HomeMy WebLinkAboutResolution 1986-047
RESOLUTION NO.86-47
A RESOLUTION PROVIDING FOR THE CONSENT AND
RELEASE BY THE CITY OF NORTH RICHLAND HILLS OF
M & H REALTY COMPANY AND SALE OF THE PROJECT OF
THE $2,500,000 NORTH RICHLAND HILLS INDUSTRIAL
DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT
REVENUE BONDS (M & H REALTY COMPANY PROJECT)
SERIES 1985 TO H & M FOOD SYSTEMS COMPANY,
AUTHORIZING THE EXECUTION, DELIVERY AND ACCEP-
TANCE OF CERTAIN DOCUMENTS IN CONNECTION THERE-
WITH; AND RESOLVING RELATED MATTERS
WHEREAS, the City of North Richland Hills (the "Unit")
pursuant to the Resolution No. 85-18 of this Corporation adopted
on August 26, 1985, the City of North Richland Hills acting
through this City Council approved the issuance of the $2,500,000
North Richland Hills Industrial Development Corporation Industrial
Development Revenue Bonds (M & H Realty Company Project) Series
1985; (the "Bonds II) and
WHEREAS, M & H Realty Company (the IICompany") desires
and agrees to transfer and sell the Project to H & M Food Systems
Company, a Texas corporation and a Guarantor pursuant to the
Bonds, and H & M Food Systems Company agrees to assume all obli-
gations and liabilities of Company pursuant to the Bond Documents
including without limitation indemnification of the unit,
NOW, THEREFORE, be it resolved by the city Council of
the City of North Richland Hills, as follows, to wit:
1. The capitalized terms used in this Resolu-
tion shall have the meanings prescribed for
such terms in the Financing Documents and
Bond Documents as defined in that certain
"Loan Agreement" (the "Agreement") executed
in connection with the issuance of the
Bonds.
2. The Unit, acting by and through this Council,
hereby consents to and approves the transfer
of the Project and all obligations of M & H
Realty Company pursuant to the Bond Documents
and Financing Documents to H & M Food
Systems Company, a Texas corporation, and a
Guarantor, and the assumption by H & M Food
Systems Company, of all such obligations.
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3. The Unit, acting by and through this Council, hereby
releases M & H Realty Company from all all
indemnification obligations pursuant to the Bond
Documents and accepts the indemnification and assumption
of all bond obligations by H & M Food Systems Company in
substitution thereof as of the date hereof.
4. (a) The Mayor, an authorized officer of the City of
North Richland Hills, is hereby empowered to do all
things necessary to act on behalf of the City in
executing and delivering all Consents and Releases or
other agreements or documents authorized hereby.
(b) In the performance of this authority and directive
either of such officers, is authorized, if requested by
the Company and the Purchasers, to consent to changes or
revisions, in the documents herein authorized or approved.
PASSED AND APPROVED this 31st day of December, 1986.
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Dan Echols, Mayor
ATTEST:
APPROVED AS TO FORM AND LEGALITY:
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Rex McEntire, Attorney