
Total Revenues
Expenses
Accounting
$
50
$
50
$
50
$ 50
$ 50
$
50
Administrative
$
200
$
200
$
100
$ 100
$ 200
$
„ 200
Provided by Town; reimbursed by Foundation.
Banking
$
20
$
20
$
20
$ 20
$ 20
$
20
Monthly charges until adequate balance is maintained
Computer Services
$
200
Add Foundation to Academy Website
_CreEdLe_Q_eaWn
Krause Agency
Logo/Letterhead Design
$
3,500
Video Development
Will begin in fall, no billings until winter
Brochure/Direct Mail
Nothing in first six months
Invitations
Nothing until spring
Reimbursables
$
100
$
100
$
100
$ 100
$ 100
$
100
Delivery/Freight
$
150
$
100
$
100
$ 100
$ 200
$
200
Interest Expense
$
104
$
. 104
$
104
$ 104
$ 104
$
104
On 4A Dev. Corp. loan, simple interest @ 5%
Legal/Financial Counsel
Not expected until spring; advisement on non-cash donations
PhilanthroplGC_Onso tirtg
Dini Partners
Strategic Planning
$
5,000
$
5,000
$ 5,000
Capital campaign workshop for Board
Grant Proposals
if necessary, counsel on writing effective grant proposals.
Funding Source Indentif.
Help with Identifying foundations that might support WAR
Major Gift Solic. Training
How to "ask" training for Board.
Postage
$
50
$
50
$
50
$ 50
$ 100
$
100
Photography/Scans
Nothing in first six months
Printing/Reproduction
$
500
$
100
$
100
$ 100
$ 150
$
150
Subscriptions
$
50
$
50
$
50
$ 50
$ 50
$
50
Philanthropic, educational resources for grants
Supplies
$
50
$
50
$
50
$ 50
$' 50
$
50
Telephone
$
75
$
75
$
75
$ 75
$; 75
$
75
Video Production
Winter/early spring ($4000)
$
5,049
$
5,899
$
5,799
$ 5,799
$ 1,099
$
1,099
t
$ 24,744
Total Expenses
Net income/Deficit
$ 19,951
$ (5,899)
$ (5,799)
$ (5,799)
$', (1,099)
$ 43,901
$ 45,256
Cumulative Cash Flow
$
19,951
$
14,052
$
8,253
$ 2,454
$ 1,355
$
45,256
Debt Retirement
$
25,000
Repay 4A Development Loan
$
20,256
Cash Balance
Westlake Academy Foundation Budget 1 05/07/2003