HomeMy WebLinkAboutRES 1983-049 .
RESOLUTION 1V0. 83-49
A RESOLUTION APPROVING [SSUANCE BY GRAPEVINE
INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE
IN AN AMOUNT NOT TO EXCEED $85,000,000 OF
URAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION
AIRPORT IMPROVEMENT REVENUE BONDS (THE
SIMUFLITE PROJECT) SERIES 1983 ; APPROVING THE
RESOLUTION OF THE ISSUER AUTHORIZING THE BONDS,
THE [SSUANCE OF THE B01VDS AUTHORIZED THEREBY
AND THE PLAN OF E[NAIVCING APPROVED THEREBY AND
- THE B01VD DOCUMENTS AND LOAIV DOCUMENTS
WHEREAS, the City of Grapevine (the "Unit") has approved a.iid authorized
� > the creation of the Grapevine [ndustrial Development Corporation (the ''issuer") as a
Texas non-pcofit corporation, pursuant to the provisions of the Development
. Corporation Act of 1979, as amended, Article 5190.6, Vernon's Aiuiotated Civil
Statutes (the "Act"), to act on behalf ot the Unit to promote and develop icidustrial
and maaiuFact�iriiig� enterprises, and
WHEREAS, the Issuec is authorized by the Aet to issue its revenue bonds on
behalf of the Unit eor the purpose oe paying all or part of the costs of a "project", as
detined in the Act, ��id to Loan the proceeds thereof to finance all of part of the
costs thereof; �id
WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted
Dece�nber 20, 1983, has authorized the issu�iee and sale of its Airport [mpcovement
Revenue Bonds (The SimuFlite Project) Series 1983C (the "Bonds") in a.n amount riot
to exceed $85,000,000, and by the Bond Resolution has also authocized a Loan
Agreement with United States Trust Company of New York, the Ownec Trustee, tor
the benefit of SimuFlite Training� International, Inc., a Delaware Corporatlon (the
"Company"), the Owner, to be leased to the Company wherein the [ssuer agrees to
issue and sell the Bonds to provide funds to fina.�ice a certain project to be operated
by the Compa.ny (the "Project") located within the Unit, a.nd has also appcoved
certain other agreements aaid documents in coruiection therewith (collectively, the
,�,, . Loan Agreement a.nd such other agreements shall be ceferred to as the "Loan
Documents" and "Bond Documents"); and
�°- � WHEREAS, the Act r�equires that the governing body of the Unit approve, by
written resolution, a.ny agreement to issue bonds approved by the Issuer; and
WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as a.mended,
cequires the Uiiit's approval of the issuanee of the Bonds and authocizes 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 condueted a publie hearing on December 20, 1983,
following publication of notice thereof; and
WHEREAS, this City Council has reviewed the Bond Resolution 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 the Bond
Documents and Loan Documents and to make the findings required by the Act to
approve the Projeet;
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NOW, THEREEORE, BE [T RESOLVED BY THE CITY COUNC[L OF THE
URAPEVINE, TEXAS:
Section l. The Uiiit, aeting by and through through this City Council, hereby
approves:
(a) the Bond Resolution;
(b) the isstia.�ice of the Bonds in the amouiit and foc the purposes referred
to in the preambles hereof and as deseribed in the Bond Documents a.�id Loan
�.
Documents;
(c) the 13ond Documents a.nd Lo�i Documents, copies of which ace .on file
among the records of this meeting; aaid
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(d) as a "pla.n of financing," within the meaning and for the purposes of
Section 103(k) of the Code, the financing of the acquisition and installation of the
Projeet, i�icluding any additional related faeilities.
Section '3. 'Chis Resolution shall take effeet immediately erom a�id �,fte�° its
adoption.
PASSED A1VD APPROVED this December 20, 1983.
�
Mayor, C ity of Grapevine, Texas
ATTESTD
C� vLiV�
City Secretary, Cit of Grapevine, Texas
� [SEAL]
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