ORD 2013-03Lei V ! WrAl I •
AN ORDINANCE OF THE TOWN OF TROPHY CLUB, TEXAS
AMENDING THE FISCAL YEAR 2013 BUDGET FOR THE TROPHY
CLUB ECONOMIC DEVELOPMENT CORPORATION 413; 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. 1
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.
- Trophy Club EconomicDevelopment s •s : • : N
Fiscal Year 2013 Budgetadopted within the time and in the manner required by
State Law; •
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 EDC413 currently contributes 25% of the
funds required for annual debt service of the 2002-A GO Bonds; and
WHEREAS, the 2002-A GO Bonds became callable as of September 1, 2012;
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 Council took action on January 7, 2013 to approve Budget
Amendment Number 2 to the Town General Fund Budget appropriating sufficient funds
from unassigned fund balance to satisfy the EDC4A portion of principal; 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 and interest
being serviced by EDC413 is $234,533; and
WHEREAS, the EDC413 Budget currently appropriates $26,783 for debt service
and this amendment calls for an appropriation from unassigned fund balance for the
remaining $207,750 necessary; and
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS:
SECTION 1.
INCORPORATION OF PREMISES
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 Trophy Club Economic Development Corporation 4B (EDC413) 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. 1 (Exhibit
"A") to the Original Budget of the Trophy Club EDC413, 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 'first budget amendment that has occurred since the October 1, 2012
effective date of the Trophy Club EDC413'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 Trophy Club EDC413 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 2013-03 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 21't day of January, 2013.
C6nnie White, Mayor
Town of Trophy Club, Texas
[SEAL]
affi-mv
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WINVArIT701qtr
1,Shannon -DeP r, ToW-n Secretary
Town of Trophy Club, Texas
P -R-1, Mv
Patricia A. Adams, Town Attorney
Town of Trophy Club, Texas
ORD 2013-03 Page 3 of 4
Exhibit "A"
Trophy Club Economic Development Corporation 4B
Budget Amendment No. 1
The Fiscal Year 2013 Trophy Club Economic Development Corporation 4B 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
Trophy Club Economic Corporation 4B unassigned fund balance.
Original Budget Amendment Amended Budget
Transfer to Debt Service $ 26,783 $ 207,750 $ 234,533
ORD 2013-03 Page 4 of 4