HomeMy WebLinkAboutRES 1983-048 RESOLUTION NO. 83-48
A RESOLUTI0IV APPROVING ISSUANCE BY GRAPEVINE
INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE
OF GRAPEVINE INDUSTRIAL DEVELOPMENT
CORPORATION AIRPORT SPECIAL FACILITY
DEVELOPMENT REVENUE BONDS (DOBBS HOUSES, INC.
PROJECT) SERIES 1983A AND SERIES 1983B; 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
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WHEREAS, the City of Grapevine (the "Unit") has approved a.nd authorized
the creation of Grapevine [ndustrial Developinent Corporation (the "Issuec") as a
Texas non-profit corporation, pursuant to the Development Corporation Act of
1979, as asnended, Artiele 5190.6, Vecnon's Annotated Texas Civil Statutes (the �
"Act"), to act on behalf of the Unit to promote arid develop industrial and
maaiufacturing 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 "projeet", 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
Decembec 20, 1983, has authorized the issuance and sale of its Airport Special
Facility Development Revenue Bonds (Dobbs Houses, Inc. Project) Series 1983A and
Series 1983B (the "Bonds"), in an aggregate principal amount not to exceed
$4,400,000, and by the Bond Resolution has also authorized a Loan Agreement with
Dobbs Houses, Ine. (the "Company") wherein the Issuer agrees to issue and sell the
Bo�ids 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 "Bo�id 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, Section 103(k) of the Internal Revenue Code of 1954, as amended,
requires the Unit's approval of the issua.nce of the Bonds and authorizes its approval
of a plan of financing additional facilities related to the Projeet after a public
hearing following reasonable public notice; and
WHEREAS, the Issuer conducted such a public heacing on December 20, 1983,
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 issuanee of the Bonds, the plan of financing approved by the
Bond Resolution and the Bond Documents and to make the findings reqiured by the .
Act to approve the Project;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section 1. The Unit, acting by a.nd through through this City Council, hereby
approves:
(a) the Bond Resolution a.nd the plan of financing approved thereby;
(b) the issuance of the Bonds in the amount and for the purposes referred
to in the preainbles hereof and as described in the Bond Documents; and
(c) the Bond Docuinents, copies of which are on file among the records
of this meeting. .
�""° Section 2. This Resolution shall take effect immediately from and after its
adoption. .
PASSED AND APPROVED this December 20, 1983.
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Mayor, City of Grapevine, Texas
ATTEST:
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City Secretary, Ci y of Grapevine, Texas
[SEAL]
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