HomeMy WebLinkAboutRES 1985-031 r��
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RESOLUTION NO. 85-31
A RESOLUTION APPROVING ISSUANCE BY GRAPEViNE
INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE
OF GRAPEVINE INDUSTRIAL DEVELOPMENT
CORPORATION INDUSTRIAL DEVELOPMENT REVENUE
BONDS (AMPAD CORPORAT[ON PROJECT) SERIES 1985;
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
WHEREAS, the City of Grarevine (the "Unit'7 has approved a.nd authorized
the creation of Grapevine Industrial Development Corporation (the "Issuer") as a
Texas nonprofit corporation, pursuant to the Development Corporation Act of 1979,
as amended, Article 5190.6, Vernon's Annotated Texas Civil Statutes (the "Act"), to
act on behalf of the Uiiit to promote and develop industrial and manufacturing
�`�4� 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 "project", as
defined in the Act, and to loan the proceeds thereof to finance all or part of the
costs thereof; and
WHER.EAS, the Issuer, by resolution (the "Bond Resolution") adopted June 18,
1985, has authorized the issuance and sale of its Indt�strial Development Revenue
Bonds (Ampad Corporation Project) Series 1985 (the "Bonds"), in a1i a,ggregate
principal amount not to exceed $1,000,000, and by the Bond Resolution has also
authorized a Loan Agreement with Ampad Corporation (the "Company") wherein the
Issuer agrees to issue and sell the Bonds 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 "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 103(k) of.the Internal Revenue Code of 1954, as amended,
requires the Unit's approval of the issuance of the Bonds a.nd authorizes its approval
of a plan of financing additional facilities related to the Project after a public
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hearing following reasonable public ciotice; and
WHEREAS, the Issuer conducted such a public hearing on June 18, 1985,
following publication of notice thereof; and
WHEREAS, this City Council has reviewed the Bond Resolution and the
miqutes relative thereto 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 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 t}�rough through this City Couiicil, hereby
approves:
(a) the Bond Resolution and the plan of financing approved thereby;
(b) the issuance of the Bonds in the amount and for the purposes referred
to in the preambles hereof a.iid as described in the Bond Doctiments; and
(c) the Bond Documents, copies of whic}i are on file among the records
of this meeting.
Section 2. Ttiat t}�e Unit, acting by and through this City Council, hereby
assigns to the Issuer that ainount of the state private bond ceiling, applicable to
bond issuing authorities in the State of Texas under Section 103(n) of the Code, that
"��`a is allocated to the Unit with respect to the Bonds pursuant to Executive Ocder
MW-27B (Executive Department, Office of the Governor, March 8, 1985).
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Section 3. This Resolution shall take effect immediately from and after its
adoption.
PASSED AND APPROVED this June 18, 1985.
Gi�'�i��i!
Mayor, City of Grapevine, Texas
ATTEST:
G.�k.w
City Secretary, Ci y of Grapevine, Texas
[SEAL]
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APPROVED AS TO FORM:
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City Attorney, City o rapevine, Texas
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