ORD 2006-45TOWN OF TROPHY CLUB, TEXAS
ORDINANCE NO. 2006 - 45
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS, AUTHORIZING AND APPROVING
THE TERMS AND CONDITIONS OF A NOTE AS WELL AS THE
SPECIFIED LENDER FOR THE HARMONY PARK
RECONSTRUCTION AND IMPROVEMENT LOAN WITH THE
PAYMENTS BEING FUNDED BY EDC 4A PAYABLE ANNUALLY
COMMENCING IN FISCAL 2007 AND BEING RETIRED IN
FISCAL 2017; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Council of the Town of Trophy Club is a Home Rule
municipality created under the Constitution of the State of Texas; and
WHEREAS, Harmony Park is in need of substantial improvement to and
reconstruction of it's infrastructure i.e. bathrooms, parking lots; shade structures; field
rehabilitation; lighting etc; and
WHEREAS, EDC 4A can fund capital park improvements as well as limited
operating expenses on EDC projects and has committed to fund the payment up to Sixty
Thousand dollars ($60,000) annually for 10 years; and
WHEREAS, EDC 4A has also committed to an up front grant of Sixty Thousand
dollars ($60,000) in additional to a loan amount of approximately Four Hundred and
Seventy Four Thousand dollars ($474,000) for a total amount available to be expended in
Harmony Park of approximately Five Hundred and Thirty Four Thousand dollars
($534,000); and
WHEREAS, The Town Council has historically utilized EDC funds to build and
improve the Town's park system as well as to fund loans for capital improvements to the
park system; and
WHEREAS, Several lenders were asked to provide terms for this financing and
First Financial Bank has the best terms for this type of financing,
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF TROPHY CLUB, TEXAS, THAT:
Section 1. All of the above premises are found to be true and correct and are
hereby affirmed and adopted as findings by the Town Council of the Town of Trophy
Club.
Section 2. The Town Council hereby approves the terms of this Ordinance
authorizing improvements to and reconstruction of the infrastructure at Harmony Park as
well as the Lender, First Financial Bank
Section 3. The Town Manager is hereby authorized to initiate the
improvements to and reconstruction of the Park and to execute the appropriate documents
to complete the loan for approximately Four Hundred and Seventy Four Thousand dollars
($474,000) with First Financial Bank with the debt being retired in fiscal year 2017.
Section 4. This Ordinance is hereby approved and shall become effective
immediately upon its passage.
DULY PASSED AND APPROVED this the 6th day of November, 2006.
Nick Sanders, Mayor
Town of Trophy Club, Texas
ATTEST
OF T R pyo
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Town Secretary. p r
Town of Trophy Club, Texas em
APPROVED AS TO FORM:
Town Attorney
Town of Trophy Club, Texas