HomeMy WebLinkAboutRES 1994-014 RFSOLUTION NO. 94-14
A RESOLUTION APPROVING ISSUANCE BY GRAPEVINE INDUSTRIAL
� DEVELOPMENT CORPORATION OF AN ISSUE OF IlVDUSTRIAL
DEVELOPMENT REVENUE BONDS, SERIES 1994 (TRENCOR JE'TCO, INC.
PROJECT); AND APPROVING THE RESOLUTION OF THE ISSUER
AUTHORIZING THE BONDS,TI�ISSUANCE OF T��BONDS AUTHORIZED
TI�REBY, AND TF-IE BOND DOCUMENT'S
WHEREAS, the City of Grapevine, Texas (the "Unit"), has heretofore approved and
authorized the creation of the Grapevine Industrial Development Corporation (the "Issuer") as a
Texas nonprofit corporation, pursuant to the Development Corporation Act of 1979, as amended,
(the "Act"), to act on behalf of the Unit to promote and develop manufacturing and industrial
facilities; 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 t6ereof to finance or refinance all or part of the costs thereof; and
WHEREAS, the Issuer, by its resolution (the "Bond Resolution") has authorized the issuance
and sale of its Industrial Development Revenue Bonds,Series 1994(Trencor Jetco,Inc.Project) (the
"Bonds"), in an aggregate principal amount of$8,000,000 to provide a portion of the funds to finance
a certain project (the "Project") of Trencor Jetco, Inc. located within the Unit, and has authorized
�� certain agreements of the Issuer in connection therewith (collectively, such agreements shall be
refened to as the "Bond 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 147(� of the Internal Revenue Code of 1986, as amended, requires the
Unit's approval of the issuance of the Bonds and authorizes its approval of a plan of financing
facilities related to the Project after a public hearing following reasonable public notice; and
WHEREAS,the Issuer conducted such a public hearing on Apri17, 1994,following publication
of notice thereof; and
WHEREAS, this City Council has reviewed the proposed Bond Resoiution 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 to make the findings
required by the Act to approve the financing of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCII. OF T�� CI'TY OF
GRAPEVINE, TEXAS:
Section 1. The Unit, acting by and through this City Council, hereby approves:
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(a) tfie financing of the Project;
(b�� the Bond Resoiution and the plan of financing approved thereby;
n�.�e.a
�,,:.�, (c) 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
(d) the Bond Documents, 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 April 19, 1994
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Mayor, City of Grapevine, Texas
AT'TEST:
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As s t. Secretary,
' of Grapevine, Texas
"��� [SEAL�
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APPROVED AS TO FORM:
Asst. it 'to ey
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