HomeMy WebLinkAboutRES 1984-044 � `"
RESOLL TIO!V ti 0. 84-44
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A RESOLUTIGV APPROVING ISSUANCE BY GRAPEVINE
INDUSTRIAL DEtiELOP'.VIENT CORPOR:�iION OF �N ISSUE
OF GRAPEVI�VE INDUSTRiAL DEVELOPMENT
CORPORATION (NDUSTRIAL DEVELOP'.VIE�,`T REVENL'E
BONDS {THE KING INTERESTS CORP. PROJE{:T) SERIES
1984; �PPROVING THE RESOL[TTION OF THE ISSUER
AtiTHORIZING THE BONDS, THE ISSUANCE OF THE SONDS
AUTHORIZED THEREBY �ND THE PLAN OF FIN�NCING
APPROVED THEREBY AVD THE BOND DOCL''�1ENTS
WHEREAS, the �.:ity of Grapevine (the "L?nit") has approved :�.nd authorized
the creation of Grapevi��e Iiidustria.l Development Corporation (the "Issuer") as a
Texas nonprofit corporation, pursuant to the De�elopment ('ocpora,tion 3ct of 1979,
as amended, _�rticle �190.6, tiernon's Aruiotated Tesas Civil Statutes (the "Act"), to
act on behalt of the Lrnit to �romote �,nd develop industri�.l a.nd ma.ciufacturing
enterprises; asid
WHEREAS, the [ssuer is authorized by the act to issue its revenue bonds on
behalf of the Unit for the purpose of paying all or pa.rt of the costs of a "project", as
�„y�, defined in the �et, a,�id to loaai the proceeds thereof to tinance all of part of the
costs thereof; and '
WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted October
'��� 2, 1984, has authorized the issuance and sale of its Industrial Development Revenue
Bonds (The King Interests Corp. Project) Series 1984 (the "Boiids"), in an aggreg�ate
principal amount not to exceed $900,000, and by the Bond Resolution has aLso
authorized a Loan Agreement with The King Interests Corp. {the "Company")
wherein the [ssuer agrees to issue and sell the Bonds to provide funds to finance a
certa.in project of the Company (the "Project'7 located within the Unit, and certain
other agreements of the Issuer in connection therewith (collectively, the Loan
Agreement and such other agreements shall be referred to as the "Bond
Documents"); 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, Section 103(k) of the Internal Revenue Code of 1954, as amended,
requires the Unit's approval of the issuance of the Bonds and authorizes its approval
of a plan of financing additional facilities related to the Project a.fter a public
hearing following reasonable public notice; and
WHEREAS, the Issuer conducted such a public hearing on October 2, 1984,
„�<�� following publication of notice thereof; and
WHEREAS, this City Council has reviewed the Bond R.esolution 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 finaneing approved by the
Bond Resolution and the Bond Documents and to make the findings required by the
Act to approve the Project;
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NOW, THEREFORE, BE IT ftESULV"ED BY THE CITY COL�NCIL OF THE
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CITY OF GRAPEVINE, �EXAS:
Section l. The Unit, ��eting' by a.nd throug'h throu�h this City Couiicil, hereb,y
approves:
(a) the Bond Resc,tution and the plan of financing apprc�ved thereb,y;
(b) the issuance of the Bonds in the amount ana tor the purposes referred
to in the preambles hereof �uid as described in the Bond Documents; �znd
{c) the Bond Documents, copies ot which ��,re on file among the records
of this meeting.
Section '?. This Resolution shall take effect immediate?,y trom a,nd after its
adoption.
PASSED AND APPROVEll this October '?, 1984.
� �
, iVIayor, City of Grapeviiie, TeYas
ATTEST:
�. .E
� �
C�,�'�J � �G�°�����ti.
�ity Secretary, Cit of Grapevine, Texas
[SEAL]
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