HomeMy WebLinkAboutResolution 1985-018
RESOLUTION NO. 85-18
A RESOLUTION APPROVING ISSUANCE BY NORTH RICHLAND
HILLS INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE OF
NORTH RICHLAND HILLS INDUSTRIAL DEVELOPMENT
CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS
(M & H REALTY COMPANY PROJECT) SERIES 1985; 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
DOCUMENTS
WHEREAS, the City of North Richland Hills (the "Unit") has approved
and authorized the creation of North Richland Hills Industrial Development
Corporation (the "Issuer") as a Texas nonprofit corporation, pursuant to 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 all or part of the costs
of a "project", as defined in the Act, and to loan the proceeds thereof to
finance all or part of the costs thereof; and
WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted
August 20, 1985, has authorized the issuance and sale of its Industrial
Development Revenue Bonds (M & H Realty Company Project) Series 1985 (the
"Bonds"), in an aggregate principal amount not to exceed $2,500,000, and by
the Bond Resolution has also authorized a Loan Agreement with M & H Realty
Company (the "Company") wherein the Issuer agrees to issue and sell the
Bonds to provide funds to finance a certain project of the Company (the
"Project") located within the Unit, and certain other agreements of the Issuer
in connection therewith (collectively, the Loan Agreement and such other
agreements shall be referred to as the "Bond Documents"); and
WHEREAS, the Act requires that the governing 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 issuance of the Bonds and
authorizes its approval of a plan of financing additional facilities related to
the Project after a public hearing following reasonable public notice; and
WHEREAS, the Issuer conducted such a public hearing on August 20,
1985, following publication of notice thereof; and
WHEREAS, the City Council has reviewed the Bond Resolution and the
minutes relative thereto and, by adoption of this Resolution, intends to
approve the Bond Resolution, the issuance of the Bonds, the plan of
financing' approved by the Bond Resolution and the Bond Documents and to
make the findings required by the Act to approve the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF NORTH RICHLAND HILLS, TEXAS:
Section 1. The Unit, acting by and 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 preambles hereof and as described in the Bond
Documents; and
(c) the Bond Documents, copies of which are on file among the records
of this meeting.
Section 2. The Unit, acting by and through this City Council, hereby
assigns to the Issuer that amount of the state private activity bond ceiling,
available to bond issuing authorities in the State of Texas under Section
103(n) of the Code, that is allocated to the Unit with respect to the Bonds
pursuant to Executive Order MW-27B, (Executive Department, Office of the
Governor, March 8, 1985) or pursuant to state law, as applicable.
Section 3. This Resolution shall take effect immediately from and after
its adoption.
PASSED AND APPROVED THIS 26TH DAY OF AUGUST, 1985.
MAYOR
ATTEST:
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;ITY SECRETARY