HomeMy WebLinkAboutRES 2014-007RESOLUTION NO. 2014 -07
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, APPROVING A RESOLUTION
ADOPTED BY THE BOARD OF DIRECTORS OF THE
GRAPEVINE 4B ECONOMIC DEVELOPMENT
CORPORATION AUTHORIZING - THE ISSUANCE OF
GRAPEVINE 4B ECONOMIC DEVELOPMENT
CORPORATION SALES TAX REVENUE BONDS,
TAXABLE SERIES 2014; APPROVING THE ISSUANCE OF
THE BONDS AND THE PLAN OF FINANCING
AUTHORIZED THEREBY AND THE FINANCING
DOCUMENTS
WHEREAS, the City of Grapevine, Texas (the "City "), has approved and
authorized the creation of the Grapevine 4B Economic Development Corporation (the
"Corporation ") as a Texas nonprofit corporation, pursuant to Chapters 501, 502 and
505, Texas Government Code, as amended (the "Act "), to act on behalf of the City in its
pursuit of economic development to promote and develop projects so as to eliminate
unemployment and underemployment and to promote and encourage employment and
the public welfare; and
WHEREAS, pursuant to the authority granted in the Act, the City has levied a
j local sales and use tax (the "Sales Tax ") for the benefit of the Corporation, to be used
exclusively for the purposes set forth in the Act; and
WHEREAS, the Corporation is authorized by the Act to issue its revenue bonds,
to be secured by and payable from the Sales Tax; and
WHEREAS, the City and the Corporation have previously adopted, on December
17, 2013 and January 21, 2014, a Concurrent Resolution establishing the Sales Tax
Proceeds Fund into which the receipts of the Sales Tax are deposited as collected and
providing that moneys on deposit in such Fund shall be applied in accordance with a
bond resolution authorizing the issuance of the Corporation's bonds; and
WHEREAS, the Corporation has determined to issue its Grapevine 4B Economic
Development Corporation Sales Tax Revenue Bonds, Taxable Series 2014 (the
"Bonds ") for the purpose of providing funds to promote new or expanded business
enterprises, including but not limited to entertainment, convention, tourist and exhibition
facilities, amphitheaters, concert halls, parks, open space, restaurants, parking facilities,
and related roads, streets and water and sewer facilities and improvements, which are
authorized projects pursuant to the Act (the "Project "); and
WHEREAS, the Board of Directors of the Corporation has approved a Resolution
authorizing the issuance of the Bonds (the "Resolution "), dated December 17, 2013;
and
WHEREAS, the Act requires that the governing body of the City approve, by
written resolution, any agreement to issue bonds approved by the Corporation; and
WHEREAS, this City Council has reviewed the Resolution and, by adoption of
this resolution, intends to approve the Resolution and the terms thereof, the issuance of
the Bonds, the plan of financing established and approved by the Resolution and the
financing documents related thereto; and to make the findings required by the Act to
approve the Project; and
WHEREAS, it is officially found, determined, and declared that the meeting at
which this Resolution has been adopted was open to the public and public notice of the
time, place and subject matter of the public business to be considered and acted upon
at said meeting, including this Resolution, was given, all as required by the applicable
provisions of Chapter 551, Texas Government Code, as amended.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. Capitalized terms used herein and not otherwise defined shall have
the meaning assigned thereto in the Resolution.
Section 2. The City, acting by and through this City Council, hereby approves:
(a) the Resolution and the plan of financing established and approved by the
Resolution; and
(b) the issuance of the Bonds in the amount and for the purposes referred to
in the preambles hereof and as described in the Resolution and the Bonds; and
(c) the Paying Agent/Registrar Agreement a copy of which is on file among
the records of this meeting; and
Section 3. The City agrees to provide any continuing disclosure information
required of the City by Article XIV of the Resolution.
Section 4. This Resolution shall take effect immediately from and after its
adoption.
• 2014-07
PASSED AND APPROVED by the City Council of the City of Grapevine, Texas
this 21 st day of January, 2014.
ATTEST:
J o Brown
Ck lk�
Cit Secretary
City Attorney
RES. NO. 2014-07 3