HomeMy WebLinkAboutResolution 1985-033
RESOLUTION NO. 85-33
RESOLUTION APPROVING AN AGREEMENT BY NORTH RICHLAND
HILLS INDUSTRIAL DEVELOPMENT CORPORATION TO ISSUE A
BOND FOR TECNOL, INC. AND THE BOND RESOLUTION
PROVIDING FOR THE ISSUANCE OF SUCH BOND
WHEREAS, North Richland Hills Industrial Development Corporation
was created under the auspices of the City of North Richland Hills, Texas;
and
WHEREAS, the general public had an opportunity to make comments
on the Project prior to the adoption of this Resolution; and
WHEREAS, it is deemed necessary and advisable that this Resolution
be adopted.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF NORTH RICHLAND HILLS THAT:
Section 1. The "Loan Agreement between North Richland Hills
Industrial Development Corporation and Tecnol, Inc.", in substantially the
form and substance as attached to this Resolution and made a part hereof for
all purposes, is hereby approved, and the Bond in the principal amount of
$5,250,000, may be issued pursuant thereto for the purpose of paying the cost
of acquiring and constructing or causing to be acquired and constructed the
Project as defined and described therein.
Section 2. The "Resolution Authorizing the Issuance of North
Richland Hills Industrial Development Corporation Bond, Series 1985 and the
Execution of a Trust Indenture (Tecnol, Inc. Project)", in substantially the
form and substance attached to this Resolution and made a part hereof for all
purposes, is hereby specifically approved, and the Bond may be issued as
provided for therein.
Section 3. The City hereby approves the issuance of the aforesaid
Bond in the aggregate principal amount of $5,250,000 for Tecnol, Inc., and
further approves the Project as described in the aforesaid Loan Agreement,
and such approvals shall be solely for the purposes of Section 103(k) of the
Internal Revenue Code of 1954, as amended, and the City shall have no
liabilities for the payment of the Bond nor shall any of its assets be pledged
to the payment of the Bond.
Resolutic;m No. 85-33
Page 2
Section 4. The City hereby assigns to the North Richland Hills
Industrial Development Corporation its allocable portion of the state private
activity bond volume with respect to the reservation request to be filed for
the Bond by the North Richland Hills Industrial Development Corporation.
PASSED AND APPROVED this 11th day of December, 1985.
ATTEST:
Ma~;þ~~w~1)=
APPROVED AS TO FORM AND LEGALITY:
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