12-041 SOUTHLAKE PARKS DEVELOPMENT CORPORATION
RESOLUTION NO. 12 - 041
A Resolution Relating to the Use of Revenues in Support of the City of
Southlake, Texas, Tax and Waterworks and Sewer System (Limited Pledge)
Revenue Certificates of Obligation, Series 2012 and Resolving Other Matters
Incident and Related Thereto
WHEREAS, the Southlake Parks Development Corporation (the "Corporation ") collects
a sales and use tax as voted and approved by the voters of the City of Southlake, Texas (the
"City ") and as provided by law;
WHEREAS, the City desires to acquire, construct, improve and equip park and recreation
facilities, including the acquisition of land therefor (the "Project ") and proposes to issue "City of
Southlake, Texas, Tax and Waterworks and Sewer System (Limited Pledge) Revenue
Certificates of Obligation, Series 2012" (the "Certificates ") to finance the Project and other
projects;
WHEREAS, the Board of Directors (the "Board ") of the Corporation desires to
contribute a pro rata portion of said sales and use tax to the City so that the portion of the
Certificates related to the park and recreation facilities may be viewed as supported by the
revenues made available to the City from the Corporation; now, therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SOUTHLAKE
PARKS DEVELOPMENT CORPORATION THAT:
Section 1. The Board hereby agrees to contribute to the City a portion of the sales
and use tax revenues (the "Revenues ") received from the Comptroller of Public Accounts of the
State of Texas for and on behalf of the Corporation to support that portion of the Certificates
related to financing park and recreation facilities to be constructed by the City. The
Corporation's commitment to contribute the Revenues to the City as set forth herein shall
continue for such time as the Certificates are no longer outstanding.
Section 2. The recitals contained in the preamble hereof are hereby found to be true,
and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a
part of the judgment and findings of the Board.
Section 3. All orders, ordinances and resolutions, or parts thereof, which are in
conflict or inconsistent with any provision of this Resolution are hereby repealed to the extent of
such conflict, and the provisions of this Resolution shall be and remain controlling as to the
matters resolved herein.
Section 4. This Resolution shall be construed and enforced in accordance with the
laws of the State of Texas and the United States of America.
Section 5. If any provision of this Resolution or the application thereof to any person
or circumstance shall be held to be invalid, the remainder of this Resolution and the application
Resolution No. 12 -041
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of such provision to other persons and circumstances shall nevertheless be valid, and the Board
hereby declares that this Resolution would have been enacted without such invalid provision.
Section 6. 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 Chapter 551, Texas Government Code, as amended.
Section 7. This Resolution shall be in force and effect from and after its final
passage, and it is so resolved.
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Resolution No. 12 -041
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PASSED AND ADOPTED on the 77-I day of /qC ..6 , 2012.
SOUTHLAKE PARKS DEVELOPMENT
CORPORATION
President /
ATTEST:
Secretary
Resolution No. 12 -041
Approved by City Council 8/7/12
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