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HomeMy WebLinkAbout2019-0218A Reimbursement Resolution Bond 2019Resolution No. 2019-0218A Reimbursement Resolution Bond 2019 CERTIFICATE FOR RESOLUTION STATE OF TEXAS COUNTIES OF DENTON AND TARRANT I, the undersigned officer of TROPHY 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 18th day of February 2019 at the designated meeting place, and the roll was called of the duly constituted directors of said Board, to -wit: Greg Wilson, President Bill Rose, Vice President Steve Flynn, Secretary/Treasurer Kelly Castonguay, Director Mark Chapman, Director and all of said persons were present, except the following absentees: kp\\LI) et(41: thus constituting a quorum. Whereupon, among other business, the followii was tran` cte at said Meeting: a written RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF IMPROVEMENT PROJECTS WITH BOND PROCEEDS 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: AYES: NOES: ABSTENTIONS: — 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. 1 of 6 SIGNED AND SEALED the 18th day of February 2019. 1, Steve F ynn, Secretary/T asurer 2 of 6 Resolution No. 2019-0218A Reimbursement Resolution Bond 2019 \\s NlU N1C jp� c>,Pp,p,N T C0 _Zo Q G . • �SE -‘•„u..="- =0°z °o_ cs,'s%?;\ llillll Resolution No. 2019-0218A Reimbursement Resolution Bond 2019 RESOLUTION NO. 2019-0218A TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF IMPROVEMENT PROJECTS WITH BOND PROCEEDS WHEREAS, the Board of Directors of Trophy Club Municipal Utility No. 1, (the "District") desires to finance the costs of constructing certain water transmission facilities as provided in Exhibit A attached hereto and incorporated herein (the "Project"); WHEREAS, the District intends to finance the Project or portions of the Project with the proceeds of the sale of revenue bonds, the interest upon which is excluded from gross income for federal income tax purposes (the "Oblizations"); 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; and 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 Project, as permitted by Section 1201.042(c) of the Texas Government Code and in accordance with the provisions of Section 1.150- 2 of the Treasury Regulations and all other applicable laws and regulations; NOW, THEREFORE, THE BOARD OF DIRECTORS OF TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1, DOES HEREBY RESOLVE 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. SECTION 2. The reasonably expected maximum principal amount of the Obligations is $7,200,000. SECTION 3. This Resolution is being adopted not later than 60 days after the payment of the original Expenditures. 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. The Board further declares that its intent to reimburse Project Expenditures is reasonable in light of the District's budgetary and financial circumstances and that 3 of 6 RESOLVED this 18th day of February 2019. ATTEST: Steve Flynn, Secretary/T Board of Directors surer Resolution No. 2019-0218A Reimbursement Resolution Bond 2019 TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 By Greg son, President Board of Directors 5 of 6 /Nun IIt0� Resolution No. 2019-0218A Reimbursement Resolution Bond 2019 the District does not have a pattern of failing to reimburse expenditures for which it declares an intention to do so. 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 of the Obligations. SECTION 7. A copy of this Resolution shall be filed in the District's office and shall be continuously available for public inspection during normal business hours at the administrative offices of the District beginning no later than ten (10) days from the date hereof and ending on and including the date of the issue of the Obligations to be issued to reimburse the District's Expenditures for the Project. SECTION 8. All the recitals in this Resolution are true and correct and this Board of Directors so finds, determines and represents. [The remainder of this page intentionally left blank.] 4 of 6 Resolution No. 2019-0218A Reimbursement Resolution Bond 2019 EXHIBIT A 1. Water transmission line improvements and related appurtenances to increase the water supply available to the District's eastern elevated storage tank located on T.W. King Road. 2. Costs relating to construction of a new wastewater treatment plant facility. 6 of 6