ORD 2013-02• '•
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AN ORDINANCE OF THE TOWN OF TROPHY CLUB, TEXAS
AMENDING THE FY 2013 BUDGET OF THE TOWN OF TROPHY
CLUB, TEXAS; PROVIDING FOR THE INCORPORATION OF
PREMISES; PROVIDING FOR AN AMENDMENT TO APPROPRIATE
FUNDS REQUIRED FOR PAYMENT OF DEBT RESULTING FROM THE
CALLING OF THE SERIES 2002-A GENERAL OBLIGATION BONDS
(BUDGET AMENDMENT NO. 2 MAKING A SUPPLEMENTAL
APPROPRIATION IN ACCORDANCE WITH THE TOWN CHARTER);
PROVIDING A SAVINGS AND REPEALER CLAUSE; PROVIDING FOR
SEVERABILITY; PROVIDING FOR ENGROSSMENT AND
ENROLLMENT; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Trophy Club, Texas Fiscal Year 2013 Budget was
adopted within the time and in the manner required by State Law; and
WHEREAS, in that Budget, the Town Council appropriated funds for debt service
required for Series 2002-A General Obligation Bonds (2002-A GO Bonds); and
WHEREAS, the Trophy Club Economic Development Corporation 4A (EDC4A)
currently contributes 75% and the Trophy Club Economic Development Corporation 4B
(EDC4B) currently contributes 25% of the funds required for annual debt service of the
2002-A GO Bonds; and
WHEREAS, the Council took action on November 14, 2012 to approve
Resolution No. 2012-29 calling the 2002-A GO Bonds, and the completion of that
process will provide approximately $225,000 in interest savings; and
WHEREAS, the Town is currently pursuing a debt restructuring plan to eliminate
debt currently being serviced by EDC4A; and
WHEREAS, the amount required to retire the portion of the principal being
serviced by EDC4A is $660,000; and
WHEREAS, EDC4A does not have sufficient funds to retire this principal amount;
W
WHEREAS, in order to effect the Town's debt restructuring plan, the Town is
required to appropriate $660,000 from unreserved fund balance in order to pay the
principal amount due from EDC4A; and
WHEREAS, EDC413 has entered into an interlocal agreement to repay the Town
the amount of $660,000 over a period of fifteen (15) years including interest
considerations;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS:
SECTION 1.
MahAl1MR1.,f -T
That the above and foregoing premises are true and correct and are incorporated
herein and made a part hereof for all purposes.
SECTION 2.
AMENDMENT
The Town of Trophy Club, Texas, Fiscal Year 2013 Budget is hereby amended to
fund the line items as stated in Exhibit "A", a copy of which is attached hereto and
incorporated herein. This Amendment No. 2 (Exhibit "A") to the Original Budget of
the Town of Trophy Club, Texas, for the Fiscal Year 2013 shall be attached to and
made part of the Original Budget by the Town Secretary and shall be filed in
accordance with State Law. This Ordinance is hereby adopted and shall constitute the
second budget amendment that has occurred since the October 1, 2012 effective date
of the Town's Fiscal Year 2013 Budget.
SECTION 3.
SAVINGS AND REPEALER
That this Ordinance shall be cumulative of all other Ordinances of the Town
affecting the Fiscal Year 2013 Budget of the Town and shall not repeal any of the
provisions of such Ordinances except in those instances where provisions of those
Ordinances are in direct conflict with the provisions of this Ordinance; whether such
Ordinances are codified or uncodified, and all other provisions of the Ordinances of the
Town of Trophy Club, codified or uncodified, not in conflict with the provisions of this
Ordinance, shall remain in full force and effect.
SECTION 4.
SEVERABILITY
If any section, article, paragraph, sentence, clause, phrase or word in this
Ordinance, or application thereof to any person or circumstance, is held invalid or
unconstitutional by a Court of competent jurisdiction, such holding shall not affect the
validity of the remaining portions of the Ordinance, and the Town Council hereby
declares it would have passed such remaining portions of the Ordinance despite such
invalidity, which remaining portions shall remain in full force and effect.
ORD 2013-02 Page 2 of 4
SECTION 5.
ENGROSSMENT AND ENROLLMENT
The Town Secretary of the Town of Trophy Club is hereby directed to engross
and enroll this Ordinance in the Ordinance records of the Town and to properly record
this Ordinance in accordance with the Town Charter.
SECTION 6.
EFFECTIVE DATE
This Ordinance shall take effect from and after its date of passage in accordance
with law, and it is so ordained.
PASSED AND APPROVED by the Town Council of the Town of Trophy Club,
Texas, this the 7th day of January, 2013.
C nnie White, Mayor
Town of Trophy Club, Texas
[SE pF T ROph, y
ATTEST: ir
c
row
annon DePratel, Town Secretaryn of Trophy Club, Texas
APPROVED TO AS FORM:
'1A1L9LbdAM,a1
Patricia A. Adams, Town Attorney
Town of Trophy Club, Texas
ORD 2013-02 Page 3 of 4
Exhibit "A"
The Fiscal Year 2013 General Fund Expenditure Budget increase specified below is a
result of costs associated with the retirement of the 2002-A General Obligation bonds
and will be funded from an appropriation from the Town's General Fund Unassigned
Fund Balance.
Original Bud -get Amendment Amended Budgie
Transfer to Debt Service $ 0 $ 660,000 $ 660,000
ORD 2013-02 Page 4 of 4