2005-017OFFICIAL RECORD
15-`0L&t497 05-01-7
A RESOLUTION by the City Council of the City of Southlake, Texas, relating to
the "Southlake Parks Development Corporation Sales Tax Third Lien
Revenue Refunding Bonds, Taxable Series 2005"; approving the
resolution of the Southlake Parks Development Corporation authorizing
the issuance of such Bonds; resolving other matters incident and related
to the issuance of such Bonds; and providing an effective date.
WHEREAS, Southlake Parks Development Corporation (the "Issuer") was created by
the City of Southlake, Texas (the "City"), pursuant to the provisions of Section 4B of the
Development Corporation Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, as
amended (the "Act"); and
WHEREAS, the Issuer is empowered to issue bonds for the purpose of refunding
outstanding bonds issued on account of a "project" defined as such by the Act; and
WHEREAS, the Issuer has determined to refund the following described outstanding
bonds of the Corporation totaling in principal amount $1,135,000 (hereinafter referred to as the
Refunded Obligations"), to wit: Southlake Parks Development Corporation Taxable Sales Tax
Third Lien Revenue Bonds, Series 2001-A, dated July 15, 2001, maturing on August 15 in each
of the years 2005 through 2011; and
WHEREAS, Section 25(f) of the Act requires the City Council of the City approve the
resolution of the Issuer providing for the issuance of the Bonds no more than sixty (60) days
prior to the delivery of the Bonds; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS:
SECTION 1: The Resolution authorizing the issuance of $1,155,000 "Southlake Parks
Development Corporation Sales Tax Third Lien Revenue Refunding Bonds, Taxable Series
2005", adopted by the Issuer (the "Issuer Resolution") on March 15, 2005 and submitted to the
City Council this day, is hereby approved in all respects. The Bonds are being issued to refund
the Refunded Obligations (identified in the preamble hereof).
SECTION 2: The approvals herein given are in accordance with Section 25(f) of the
Act and the Issuer's bylaws, and the Bonds shall never be construed an indebtedness or pledge
of the City, or the State of Texas (the "State"), within the meaning of any constitutional or
statutory provision, and the owner of the Bonds shall never be paid in whole or in part out of any
funds raised or to be raised by taxation (other than sales tax proceeds as authorized pursuant to
Section 4B of the Act) or any other revenues of the Issuer, the City, or the State, except those
revenues assigned and pledged by the Issuer Resolution.
SECTION 3: The City hereby agrees to promptly collect and remit to the Issuer the
Gross Sales Tax Revenues (as defined in the Issuer Resolution) in accordance with the terms
of the Issuer Resolution and the Act to provide for the prompt payment of the Bonds, and to
assist and cooperate with the Issuer in the enforcement and collection of sales and use taxes
imposed on behalf of the Issuer.
45579006.1
SECTION 4: It is officially found, determined, and declared that the meeting at which
this Resolution is adopted was open to the public and public notice of the time, place, and
subject matter of the public business to be considered at such meeting, including this
Resolution, was given, all as required by V.T.C.A., Government Code, Chapter 551, as
amended.
SECTION 5: This Resolution shall be in force and effect from and after its passage on
the date shown below.
remainder of page left blank intentionally)
45579006.1 2
PASSED AND ADOPTED, this March 15, 2005.
CITY OF SOUTHLAKE, TEXAS
ayor
ATTEST:
O•.• •.•
City Secretary : a
do
City Seal)-','•',;**..`'`,•
45579006.1 3