HomeMy WebLinkAboutRES 1982-016 RESOLUTION NO. 82-16
RESOLUTION APPROVING THE RESOLUTION
(AUTHORIZING INDUCEMENT AGREEMENT)
WHEREAS, the City of Grapevine (the "Unit" ) , a political
subdivision, has approved and authorized the creation of the
Grapevine Industrial Development Corporation (the "Corpora-
� tion") as a Texas non-profit corporation, pursuant to the
provisions of the Development Corporation Act of 1979 (the
;�, "Act") , ta act on behalf of the Unit to promote and develop
commercial , industrial and manufacturing enterprises to pro-
mote and encourage employment and the public welfare; and
WHEREAS, the Corporation is authorized by the Act to
issue industrial development revenue bonds on behalf of the
Unit for the purpose of paying all or part of the cost of a
manufacturing "project" , as defined in the Act, and to loan
the proceeds of the bonds to finance all or part of the costs
of the project; and
WHEREAS , the Corporation on March 18 , 1982 , approved the
Resolution (Authorizing Inducement Agreement) (the "Inducement
Resolution" ) and authorized the execution of an Agreement to
Issue Bonds with The West Company, Incorporated (the "User")
and its Subsidiary, The West Company of Nebraska, Inc. (both
hereinafter referred to as the "User" ) , and pursuant to such
agreement, the Corporation has agreed, subject to certain
conditions , to issue its tax exempt industrial development
revenue bonds in the aggregate principal amount (excluding
bonds issued to refund any of the Bonds) now estimated to be
$10 ,000 ,000 , to provide funds to defray all or part of the
"�'� cost of acquiring and constructing certain facilities to be
'� constructed by or to be leased or sold to the User; and
;�
WHEREAS, the Local Regulations of the Corporation (the
"Local Regulations") require that the Governing Body of the
Unit approve by written resolution any Inducement Resolution
authorizing an agreement to issue bonds , which resolution and
agreement shall set out the amount and purpose of such bonds;
and
WHEREAS, the City Council (the "Governing Body") has re-
viewed the form and substance of the Inducement Resolution
and Agreement to Issue Bonds between the Corporation and the
User and intends , by adoption of this written Resolution, to
approve said resolution and agreement in accordance with the
Local Regulations;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF GRAPEVINE, TEXAS :
Section 1 . That the Inducement Resolution and Agreement
to Issue Bonds , in the form attached hereto, entered into by
and between the Corporation and the User, pursuant to which
the Corporation agrees, subject to the conditions stated
'""�' therein, to authorize and issue its industrial development
revenue bonds in the aggregate principal amount (excluding
bonds issued to refund any of the Bonds) now estimated to
� be $10 ,000 ,000 to provide funds to defray all or part of the
cost of the acquisition and construction of the project
described in said agreement, is hereby approved.
Section 2 . The meeting at which this Resolution is con-
sidered is open to the public as required by law, and public
notice of the time, place and purpose of said meeting was
given as required by Article 6252-17 , Vernon' s Texas Civil
Statutes , as amended.
Section 3 . This Resolution shall take effect immediately
from and after its adoption.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 6th day of April , 1982 .
� APPROVED:
�
Mayor
ATTEST:
City Secre ry
APPROVED AS TO FORM AND LEGALITY:
City Attorney
(SEAL)
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