HomeMy WebLinkAboutResolution 1999-099
RESOLUTION NO. 99-99
RESOLUTION PERTAINING TO
NORTH RICHLAND HILLS INDUSTRIAL DEVELOPMENT CORPORATION
VARIABLE RATE DEMAND REVENUE BONDS
(TECNOL, INC. PROJECT) SERIES 1989;
AND AUTHORIZING THE EXECUTION AND DELIVERY
OF AN ASSIGNMENT, ASSUMPTION, CONSENT AND MODIFICATION AGREEMENT
WHEREAS, on February 27, 1989, the North Richland Hills Industrial Development
Corporation (the "Issuer") authorized the issuance of its Variable Rate Demand Revenue Bonds
(Tecnol, Inc. Project) Series 1989 (the "Bonds") in the aggregate principal amount of
$4,840,000; and
WHEREAS, the Bonds were issued under the terms of an Indenture of Trust (the
"Indenture"), dated as of March 1, 1989, between the Issuer and U.S. Bank Trust National
Association (successor to Security Pacific National Trust Company (New York)), as trustee (the
"Trustee"); and
WHEREAS, the proceeds from the sale of the Bonds were loaned to Tecnol Medical
Products, Inc. pursuant to the Loan Agreement (the "Loan Agreement"), dated as of March 1,
1989, between the Issuer and the Company; and
WHEREAS, the Company has requested that the Loan Agreement be amended and
modified in connection with a corporate reorganization of Kimberly-Clark Corporation and its
affiliates, including the Company; and
WHEREAS, the Board of Directors of the Issuer has reviewed the proposed
amendments to the Loan Agreement contained in the form of Assignment, Assumption, Consent
and Modification Agreement attached hereto as Exhibit A (the "Modification Agreement"); and
WHEREAS, the Issuer is willing to authorize the execution and delivery of the
Modification Agreement upon the terms and conditions set forth therein; and
NOW, THEREFORE, BE IT RESOLVED BY THE NORTH RICHLAND HILLS CITY
COUNCIL AS FOLLOWS:
Section 1.
approved.
The Modification Agreement, in the form presented to this meeting, is
Section 2. The President and Secretary of the Issuer are hereby authorized to
execute and deliver, on behalf of the Issuer, the Modification Agreement in substantially the
forms presented to this meeting.
RESOLUTION NO. 99-99
RESOLUTION PERTAINING TO
NORTH RICHLAND HILLS INDUSTRIAL DEVELOPMENT CORPORATION
VARIABLE RATE DEMAND REVENUE BONDS
(TECNOL, INC. PROJECT) SERIES 1989;
AND AUTHORIZING THE EXECUTION AND DELIVERY
OF AN ASSIGNMENT, ASSUMPTION, CONSENT AND MODIFICATION AGREEMENT
WHEREAS, on February 27, 1989, the North Richland Hills Industrial Development
Corporation (the "Issuer") authorized the issuance of its Variable Rate Demand Revenue Bonds
(Tecnol, Inc. Project) Series 1989 (the "Bonds") in the aggregate principal amount of
$4,840,000; and
WHEREAS, the Bonds were issued under the terms of an Indenture of Trust (the
"Indenture"), dated as of March 1, 1989, between the Issuer and U.S. Bank Trust National
Association (successor to Security Pacific National Trust Company (New York)), as trustee (the
"Trustee"); and
WHEREAS, the proceeds from the sale of the Bonds were loaned to Tecnol Medical
Products, Inc. pursuant to the Loan Agreement (the "Loan Agreement"), dated as of March 1,
1989, between the Issuer and the Company; and
WHEREAS, the Company has requested that the Loan Agreement be amended and
modified in connection with a corporate reorganization of Kimberly-Clark Corporation and its
affiliates, including the Company; and
WHEREAS, the Board of Directors of the Issuer has reviewed the proposed
amendments to the Loan Agreement contained in the form of Assignment, Assumption, Consent
and Modification Agreement attached hereto as Exhibit A (the "Modification Agreement"); and
WHEREAS, the Issuer is willing to authorize the execution and delivery of the
Modification Agreement upon the terms and conditions set forth therein; and
NOW, THEREFORE, BE IT RESOLVED BY THE NORTH RICHLAND HILLS CITY
COUNCIL AS FOLLOWS:
Section 1.
approved.
The Modification Agreement, in the form presented to this meeting, is
Section 2. The President and Secretary of the Issuer are hereby authorized to
execute and deliver, on behalf of the Issuer, the Modification Agreement in substantially the
forms presented to this meeting.
Section 3. The President and Secretary of the Issuer are each authorized and
directed to take such other action and execute such other documents as either of them deems
necessary or advisable to carry out the purposes of this resolution.
Passed by the City Council this 13th day of December (1999. .'
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Charles Scoma, rflayor
City of North Richland Hills, Texas
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ATTEST:
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. Patricia Hutson, City Secretary
APPROVED AS TO CONTENT:
APPROVE AS TO FORM AND LEGALITY:
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Marty Wteaer,
Director of Economic Development
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