HomeMy WebLinkAboutRES 1985-058 ,�.,,$.
RESOLUTION NO. 85-58
�- � A RESOLUTION APPROVING ISSUANCE BY GRAPEVINE
INDUSTR,IAL DEVELOPMENT CORPORATION OF AN LSSUE
OF GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORA-
TION AIRPORT FACILITIES REVENUE BONDS, SERIES 1985
(AMERICAN AIRLINES, INC. PROJECT); APPROVING THE
RESOLUTION OF THE ISSUER AUTHORIZING THE BONDS,
THE ISSUANCE OF THE BONDS AUTHORIZED THEREBY,
THE PLAN OF FINANCING APPROVED THEREBY AND THE
BOND DOCUMENTS
WHEREAS, the City of Grapevine (the "Unit") has approved and authorized
the creation of Gra.pevine Industrial Development Corporation (the "Issuer") as a
Texas nonprofit corporation, pursuant to the Development Corporation Act of 1979,
as amended, Article 5190.6, Texas Revised Civil Statutes Annotated (the "Act'7, to
aet on behalf of the Unit to promote and develop industrial and manufacturing
enterprises; 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 all of part of the
„���, costs thereof; and
WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted
December 17, 1985, has authorized the issuance and sale of its Airport Facilities
�-. Revenue Bonds, Series 1985 (American Airlines, Inc. Project) (the "Bonds"), in an
aggregate principal amount of $97,300,000, and by the Bond Resolution has also
authorized a Loan Agreement with American Airlines, Inc. (the "Company") wherein
the Issuer agrees to issue and sell the Bonds to provide funds to finance a certain
project of the Company (the "Project") loeated within the Unit and the payment and
retirement of the "Prior Bonds" (as defined in the Bond Documents), and certain
other agreements of the Issuer in connection therewith; and
WHEREAS, the Aet requires that the governing body of the Unit approve, by
written resolution, any agreement to issue bonds approved by the Issuer; and
WHEREAS, Seetion 103(k) of the Internal Revenue Code of 1954, as ameiided,
requires the Unit's approval of the issuance of the Bonds and authorizes its approval
of a plan of financing additional faeilities related to the Project after a public
hearing following reasonable public notice; and
WHEREAS, an authorized Hearing Officer of the Issuer eonducted such a
public hearing on December 5, 1985, following publication of notice thereof; and
WHEREAS, this City Council has reviewed the Bond Resolution and the
minutes relative thereto and, by adoption of this Resolution, intends to approve the
Bond Resolution, the issuance of the Bonds, the plan of financing approved by the
� Bond Resolution and all agreements, contracts and documents to which the Issuer is
a party (the "Bond Doeuments'7 and to make the findings required by the Act to
approve the Project and the payment and retirement of the Prior Bonds;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section l. The Unit, acting by and through through this City Council, hereby
approves:
(a) the Bond Resolution and the plan of financing approved thereby;
(b) the issuanee of the Bonds in the amount and for the purposes referred
to in the preambles hereof and as described in the Bond Documents; and
(c) the Bond Documents, copies of which are on file among the reeords
of this meeting.
Section 2. The Unit, acting by and through this City Council, hereby assigns
to the Issuer that amount of the state private activity bond ceiling, available to
bond issuing authorities in the State of Texas under Section 103(n) of the Code, that
is allocated to the Unit with respect to the Bonds pursua.nt to House Bill 690, 69th
Legislatu.re, Regular Session, 1985.
Section 3. This Resolution shall take effect immediately from and after its
adoption.
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PASSED AND APPROVED this December 17, 1985.
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Nlayor, City of Grapevine, Texas
ATTEST:
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Cit, 5ecretary, City of Grapevine, Texas
[SEAL]
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