RES. 2021-05 - Notice of Intent - Certificate of Obligation RESOLUTION NO. 2021-05
A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB,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 Trophy Club, 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
BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB,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 later 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, SAMCO Capital 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]
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PASSED AND APPROVED on this the 22nd day of June, 2021 by the Town Council of
the Town of Trophy Club, Texas.
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Town of Trophy Club, Texas of Trophy Club, Texas
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the Town Council of the Town of Trophy Club, Texas
(the "Town"), will meet at the Town Council Chambers, 1 Trophy Wood Drive
Trophy Club,TX 76262, at 7:00 p.m.,on the 24th 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$4,500,000,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 municipal drainage utility 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 park 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 City, including streetscaping, streetlighting, right-of-way protection,
utility relocation, and related storm drainage improvements; and acquiring rights-of-way in
connection therewith, (iv)professional services incurred in connection with items (i)through (iii)
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 $5,545,063.
Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate
of approximately 3.00%. 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 $19,219,000. 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
$22,716,199.
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WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 22nd day of
June, 2021.
Leticia Vacek
Town Secretary
Town of Trophy Club, Texas
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B-1
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CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS §
COUNTY OF TROPHY CLUB §
1,the undersigned officer of the Town Council of the Town of Trophy Club,Texas,hereby
certify as follows:
1. The Town Council of the Town of Trophy Club, Texas, convened in a regular
meeting on the 22nd 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:
Alicia Fleury Mayor
Greg Lamont Mayor Pro Tern , Place 1
Greg Wilson Council Member, Place 2
Dennis Sheridan Council Member, Place 3
Karl Monger Council Member, Place 4
Michael Geraci Council Member, Place 5
Philip Shoffner Council Member, Place 6
and all of said persons were present,except the following absentee(s): none ,
thus constituting a quorum. Whereupon, among other business, the following was transacted at
said meeting: a written
RESOLUTION NO. ZO2I ' 5
A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB,TEXAS,AUTHORIZING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE 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:
Member(s)of Town Council shown present voted"Aye."
-€} Member(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
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resolution has been duly recorded in said Town Council's minutes of said meeting; that the above
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 M. o , 2021.
OF Z ROPY} 0
OL-4ticht.Vacek
OTown Secretary
t,.. Town of Trophy Club, Texas
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