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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: ~~þ~ ~ ;ITY SECRETARY