HomeMy WebLinkAboutRES 1980-036 RESOLUTION NO. 80-36
A RESOLUTION APPROVING CONTRACT OF PURCHASE
OF $3 , 000 ,000 GRAPEVINE INDUSTRIAL DEVELOP-
MENT CORPORATION INDUSTRIAL DEVELOPMENT REV-
ENUE BONDS , SERIES 1980 (STANDARD MOTOR PRO-
DUCTS, INC. PROJECT) BETWEEN THE GRAPEVINE
INDUSTRIAL DEVELOPMENT CORPORATION AND THE
FORT WORTH NATIONAL BANK AND APPROVING RESO-
LUTION OF SAID CORPORATION AUTHORIZING SAID
BONDS AND CONTRACT OF PURCHASE
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WHEREAS , the City of Grapevine (the "Unit") , a political
subdivision, has approved and authorized the creation of the
Grapevine Industrial Development Corporation (the "Corporation")
`�"� as a Texas non-profit corporation, pursuant to the provisions
of the Development Corporation Act of 1979 , (the "Act") , to act
on behalf of the Unit to promote and develop commercial, indus-
trial and manufacturing enterprises to promote and encourage em-
ployment and the public welfare; and
WHEREAS, the Corporation is authorized by the Act to issue in-
dustrial development revenue bonds on behalf of the Unit for the
purpose of paying all or part of the cost of a commercial, indus-
trial or manufacturing "project, " as defined in the Act, and to
sell or lease the project or to loan the proceeds of the bonds to
finance all or part of the costs of the project; and
WHEREAS , the Corporation on September 2 , 1980 entered into a
Memorandum of Agreement to issue bonds with Standard Motor Pro-
ducts, Inc. , (the '°User") , and pursuant to such agreement, the
Corporation has agreed, subject to certain conditions , to issue
its tax exempt industrial development revenue bonds in the ag-
gregate principal amount (excluding bonds issued to refund any
of the Bonds) now estimated not to exceed $3 ,000 , 000 to provide
funds to defray all or part of the cost of acquiring and con-
� � structing certain facilities to be constructed by or to be leased
or sold to the User; and
`"�' WHEREAS, the Corporation, as agreed to in said agreement to
issue bonds, has authorized the issuance and sale of $3 , 000 , 000
of its Industrial Development Revenue Bonds, Series 1980 (Stan-
dard Motor Products, Inc. Project) (the "Bonds") by resolution
adopted October 28 , 1980 and by such resolution has authorized a
Contract of Purchase of said Bonds between it and The Fort Worth
National Bank (the "Purchase Contract") ; and
WHEREAS , the Act requires that the Governing Body of the Unit
approve by written resolution any agreement to issue bonds adopted
by the Corporation, which agreement and resolution shall set out
the amount and purpose of such bonds; and
WHEREAS , the City Council (the "Governing Body") has reviewed
the form and substance of said Purchase Contract and said reso-
lution authorizing the Series 1980 Bonds and said Purchase Contract
and intends, by adoption of this written Resolution, to approve
said Purchase Contract and said resolution in accordance with
the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
�'"9 CITY OF GRAPEVINE, TEXAS THAT:
Section 1. The Purchase Contract and the resolution adopted
� � October 28, 1980• by the Board of Directors of the Corporation
authorizing the Series 1980 Bonds and the Purchase Contract, in
the forms attached hereto, are hereby approved in accordance with
Section 25 (f) of the Act.
Section 2. This Resolution is adopted for the purpose of
satisfying the conditions and requirements of the Act and for
the benefit of the Corporation, the Unit, the owners or holders
from time to time of the Series 1980 Bonds and all other
interested persons.
Section 3 . The meeting at which this Resolution is con-
sidered is open to the public as required by law, and public
notice of the time, place and purpose of said meeting was given
as required by Article 6252-17 , Vernon' s Texas Civil Statutes,
as amended.
Section 4 . This Resolution shall take effect immediately
�:,� from and after its adoption.
PASSED AND APPROVED this 28th day of October ,
,�,s.
1980 .
APPROVED:
�
MAYOR
ATTEST:
CITY CRET
APPROVED AS TO FORM AND LEGALITY:
,�:�,.
CITY ATTORNEY
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