HomeMy WebLinkAboutRES 1983-035 RESOLUTION NO. 8 3-3 5
� A RESOLUTION APPROVING ISSUANCE BY GRAPEVINE
INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE
IN AN AMOUNT NOT TO EXCEED $22,0(�,000 OF
GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION
�"Y'* AIRPORT IMPROVEMENT REVENUE BONDS (THE
SIMUFLITE COMPANY PROJECT) SERIES 1983B;
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 AND
LOAN DOCUMENTS
�h'HEREAS, the City of Grapevine (the "Unit") has appcoved and authorized
the creation of the Grapevine Industrial Development Corpora.tion (the "Issuer") as a
Texas non-grofit corporation, pursuant to the provisions of the Development
Corporation Act of 1979, as amended, Article 5190.6, Vernon's Annotated Civil
Statutes (the "Act"), to act on beha.lf of the Unit to promote and develo� industrial
and maaiufacturing 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
i defined in the Act, and to loan the proceeds thereof to finance all of part of the
costs thereof; and
,���. WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted
September 19, 1983, has authorized the issuance and sale of its Airport Improvement
; Revenue Bonds (The SimuFlite Company Project) Series 1983B (the "Bonds") in an
�:.� amount not to exceed $22,000,000, and by the Bond Resolution has also authorized a
Loan Agreement with United States Trust Company of New York, the Owner
Trustee, for the benefit of Xerox Credit Corpora.tion, the Owner, to be leased to
SimuFlite Training International, Inc., a Delaware Corporation (the "Company")
wherein the Issuer agrees to issue and sell the Bonds to provide funds to finance a
certain project to be operated by the Company (the "Project") located within the
Unit, and has also approved certain other agreements and documents in connection
therewith (collectively, the Loan Agreement and sueh other agreements sha11 be
ceferred to as the "Loan Documents" and "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 and authorizes its approval
of a plan of financing additional facilities related to the Project after a public
hearing following reasonable public notiee; and
WHEREAS, the Issuer conducted a public hearing on Septeinber 19, 1983,
following publication of notice thereof; and
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WHEREAS, this City Council has reviewed the Bond Resolution and, by
adoption of this Resolution, intends to approve the Bond Resolution, the issua.nce of
the Bonds, the plan of financing approved by the Bond Resolution and the Bond
Documents and Loan Documents and to make the findings required by the Act to
approve the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
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GRAPEVINE, TEXAS:
Section l. The Unit, aeting by and through through this City Council, hereby
approves:
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(a) the Bond Resolution;
(b) 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 Loan
Documents;
(c) the Bond Documents and Loan Documents, copies of which are on file
among the records of this meeting; and
(d) as a "plan of financing," within the meaning and for the purposes of
Section 103(k) of the Code, the financing of the acquisition and installation of the
Projeet, including any additional related facilities.
Section 2. This Resolution shall take effect immediately from and after its
adoption.
` PASSED AND APPROVED this September 20, 1983.
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�-�, �_ J�.�
Mayor Fro Tem, City of Grapev�ne
������� ATTEST:
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City Seeretary, C' y Grapevine, Texas
[SEAL]
APPRCNID AS TO FORM:
City Attorney, City of Gra e
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