05-70 - O TOWN OF PROSPER,TEXAS ORDINANCE NO. 05.70
AN ORDINANCE OF THE TOWN OF PROSPER, TEXAS ADOPTING A BUDGET AND
APPROPRIATING RESOURCES FOR THE PROSPER ECONOMIC DEVELOPMENT
CORPORATION BUDGET YEAR BEGINNING OCTOBER 1, 2005; PROVIDING FOR
REPEALING, SAVINGS AND SEVERABILITY CLAUSES; PROVIDING FOR AN EFFECTIVE
DATE OF THIS ORDINANCE; AND PROVIDING FOR THE PUBLICATION OF THE CAPTION
HEREOF.
WHERAS, pursuant to the laws of the State of Texas and the Bylaws of the Town of Prosper, Texas
("Prosper") Prosper Economic Development Corporation ("PEDC"), the budget covering the proposed expenditures
for the fiscal year beginning October 1, 2005 and ending September 30, 2006, was
filed with the Town Secretary (the "budget"). A copy of the budget is attached hereto as Exhibit"A"and incorporated
for all purposes; and
WHEREAS, a public hearing was held by the Town Council of the Town of Prosper, Texas("Town Council")
on said budget on August 23, 2005, at which time said budget was fully considered, and interested taxpayers were
given the opportunity to be heard by the Town Council; and
WHEREAS, the Town Council has studied the budget and listened to the comments of the taxpayers at the
public hearing and has investigated and determined that adoption of the budget is in the best interest of the Town;
and
WHEREAS, the Town Council finds that all legal notices, hearings, procedures and publishing requirements
for the adoption of the budget have been performed or completed in the manner and form set forth by law.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS:
SECTION 1: Findings Incorporated. The findings set forth above are incorporated into the body of this
Ordinance as if fully set forth herein.
SECTION 2: Adoption of Budget. The proposed budget estimate of revenues and expenditures for the
PEDC, attached hereto as Exhibit 'A', as presented by the Board of Directors of the PEDC and appropriated by the
Town Council for the fiscal year beginning October 1, 2005 and ending September 30, 2006, is hereby approved and
adopted.
SECTION 3: Proposed 2005-2006 Expenditures. The proposed fiscal year 2005-2006 estimate of
expenditures for the PEDC is$279,290.18.
SECTION 4: Savings/Repealing Clause. All provisions of any ordinance in conflict with this ordinance are
hereby repealed; but such repeal shall not abate any pending prosecution from being commenced for any violation if
occurring prior to the repeal of the Ordinance. Any remaining portions of conflicting ordinances shall remain in full
force and effect.
SECTION 5: Severability. Should any section, subsection, sentence, clause or phrase of this
Ordinance be declared unconstitutional or invalid by a court of competent jurisdiction, it is expressly provided that any
and all remaining portions of this Ordinance shall remain in full force and effect. Prosper hereby declares that it
would have passed this Ordinance, and each section, subsection, sentence, clause, or phrase thereof irrespective of
the fact that any one or more sections, subsections, sentences, clauses, or phrases be declared unconstitutional or
invalid.
ORDINANCE 05-70 APPROVING THE PEDC BUDGET FOR FISCAL YEAR 2005-2006—Page 1 of 2
SECTION 6: Effective Date. This Ordinance shall become effective from and after its adoption and
publication as required by law.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, ON
THIS 13TH DAY OF SEPTEMBER, 2005.
CHAR ISWA ', MAYOR
ATTEST TO:
S nae Jennings,Tow ecretary
ORDINANCE 05-70 APPROVING THE PEDC BUDGET FOR FISCAL YEAR 2005-2006—Page 2 of 2