HomeMy WebLinkAboutRES 1980-033 RESOLUTION N0. 80-33
RESOLUTION APPROVING AN AGREEMENT TO ISSUE BONDS
BETWEEN CITY OF GRAPEVINE INDUSTRIAL DEVELOPMENT
CORPORATION AND STANDARD MOTOR PRODUCTS , INC.
WHEREAS , the City of Grapevine, (the "Unit") , a political
subdivision, has approved and authorized the creation of the
City of Grapevine Industrial Development Corporation (the
"Corporation") as a Texas non-profit corporation, pursuant
� � to the provisions of the Development Corporation Act of 1979
(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 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
commercial, industrial or manufacturing "project" , as defined
in the Act, and to sell or lease the project or to loan the
proceeds of the bonds to finance all or part of the costs of
the project; and
WHEREAS , the Corporation on August 28 , 1980 , approved and
authorized the execution of an Agreement to Issue Bonds with
Standard Motor Products, Inc. (the "User") , and pursuant
to such agreement, the Corporation has agreed, subject to
certain conditions, to issue its tax exempt industrial develop-
ment revenue bonds in the aggregate principal amount (excluding
bonds issued to refund any of the Bonds) now estimated not to
exceed $3 ,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 Act requires that the Governing Body of the
Unit approve by written resolution any agreement to issue
� bonds adopted by the Corporation, which agreement and resolution
shall set out the amount and purpose of such bonds; and
WHEREAS, the City Council (the "Governing Body") has reviewed
the form and substance of said Agreement to Issue Bonds between
the Corporation and the User and intends, by adoption of this
written Resolution, to approve said agreement in accordance
with the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS :
Section l. That the Aqreement 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 not to exceed $3 ,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 in
�. .�
accordance with Section 25 (f) of the Act.
Section 2. This Resolution is adopted for the purpose of
satisfying the conditions and requirements of the Act and
;,�,:,,, Section 103 of the Internal Revenue Code of 1954 , as amended,
and the regulations promulgated thereunder; and for the benefit
of the Corporation, the Unit, the owners or holders from time
to time of the obligations of the Corporation and all other
interested persons.
Section 3. The meeting at which this Resolution is considered
is open to the public as required by law, and public notice of
of the time, place and purpose of said meeting was given
as required by Article 6252-17 , Vernon' s Texas Civil
Statutes, as amended.
PASSED AND APPROVED this 2nd day of September ,
1980.
��.,�
APPROVED:
��� .�.
Mayor
ATTEST:
City Se reta
APPROVED AS TO FORM AND LEGALITY:
City Attorney
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