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HomeMy WebLinkAboutResolution 1980-034 ~. 80,31 A RESOLUTION by the City Council of North Richland Hills, Texas, approving agreements and resolution authorizing the issuance of revenue bonds of the North Richland Hills Industrial Development Corporation relating to the financing of an industrial or 8anufacturing project for Graham Magnetics Incorporated. WHEREAS, on the 3rd day of April, 1980 the City Council of this City approved a letter agreement by and between the North Richland Hills Industrial Development Corporation (the "Corporation") and Graham Magnetics Incorporated (the "Company") pertaining to financing the costs of acquiring and constructing facilities to be operated and maintained by the Company in its trade or business and used for the manufacturing and assembly of magnetic tape and cleaning equipment; the slitting, packaging and shipping of magnetic compou~d tape; warehousing, shipping and recovery, and the housing of customer service personnel in the corporate offices (the "Project"); and ~~EREAS, final agreements in relation to financing the Project and a resolution adopted by the Board of Directors of the Corporation authorizing the issuance of its revenue bonds in the principal amount of $4,500,000, have been submitted to this City Council for approval as required by Section 25(f) of the Development Corporation Act of 1979 (Article 5190.6, V.A.T.C.S.); and WHEREAS, this City Council hereby finds and determines that the resolution of the Corporation authorizing the issuance of the North Richland Hills Industrial Development Corporation Revenue Bonds, Series 1980 (Graham Magnetics Incporated Project) in the principal amount of $4,500,000, and the agreements executed in connection therewith, should be approved; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS: SECTION 1: That the resolution of the Board of Directors of the Corporation entitled as follows: ;IIA RESOLUTION by the Board of Directors of the North Richland Hills Industrial Development Corporation relatng to the issuance of revenue bonds to be known as "NORTH RICHLAND HILLS INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL DEVELOP~ŒNT BONDS, SERIES 1980 (GRAHAM MAGNETICS INCPORATED PROJECT)" dated October 31, 1980; fixing the details and providing for the payment and security of such bonds; approving and authorizing the execution of a Loan Agr.eement and Trust Indenture to provide additional security for the payment of said bonds and define the rights of the holders of such bonds, the Corporation, and the trustee; making said Indenture a part of this Resolution; making certain findings, covenants and declarations relating to said bonds and the issuance thereof; and resolving other matters incident and related to the subject and purpose of this Resolution." together with (i) a Trust Indenture from the Corporation to the Fort Worth National Bank, Fort Worth, Texas as trustee, dated as of October 1, 1980 (attached to said resolution as Exhibit "A") and (ii) a Loan Agreement by and between the Corporation and the Company, dated as of October 1, 1980 (attached to said resolution as Exhibit "B") are hereby in all respects approved. SECTION 2: The approval herein given is in accordance with the provisions of Section 25(f) of the Development Corporation Act of 1979, and is not to be construed as any undertaking by North Richland Hills, Texas, and said bonds shall never constitute an indebtedness or pledge of the Corporation, North Richland Hills, Texas, or the State of Texas within the meaning of any constitutional or statutory provision, and the holder of said bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the Corporation, North Richland Hills, Texas, or the State of Texas except those revenues assigned and pledged by the resolution authorizing the issuance of said bonds. SECTION 3: The programs and expenditures authorized and contemplated by the aforesaid documents are hereby in all respects approved. PASSED AND APPROVED, this the 27th day of Oct 1980 ,,c' d~rJ~ Mayor, City of North Richland Hills, Texas ATTEST: ~y Secretary, City of North Richland Rills, Texas (City Seal)