HomeMy WebLinkAboutRES 1984-053 RESOLUTION NO. 8 4-5 3
A RESOLUTION APPROVING ISSUANCE BY GRAPEVINE
t INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE
OF GRAPEVINE INDUSTRIAL DEVELOPMENT
CORPORATION MULTIPLE MODE REVENUE BONDS, ISSUE
A OF 1984 (AMERICAN AIRLINES, INC. PROJECT);
APPROVING THE RESOLUTION OF THE ISSUER
AUTHORIZING THE BONDS, THE ISSUANCE OF THE BONDS
AUTHORIZED THEREBY AND THE PLAN OF FINANCING
APPROVED THEREBY AND THE BOND DOCUMENTS
WHEREAS, the City of Grapevine (the "Unit") has approved and authorized
the creation of Grapevine Industrial Development Corporation (the "Issuer") as a
Texas nonprofit corporation, pursuant to the Development Corporation Act of 1979,
as amended, Article 5190.6, Vernon's Annotated Texas 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
December 18, 1984, has authorized the issuance and sale of its Multiple Mode
Revenue Bonds, Issue A of 1984 (American Airlines, Inc. Project) (the "Bonds"), in an
- aggregate principal amount of $20,000,000, and by the Bond Resolution has also
authorized a Loan Agreement with American Airlines, Inc. (the "Compa.iiy") wherein
the Issuer agrees to issue and sell the Bonds to provide funds to finance a certain
project of the Company (the "Project") 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; a.nd
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 after a public
hearing following reasonable public notice; and
WHEREAS, the Issuer conducted sueh a public hearing on December 4, 1984,
following publieation 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 appcove the
Bond Resolution, the issuance of the Bonds, the plan of financing approved by the
Bond Resolution and all agreements, contraets and documents to which the Issuer is
a party (the "Bond Documents") and to make the findings required by the Act to
approve the Project;
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" NOW, THEREFOftE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Seetion 1. 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 issuance 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 records
of this meeting.
Seetion 2. This Resolution shall take effect immediately from and after its
adoption.
PASSED AND APPROVED this December 18, 1984.
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Mayor, City of Grapevine, Texas
ATTEST:
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City Secretary, Cit of Grapevine, Texas
[SEAL)
0186B
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