HomeMy WebLinkAbout2016-0719 Resolution expressing official intent reimburse w proceeds of obligations issued for water improvements SWIFTRESOLUTION NO. 2016-0719 TROPHY CLUB MUNICIPAL UTILITY DISTRICT N0.1 RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE WITH PROCEEDS OF OBLIGATIONS ISSUED TO FINANCE IMPROVEMENTS TO THE DISTRICT'S WATER SUPPLY AND DISTRIBUTION SYSTEM DEEMED NECESSARY TO PROVIDE WATER SERVICE TO CUSTOMERS OF THE DISTRICT '• WHEREAS, the Board of Directors of Trophy Club Municipal Utility No. I, (the "District") desires to finance the costs of improving, constructing, reconstruction and/or equipping of water supply and distribution facilities as provided in Exhibit A (the "Project"); WHEREAS, the District intends to finance the improving, construction, reconstruction and/or equipping of the Project or portions of the Project with the proceeds of the sale of revenue bonds or other forms of debt, the interest upon which is excluded from gross income for federal income tax purposes (the "Obligations"); and WHEREAS, prior to the issuance of the Obligations the District desires to incur certain capital expenditures (the "Expenditures") with respect to the Project from available moneys of the District; and WHEREAS, the Board of Directors has determined that those moneys to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the District for the Expenditures from the proceeds of the Obligations; WHEREAS, the District finds, considers, and declares that the reimbursement of the District for the payment of such expenditures will be appropriate and consistent with the lawful objectives of the District and, as such, chooses to declare its intention to reimburse itself for such payments at such time as it issues obligations to finance the Projects, as permitted by Section 1201.042(c) ofthe Texas Government Code; NOW, THEREFORE, THE BOARD OF DIRECTORS OF TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1, DOES HEREBY RESOLVE, ORDER, AND DETERMINE AS FOLLOWS: SECTION 1. The District hereby states its intention and reasonably expects to reimburse Project costs incurred prior to the issuance of the Obligations with proceeds of the Obligations. Exhibit A to Resolution 2016-0719 describes the general character, type, purpose, and function ofthe Project. SECTION 2. The reasonably expected maximum principal amount of the Obligations is $4,645,000. SECTION 3. This resolution is being adopted not later than 60 days after the payment of the original Expenditures (the "Expenditures Dates or Dates"). SECTION 4. As required by Section 1201.042(c) of the Texas Government Code, all costs to be reimbursed will be attributable to the Project, and the District will reimburse itself for such costs promptly following the issuance of obligations issued by the District to finance the Project.
SECTION 5. This resolution is consistent with the budgetary and financial circumstances of the District, as of the date hereof. No moneys from sources other than the Obligations are, or are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside by the District (or any related party) pursuant to their budget or financial policies with respect to the Project costs. To the best of our knowledge, this Board is not aware of the previous adoption of official intents by the District that have been made as a matter of course for the purpose of reimbursing expenditures and for which tax-exempt obligations have not been issued. SECTION 6. This resolution is adopted as official action of the District in order to comply with Section 1201.042(c) of the Texas Government Code and any other regulations relating to the qualification for reimbursement of District expenditures incurred prior to the date of issue ofthe Obligations. SECTION 7. All the recitals in this resolution are true and correct and this Board of Directors so finds, determines and represents. ADOPTED, SIGNED AND APPROVED this 19th day of July, 2016. :James Hase, Secretary/Treasurer Board of Directors TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I By: Kevin R. Carr, President Board of Directors
EXHIBIT A City of Fort Worth Construction of 30-Inch Water Main and Allocated Capacity Construction of a 30-inch water main along SH 170 from N. Beach Street to 13590 Denton Highway to provide additional water capacity in the northeast sector of Fort Worth including TCMUD No. I.
CERTIFICATE FOR RESOLUTION STATE OF TEXAS § COUNTY OF DENTON § COUNTY OFT ARRANT § I, the undersigned Secretary ofTROPHY CLUB MUNICIPAL UTILITY DISTRICT NO.1, TROPHY CLUB, TEXAS (the "District"), hereby certify as follows: 1. The Board of Directors of Trophy Club Municipal Utility District No. 1 convened in a meeting on the 19th day of July, 2016, at the designated meeting place, and the roll was called of the duly constituted directors of said Board, to-wit: Kevin R. Carr, President Greg Wilson, Vice President Jim Hase, Secretary/Treasurer Jim Thomas, Director Bill Rose, Director and all of said persons were present, except the following absentees: Q ( )\""\12.-, thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE WITH PROCEEDS OF OBLIGATIONS ISSUED TO FINANCE IMPROVEMENTS TO THE DISTRICT'S WATER SUPPLY AND DISTRIBUTION SYSTEM DEEMED NECESSARY TO PROVIDE WATER SERVICE TO CUSTOMERS OF THE DISTRICT was duly read. 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: A YES:_Q_ NOES: 0 ABSTENTIONS:-1Zl.-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; said Resolution has been duly recorded in said District's minutes of said Meeting; the above and foregoing paragraph is a true, full, and correct excerpt from said Board of Director's minutes of said Meeting pertaining to the adoption of said Resolution; the persons named in the above and foregoing paragraph are the duly chosen, qualified, and acting officers and members of said District Board of Directors as indicated therein; each of the officers and members of said Board of Directors was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered for adoption at said Meeting; and said Meeting 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. SIGNED AND SEALED the 19th day of July, 2016. La rie Slaght, District Seer ta Trophy Club Municipal Uti · \\\\\\\ IIIII! 1!/;J ~\\ '{ CLUB ,fl~ .~ <)0 o o • o o 'Vf/ • ~/ '" O'"' • R • • v1/. ,.. .....: -~~ • • '"&'\A A..q.tV•. ~~ ~" .. ~~ /-·. ~ -f\..JEA 0. y-::::: :z o·1== -.w c• = :::c•o z: ::: -:;:;. :...\ 0 'I. .::::: -::::. ..... . "\. .::::-~<',....• /'. .~'"" 'l: :>-;_ •. 12XAS • • • O ~ ~ D •••••• o' ~ ij/1. 1SIRICI ~ \~ '/f/1/f Ill\\\\\\\\\