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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: //---;) / /Y0ß (~_/-f ~_ -_ --------__ t/ l_¿/i. /Z /L- .-( ~ Attorney C)