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HomeMy WebLinkAboutRES 2012-063 RESOLUTION NO. 2012-63 A RESOLUTION OF THE CITY OF GRAPEVINE, TEXAS PROVIDING APPROVAL OF APPLICABLE ELECTED REPRESENTATIVE OF BONDS TO BE ISSUED TO REFINANCE AIR CARGO FACILITIES AT DFW AIRPORT AND PROVIDING AN EFFECTIVE DATE WHEREAS, by resolution, the City Council (the "City Council") of the City of Grapevine, Texas (the "City"), authorized and approved the creation of the Grapevine Industrial Development Corporation (the "Issuer") as a nonprofit industrial development corporation under the provisions of the Development Corporation Act of 1979, Texas Revised Civil Statutes Annotated, Article 5190.6, as amended (the "Act"); and WHEREAS, the Act authorizes and empowers the Issuer to issue industrial development revenue bonds on behalf of the City to pay all or part of the cost of projects pursuant to the Act; and WHEREAS, the Issuer previously issued its Senior Air Cargo Revenue Bonds, Series 2002 (Cargo Acquisition Companies Obligation Group) (the "2002 Bonds") to finance the acquisition, cleanup, construction, rehabilitation, reconstruction, improvement and expansion of certain leasehold air cargo facilities located at Dallas/Fort Worth International Airport ("DFW") for the benefit of Aero DFW, LP ("Aero DFW"); and WHEREAS, Aero DFW desires to refinance its obligations relating to the 2002 Bonds; and WHEREAS, the Issuer previously issued its Multi-Modal Air Cargo Special Facilities Revenue Bonds, Series 2008A (Aero DFW, II LP Project) (Cargo Acquisition Companies Obligation Group II) (the "2008A Bonds") to finance the acquisition, construction, reconstruction, improvement and expansion of certain leasehold air cargo facilities located at DFW for the benefit of Aero DFW, I I LP ("Aero DFW II"); and WHEREAS, Aero DFW II desires to refinance its obligations relating to the 2008A Bonds; and WHEREAS, in order to reduce the transactional costs by utilizing an issuer that is able to issue bonds for the benefit of affiliates of Aero DFW and Aero DFW II for facilities that are not located in the City, the refinancings of the 2002 Bonds and the 2008A Bonds will be accomplished through the issuance of bonds (the portion of such bonds relating to the refinancings of the 2002 Bonds and the 2008A Bonds are referred to herein as the "Grapevine PFA Bonds") by the Public Finance Authority ("PFA"), a governmental entity established under Section 66.0304 of the Wisconsin State Statutes, authorized to issue bonds for public and private entities throughout all 50 states in the United States; and WHEREAS, section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that the Grapevine PFA Bonds be approved by the "applicable elected representative" (the "Representative") after a public hearing following reasonable public notice; and WHEREAS, with respect to the Grapevine PFA Bonds, the Representative shall be the City Council; and WHEREAS, notice of a public hearing with respect to the Grapevine PFA Bonds and the projects (the "Projects") refinanced thereby which was held by the duly appointed hearing officer on July 17, 2012, was published no less than 14 days before said date, in a newspaper of general circulation available to residents within the City, as evidenced by the Affidavit of Publication attached to the Certificate of Public Hearing; and WHEREAS, such public hearing was held on the date and at the time and place set out in such published notice, and such hearing was conducted in a manner that provided a reasonable opportunity for persons with differing views on the issuance of the Grapevine PFA Bonds or the location and nature of the Projects to be heard; and WHEREAS, the City Council desires to approve the Grapevine PFA Bonds for purposes of section 147(f) of the Code. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That the statements contained in the preamble to this resolution are hereby adopted as findings of fact and as part of the operative provisions hereof. Section 2. That the City Council, acting solely in its capacity as Representative for purposes of the approval requirements of section 147(f) of the Code and for no other purpose, is authorized to approve, and does hereby approve, the Grapevine PFA Bonds. Such approval is not to be construed as (i) a representation or warranty by the City Council, the City, the Issuer, the State of Texas, or any other agency, instrumentality, or political subdivision of the State of Texas that the Grapevine PFA Bonds will be paid or that any obligations assumed by any of the parties under the instructions delivered in connection with the Grapevine PFA Bonds in fact be performed, (ii) a pledge of faith and credit of or by the City or the State of Texas or any agency, instrumentality or political subdivision of the State of Texas or the City, including the Issuer, (iii) a representation or warranty by the City concerning the validity of the Grapevine PFA Bonds, or (iv) an approval of any bonds or portion thereof issued by PFA for facilities located other than in the City. Section 3. That the Mayor and the City Secretary of the City and the other appropriate officers of the City are hereby jointly and severally authorized to execute and deliver such endorsements, instruments, certificates, documents, or papers necessary and advisable to carry out the intent and purposes of this resolution. RES. NO. 2012-63 2 Section 4. That it is hereby found, determined and declared that a sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this resolution was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City for the time required by law preceding this meeting, as required by the Texas Open Meetings Act, Government Code Chapter 551, and that the meeting has been open to the public as required by law at all times during which this resolution and the subject matter thereof have been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 5. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 17th day of July, 2012. APPROVED: William D. Tate Mayor ATTEST: X164,C531,11WM. Jo• C. Brown City Secretary APPROVED AS TO FORM: John F. Boyle, Jr. City Attorney RES. NO. 2012-63 3