HomeMy WebLinkAboutRES 1985-012 . RESOLUTION NO. 85-12
�s RESOLUTION APPROVING THE AMENDED ftESOLUTION OF
THE GRAPEVINE INDUSTRIAL DEVELOPMENT COR.PORA-
TION CONCERNING THE ISSUANCE OF REVENUE BONDS
�, . TO FINANCE A PROJECT FOR AMPAD CORPORATION
WHEREAS, the City of Grapevine, Texas (the "Unit"), a political subdivision
of the State of Texas, has approved and authorized the creation of the Grapevine
Industrial Development Corpora,tion (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 commercial, industrial and
manufacturing enterprises to promote and encourage employment and the public
welfare; and
WHEREAS, the Act empowers the Issuer to issue its revenue bonds on behalf
of the Unit to finance the costs of certain facilities in furtherance of the publie
purposes of the Act; and
WHEREAS, the Issuer on February 19, 1984, approved a Resolution
Concerning the Issuance of Bonds to Finance a Project for Ampad Corpora.tion (the
"Amended Inducement Resolution") pursuant to which the Issuer has agreed, subject
to certain conditions, to issue its revenue bonds in the estimated aggregate prineipal
amount stated in the Amended Inducement Resolution, to provide funds to defray all
or part of the cost of acquiring and/or constructing certain facilities to be aequired
and/or eonstrueted by or to be leased or sold to Ampad Corporation; and
WHEREAS, this City Council has reviewed the form and substance of the
Amended Inducement Resolution and intends, by adoption of this written Resolution,
to approve said resolution and agreement in accordance with the Local Regulations;
NOW, THEREFOR,E, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section l. That the Amended Inducement Resolution, in the form attached
hereto, approved by the Issuer as set forth in the preambles hereof, pursuant to
whieh the Issuer a,grees, subject to the conditions stated therein, to authorize and
issue its industrial development revenue bonds in the estimated aggregate principal
amount stated therein, is hereby approved.
Section 2. The meeting at which this Resolution is considered is open to the
public as required by law, and public notice of the time, place and purpose of this
meeting was given as required by Article 6252-17, Vernon's Texas Civil Statutes, as
amended.
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� Section 3. This Resolution shall take effect immediately from and after its
adoption.
� PASSED AND APPROVED this March 5, 1985.
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Mayor, City of Grapevine, Texas
ATTEST:
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City Secretary, Cit'y of Grapevine, Texas
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