HomeMy WebLinkAboutRES 1993-010 � RFSOLUT'ION NO. 93-10
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A RESOLUTTON APPROVING ISSUANCE BY GRAPEVINE INDUSTRIAL
DEVELOPMENT CORPORATION OF AN ISSUE OF VARIABLE RATE �
DEMAND AIRPORT IMPROVEMENT REVENUE REFUNDING BONDS
(SOUTHERN AIR TRANSPORT, INC. - SIMUFLIT'E TRAINING
INTERNATIONAL PROJEC1� SERIES 1993; AND APPROVING THE
RESOLUTION OF THE ISSUER AUTHORIZING THE REFUNDING BONDS,
THE ISSUANCE OF THE REFUNDING BONDS AUTHORIZED THEREBY,AND
THE BOND DOCUMENT'S
WHEREAS, the City of Grapevine, Texas (the "Unit"), has heretofore approved and
authorized the creation nf the Grapevine Industrial Development Corporation (the "Issuer") as a
Texas nonprofit corporation, pursuant to the Development Corporation Act of 1979, as amended,
(the "Act"), to act on behalf of the Unit to promote and develop transportation facilities; and
WHEREAS, the Issuer is authorized by the Act to issue its revenue bonds on behalf of the
Unit for the purpose of paying all or part of the costs of a "project", as defined in the Act, and to
loan the proceeds thereof to finance or re�nance all or part of the costs thereof; and
WHEREAS, the Issuer, by its resolution (the "Bond Resolution") has authorized the issuance
and sale of its Variable Rate Demand Airport Improvement Revenue Refunding Bonds (Southern
Air Transport, Inc. -SimuFlite Training International Project) Series 1993 (the "Ref�Bonds"),
. in an aggregate principal amount of $31,900,000 to provide a portion of the funds to refinance a
�<; : certain project of Southern Air Transport, Inc. (the "Project") located within the Unit, and has
authorized certain agreements of the Issuer in connection therewith (collectively, such agreements
shall be referred to as the "Bond Documents"); and
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WHEREAS, the Act requires that the governing body of the Unit approve, by written
resolution, any agreement to issue bonds approved by the Issuer; and
WHEREAS, this City Council has reviewed the proposed Bond Resolution and, by adoption
of this Resolution, intends to approve the Bond Resolution, the issuance of the Refunding Bonds,
the plan of financing approved by the Bond Resolution, and the Bond Documents and to make the
findings required by the Act to approve the refunding of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1. The Unit, acting by and through this City Council, hereby approves:
(a) the refunding of the Project;
(b) the Bond Resolution and the plan of financing approved thereby;
(c) the issuance of the Refunding Bonds in the amount and for the purposes referred to
in the preambles hereof and as described in the Bond Documents; and
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(d) the Bond Documents, copies of which are on file among the records of this meeting.
�.� Section 2. This Resolution shall take effect immediately from and after its adoption.
DCP-HBBF.135-6
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PASSED AND APPROVED this February 16, 1993.
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Mayor, City of Grapevine, Texas
ATTFST:
' S etary,
Ciry of Grapevine, Texas
[SEAL)
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DCP•HBBF.135-6
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' MINUTES AND CERTIFICATION
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STATE OF TEXAS § .
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CITY OF GRAPEVINE §
On the 16th day of February, 1993,the City Council of the City of Grapevine,Texas,convened
in Regular Meeting at the regular meeting place thereof in the City Hall, the meeting being open
to the public and notice of such meeting, giving the date, hour, place, and subject thereof, having
been posted as prescribed by Article 6252-17, TEX. REV. CIV. STAT. ANN., as amended, and the
roll of the duly constituted officers and members of the City Council was called, which officers and
members are as follows, to-wit:
William D. Tate, Mayor Gil Traverse )
Ted R. Ware, Mayor Pro-Tem C. Shane Wilbanks )
Linda Huff, City Secretary Sharron Spencer ) Councilmembers
Will Wickman )
Jerry L. Pittman )
and all of such persons were present,except the following absentees: Sha rron Spencer ,
thus constituting a quorum. Whereupon, among other business, the following was transacted, to-wit:
a written Resolution bearing the following caption was introduced:
A Resolution approving issuance by Grapevine Industrial Development Corporation of
�,.., an issue of Variable Rate Demand Airport Improvement Revenue Refunding Bonds
(Southem Air Transport, Inc. - SimuFlite Training International Project) Series 1993;
and approving the Resolution of the Issuer authorizing the Refunding Bonds, the
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issuance of the Refunding Bonds authorized thereby, and the Bond Documents
The Resolution, a full, true, and correct copy of which is attached hereto was read and
reviewed by the City Council.
Upon motion duly made and seconded, the Resolution was finally passed and adopted by the
following vote:
AYES: Tate, Ware, Wilbanks, Traverse, Pittman and Wickman
NOES: None
ABSTENTIONS: None
The Presiding Officer then declared the Resolution passed and signed and approved the same
in the presence of the City Council.
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DCP-HBBF.135-6
� MINUTFS APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to reflect
accurately the duly constituted officers and members of the City Council of such Ciry, and the
�� attached and following copy of such Resolution is hereby certified to be a true and conect copy of
an official copy thereof on file among the official records of the City, all on this February 16, 1993.
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Mayor, Ciry of Grapevine, Texas
ATTFST:
Ciry S retary,
City of Grapevine, Texas
[SEAL]
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