HomeMy WebLinkAboutRES 1984-036 r�
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RESOLUTION NO. 84-36
A RESOLUTION APPROVING ISSUANCE BY CITY OF
GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION
OF AN ISSUE OF GRAPEVINE INDUSTRIAL DEVELOPMENT
CORPORATION INDUSTRIAL DEVELOPMENT REVENUE
BONDS (STANDARD MOTOR PRODUCTS, INC. PROJECT)
SERIES 1984; 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
WHEKEAS, the City of Grapevine (the "Unit") has approved and authorized
the creation of Grapevine Industrial Development Corporation (the "Issuer") as a
Texas nonprofit corporatio�i, pursua.iit to the Development Corporation Act of 1979,
as amended, Article 5190.6, Vernon's Annotated Texas Civil Statutes (the "Act'7, to
act on behalf of the Unit to promote and develop industrial and manufacturing
� � enterprises; and
�„:A,� WHEREAS, the Issuer is authocized 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 pcoceeds thereof to finance all of part of the
costs thereof; and
WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted August
6, 1984, has authorized the issuanee and sale of its Industrial Development Revenue
Bonds (Standard Motor Products, Ine. Project) Series 1984 (the "Bonds"), in an
aggregate principal amount not to exceed $2,000,000, and by the Boiid Resolution
has also authorized a Loa.�i Agreement with Standard Motor Products, Inc. (the
"Company") wherein the Issuer agrees to issue and sell the Bonds to provide funds to
finance a certain project of the Compariy (the "Project") loeated within the Unit,
and certain other agreements of the Issuer in connection therewith (collectively, the
Loa.n Agreement a.�id such other agreements shall be referred to as the "Bond
Documents"); and
WHEREAS, the Act requires that the ;overning body of the Unit approve, by
written resolution, any agreeme�it to issue bonds approved by the [ssuer; and
WHEREAS, Seetion 103(k) of the Internal Revenue Code of 1954, as amended,
requires the Unit's approval of the issuance of the Bonds and authorizes its approval
� of a plan of financing additioiial facilities related to the Project after a public
hearing following reasonable public notice; and
WHEREAS, the Issuer conducted such a public hearing on August 6, 1984,
`"�" following publication of iiotice thereof; a.nd
WHEREAS, this City Council has reviewed the Bond Resolution and the
minutes relative thereto a.�id, by adoption of this Resolution, intends to approve the
Bond Resolution, the issuance of the Bonds, the plan of fi►�a.iicing approved by the
Bond Resolutio�i and ttie Bond Doeuments and to make the finding�s 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 l. The Uiiit, acting by a.cld throug'h through this City Council, hereby
approves:
(a) the Bond Resolution a.cid the pla.n of financing approved thereby;
(b) the issuance of the Borids in the amount a.iid for the purposes referred
to in the preambles tiereof and as deseribed in the Bond Documents; and
(c) the Bond Documents, copies of which a.re on file among the records
of this meeting.
Section 2. This Resolution s}iall take effect immediately from and after its
adoption.
� PASSED AND APPROVED this Augtist 7, 1984.
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Mayor, City of Grapevine, Texas
ATTEST:
City Secretary, ity of Gr�apevine, Te�as
[SEAL]
APPROVID AS 'I+0 FORM:
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��� City Attorney, City of rapevine, Texas
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