RES 2025-09 Notice of Intent to Issue Certicicates of Obligation RESOLUTION NO. d Oa-6-01
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB, TEXAS, AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION; APPROVING
THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT AND
A NOTICE OF SALE; AND PROVIDING FOR THE EFFECTIVE DATE
THEREOF.
WHEREAS, the Town Council (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 one or more series, in an amount not to exceed $8,150,000 and in accordance with
the notice hereinafter set forth;
WHEREAS, the Town desires to approve the preparation of a preliminary official
statement (the "Preliminary Official Statement") and the preparation of a notice of sale ("Notice
of Sale") if the Certificates are issued in a competitive sale, in anticipation of its issuance of the
Certificates;
WHEREAS, the Town Council has found and determined that a notice of intention to
issue certificates of obligation should be published in accordance with the requirements of
section 271.049 of the Texas Local Government Code; and
WHEREAS, it is hereby found and determined that the meeting at which this resolution
is considered is open to the public as required by law, and public notice of the time, place and
purpose of said meeting was given as required by Chapter 551, Texas Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF TROPHY CLUB, TEXAS:
Section 1. The findings, 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 which 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.
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Section 4. For purposes of section 1.150-2(d) of the Treasury Regulations, this
Notice serves as the Town's official declaration of intent to use proceeds of the Certificates to
reimburse itself from Certificates issued 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 of with the project to which such expenditure relates is placed
in service or abandoned, but in no event more than three years after the original expenditure is
paid.
Section 5. The Mayor, Town Manager, the Director of Finance, Town Secretary and
other appropriate officials of the Town, the Town's financial advisor and bond counsel are
authorized and directed to proceed with the preparation of the Preliminary Official Statement and
the Notice of Sale, if any, and to make other necessary arrangements for the sale of the
Certificates at a future meeting of the Town Council of the Town.
Section 6. The Town hereby authorizes the preparation and distribution of a Notice
of Sale (if a competitive sale) and Preliminary Official Statement relating to the Certificates and
authorizes the Director of Finance or Town Administrator to approve the final form of and deem
final such Preliminary Official Statement within the meaning and for the purposes of paragraph
(b)(1) of Rule 15c2-12 of the United States Securities and Exchange Commission.
Section 7. The Mayor, Town Administrator, or the 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 from and after its passage by
the Town Council of the Town.
(Signature page follows)
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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 25th day of August, 2025, 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 2025 (the "Certificates"), in the maximum aggregate principal amount not to
exceed $8,150,000, 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
twenty-two (22) 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, constructing,
improving, and renovating the Town's existing storage and maintenance facility used for parks
and public work purposes, (ii) designing, developing, constructing, improving, extending, and
expanding streets, thoroughfares, sidewalks, bridges, and other public ways of the City,
including streetscaping, street facilities, streetlighting, right-of-way protection, utility relocation,
and related storm drainage improvements; and acquiring rights-of-way in connection therewith,
(iii) professional services incurred in connection with items (i) and (ii) 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 $11,469,775. Such estimate is
provided for illustrative purposes only and is based on an assumed interest rate of approximately
4.75%. 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 $20,800,000. 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 $25,675,000.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE TOWN, this 23rd day of
June, 2025.
/s/Tammy Dixon, Town Secretary
Town of Trophy Club, Texas
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INTRODUCED, READ AND PASSED by the affirmative vote of the Town Council of
the Town of Trophy Club, Texas this 23rd day of June, 2025.
Je ett i y ayor
ATTEST:
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Tammy Dixo Townecretary
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Resolution Authorizing Notice of Intent to Issue Certificates of Obligation
CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
TOWN OF TROPHY CLUB §
On the 23rd day of June, 2025 the Town Council of the Town of Trophy Club, Texas,
convened in a regular meeting at the regular meeting place thereof, the meeting being open to the
public and notice of said meeting, giving the date, place and subject thereof, having been posted
as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of
the duly constituted officers and members of the Town Council, which officers and members are
as follows:
Jeannette Tiffany, Mayor Stacey Bauer )
Rhylan Rowe, Mayor Pro Tem Jeff Beach )
Dennis Sheridan ) Members of
Gary Ash ) the Council
Steve Flynn )
)
and all of said persons were present except Sk-rxe.P1f u-ey , thus
constituting a quorum. Whereupon, among other business, a wvritten resolution bearing the
following caption was introduced:
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB, TEXAS, AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION; APPROVING
THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT AND
A NOTICE OF SALE; AND PROVIDING FOR THE EFFECTIVE DATE
THEREOF.
The Resolution, a full, true and correct copy of which is attached hereto, was read and
reviewed by the Town Council.
Thereupon, it was duly moved and seconded that the Resolution be finally passed and
adopted.
The Presiding Officer put the motion to a vote of the members of the Town Council, and
the Resolution was finally passed and adopted by the following vote:
AYES: (p NAYS: 0 ABSTENTIONS: T)
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THIS CERTIFICATE IS CERTIFIED TO BE TRUE AND CORRECT, and to correctly
reflect the duly constituted officers and members of the Town Council of said Town, and the
attached and following copy of said Resolution is hereby certified to be a true and correct copyrA
of an official copy thereof on file among the official records of the Town, all on this the a3
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day of dt,.n�,c..) , 2025.
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Town Secretary,
Town of Trophy Club, Texas
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Certification for Resolution