HomeMy WebLinkAboutRES 1983-013 ,
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�� RESOLUTION NO. 8 3-13
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A RESOLUTION APPROVING ISSUANCE BY GRAPEVINE
INDUSTRIAL DEVELOPMENT CORPORATION OF AN� ISSUE
IN THE AMOUNT OF $19,000,000 OF GRAPEVINE
INDUSTRIAL DEVELOPMENT CORPORATION ADJUSTABLE
RATE OPTION AIRPORT IMPROVEMENT REVENUE BONDS
� tTHE SINGER COMPANY PROJECT) SERIES 1983A;
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 DOCUIV�ENTS
WHEREAS, the City of Grapevine (the "Unit") has approved and authorized
the creation of the Grapevine Industrial Development C orporation (the "Issuer") as a
Texas non-profit corporation, pursuant to the provisions of the Development
Corporation Act of 1979, as amended, Article 5190.6, Vernon's Annotated Texas
Civil Statutes (the "Act"), to act on behalf of the Unit to promote and develop
industrial and manufacturing 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 a11 or part of the costs of a "peoject", as
� '�t""" defined in the Act, and to loan the proceeds thereof to finance all of part of the
, costs thereof; and
'�:y� WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted March
24, 1983, has authorized the issuance and sale of its $19,000,000 Ad�ustable Rate
Option Airport Improvement Revenue Bonds (The Singer Company Project) Series
1983A (the "Bonds") and by the Bond Resolution has also authorized a Loan
Agreement with The Singer Company (the "Company") wherein the Issuer agrees to
issue and sell the Bonds to provide funds to finance a eerta.in project of the Company
(the "Project") loca�.ted within the Unit, and certa.in other agreements of the Issuer in
connection therewith (collectively, the Loan Agreement and sueh other agreements
shall be referred to as the "Bond Doeuments"); and
WHEREAS, the Act requires that the goveriiing 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 issuanee of the Bonds a.nd authorizes its approval
of a plan of financing related to the Project after a public hearing following
reasonable public notice; and
WHEREAS, the Issuer conducted such a public hearing on Mareh 24, 1983,
following publication of notice thereof; and
WHEREAS, this City Council has reviewed the Bond Resolution and t.he
� ,�� minutes relative thereto and, by adoption of this Resolution, intends to approve the
Bond Reso lution, t he issuance o f the Bonds, the plan of financing approved b,y the
� Boiid Resolution a.nd the Bond Documents and to make the findings required by the
`�,,, Aet to approve the Projeet;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
, R� CITY OF GRAPEVINE, TEXAS:
Section l. The Unit, acting by and through through this City Council, hereby
approves:
(a) the Bond Resolution and the plan of financing approved thereby;
(b) the issuance of the Bonds in the amount and for the purposes referred
to in the prea.mbles hereof and as described in the Bond Documents; and
(�) the Bond Documents, copies of which are on file among the records of
this meeting.
Section 2. This Resolution shall take effect immediately from a.nd after its
adoption.
PASSED AND APPROVED this March 29, 1983.
�
�' ` Mayor, City of Grapevine, Texas
ATTEST:
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City Secret C of Grap e, Texas
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