HomeMy WebLinkAboutRES 1983-047 s
RESOLUTION tVO. 83-47
A RESOLUT[ON APPROVING ISSUAIVCE BY GRAPEVINE
[NDUSTRIAL DEVELOPMEIVT CORPORATION OF AN [SSI1E•
OF GRAPEVINE INDUSTR[AL DEVELOPMEIVT
CORPORAT[01V INDUSTR[AL DEVELOPMENT REVEIVUE
BOLVDS (GRIFF[THS CORPORATIOLV d/b/a MINNESOTA
URIFFITHS CORPORATIO�V PROJECT) SERIES 1983;
APPROVING THE RESOLUT[01V OF TEtE [SSU EK
AUTHORIZIIVG THE BONDS, THE [SSUANCE Ok' THE BONDS
AUTHORIZED THEREBY AND THE PLAN OE E[NA1VC(N(.;
APPROVED THEREBY AND THE BOLVD DOCUMEMI'S
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WHEREAS, the Cit,y ot Grapevine (the "Uciit") h<�.s approved �uld ��uThorizecl
the creation ot Grapevine [i►dustrial Development Corporation (the "[ssuer") ;:�,s a
Texas non-profit corporation, pursua.iit to the Development Corporation Act oF
1979, as amended, Article �190.6, Vernon's Aruiotated "fexas Civil Stiatutes (the
"Ac.t"), to act on behalf of the Unit to promote a.nd develop industrial �id
m�uiuf.lCttlClll�' P.IItE'C�[�ises; �uld
WHEREAS, the (ssuer is authorized hy the t�et to issue its reve�iue bonds on
behalf ot the Unit tor the p�irpose of paying� all or part ot the costs of a "project", as
defined in the Act, and to Loali the proeeeds thereot' to finacice all or part ot the
costs thereof; aild
WHEREAS, the [ssuer, by resolution (the "Bond Resolution") adopted
Deceii►ber '?0, 1�383, has authorized the issualice <�id sale of its [iidustrial
Devetopment R.evenue Bonds (Griffiths Corpor��tion d/b/a Mi�uiesota Griffiths
Corporation Project) Series 1983 (the "Bonds"), in an ag•greg�ate principal amount not
to eYceed $1,Z00,000, and by the Bond Resolution has also authorized a Loan
Agreement with Griffiths Corpora.tion d/b/a Mi��iesota Griffiths Corporation (the
"Company'7 wherein the [ssuer agrees to issue a.cid sell the E3onds to provide fuiids to
tina.cice a certain pcoject of the Compa.ny (the "Project") located within the Unit,
a.ild certain other agreements ot the [ssuer in co�uiection therewith (cotlectivel,y, the
"'� Loan Agreeinent �uid such other agreements shall be reterred to as the "Bond
Docuinents'7; and
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WHEREAS, the Act requires that the boverning body of the Unit ��.pprove, b,y
written resolution, an,y agreement to issue honas approved by the [ssuer; �uld
WHEREAS, Section 103(k> of the [nternal Revenue Code of 1954, a.s amended,
requires the Unit's approval of the issua.�ice of the Bonds a.nd authorizes its approval
of a plan of financing additional facilities related to the Project after a public
hearing following reasonable public notice; and
WHEREAS, the [ssuer conducted such a publie hearing� on December 20, 1983,
following publication oF notiee thereof; and
WHEREAS, this City Coiuicil has reviewed the Bond Resolution and the
minutes relative thereto and, by adoption oF this Resolution, intends to approve the
Bond Resolution, the issuance of the Bonds, the plan of financiiig approved by the
Bond Resolution acid the Bond Doeuments and to make the findings cequired by the .
Act to approve the Project;
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iVOW, THEREFORE, BE [T RESOLV"F.D BY THF. CITY COUNC[L �OF THE
C[TY OF GRAPEVINE, TEXAS:
Section 1. The Unit, actin� b,y and throug�h ttiroug�h this City Council, hereby
approves:
(a) the Bond Resolution and the plan of financing approved thereby;
(b) the issu�ulce of the Bonds ici the amo�uit and for the purposes ceferred
to in the preambles hereof and as described in the Bond Documents; alid
(c) the Bond Documents, copies of which are on eile among the records
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of this meeticig.
Section 2. This Resolution shall take effect immediately from a.cid after its
adoption.
PASSED AND APPROVED this December 2p , 1983.
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Ma,yor, City oE Grapevine, TeYas
ATTEST:
Q,
City Secretary, Ci y of Gra.pevine, Texas
(SEAL]
�: E�
0113 G
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