HomeMy WebLinkAboutRES 1984-048 r-=
RESOLUTION NO. 84-48
A RESOLUTION APPROVIN� ISSUANCE BY GRAPEVINE
INDUSTKIAL DEVELOPMENT CORPORATION OF AN ISSUE
IN AN AMOUNT NOT TO EXCEED $85,000,000 OF
GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION
AIRPORT IMPROVEMENT VARIABLE RATE DEMAND
REFUNDING BONDS (THE SIMUFLITE PROJECT) SERIES
1984; APPROVING THE RESOLUTION OF THE ISSUEft
AUTHORIZING THE BONDS, THE ISSUANCE OF THE BONDS
AUTHORIZED THEREBY AND THE BOND DOCUMENTS AND
LOAN DOCUMENTS
WHEREAS, the City of Grapevine (the "Unit") has approved and authorized
t}ie creation of the Grapevine Industrial Development Corporation (the "Issuer") as a
Texas non-profit corporation, pursuant to the provisions of the Development
Corporation Act of 1979, as amended, Article 5190.6, Vernon's Annotated Civil
Statutes (the "Act"), to act 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
November 20, 1984, has authorized the issuance and sale of its Airport Improvement
Variable Rate Demand Refunding Bonds (The SimuFlite Project) Series 1984 (the
"Bonds") in an amount not to exceed $85,000,000, and by the Bond Resolution has
also authorized a Loan Agreement with United States Trust Company of New York,
the Owner Trustee, for, the benefit of SimuFlite Training International, Inc., a
Delaware Corporation (the "Company"), wherein the Issuer agrees to issue and sell
the Bonds to provide funds to finance a eertain project to be operated by the
Company (the "Project") located within the Unit, and has also approved eertain
other agreements a.nd documents in connection therewith (colleetively, the Loan
Agreement and such other agreements shall be referred to as the "Loan Documents"
and "Bond Documents"); and
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, Seetion 103(k) of the Internal Revenue Code of 1954, as amended,
requires the Unit's appeoval of the issuance of the Bonds and authorizes its approval
of a plan of fina.ncing additional facilities related to the Project after a public
hearing following reasonable public notice; and
WHEREAS, the Issuer conducted a public hearing on December 20, 1983,
following publication of notice thereof; and
WHEREAS, the Unit approved as a "plan of financing," within the meaning of
and for the purposes of Section 103(k) of the Code, the financing of the acquisition
and installation of the Project, including any additional related facilities after a
public hearing following reasonable notice on December 20, 1983; and
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WHEREAS, this City Council has reviewed the Bond Resoliition and, by
adoption of this Resolution, intends to approve the f3ond Resolution, the issua,nce of
the Bonds and the Bond Documents and Loan Documents a.iid to make the findings
required by the Act to approve the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
GRAPEVINE, TEXAS:
Section l. Ttie Unit, acting by and through throug'h this City Council, hereby
approves:
(a) t}ie Bond Resolution;
(b) the issuance of the Bonds in the amount a.�id for the purposes referred
to in the preambles hereof and as described in the Bond Documents and Loan
Documents; and
(c) the Bond Documents and Loan Documents, copies of which are on file
among the records of this meeting.
Section 2. This Resolution shall take effect immediately from a.iid after its
adoption.
PASSED AND APPROVED this November 20, 1984.
�
Mayor, City of Grapevicie, Texas
ATTEST:
City Seere�ary, Cit of Grapevine, Texas
[SEAL]
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