HomeMy WebLinkAboutResolution 1504AESOLU`Y1Jiv avU.~~
RESOLUTION APPROVING A RESOLUTION OF
SUNBELT INDUSTRIAL DEVELOPMENT CORPORATION
WITH RESPECT TO THE ISSUANCE OF BONDS TO
FINANCE FACZLZTIES FOR USE BY
PAGE AVJET CORPORATION
WHEREAS, the City of Fort Worth, Texas (the "City"j has
authorized and approved the creation of Sunbelt Industrial
Development Corporation (the "Corporation"} to act on behalf of the
City to further certain public purposes of the City, all in
accordance with the Development Corporation Act of 1979, as amended
(the "Act"); and
WHEREAS, on February 13, 1990, the Corporation adopted a
resolution captioned "Resolution with respect to the Issuance of
Bonds to Finance Facilities for Use by Page Avjet Corporation" (the
"Inducement Resolution"); and
WHEREAS, the Inducement Resolution evidences the .intent of the
Corporation to issue bonds to finance the costs of 'the facilities
described in the Inducement Resolution, in accordance with the
terms of the Inducement Resolution; and
WHEREAS, the Bylaws of the Corporation require that the City
must approve the issuance of bonds in excess of $10,000,000 in
aggregate principal amount; and
1 WHEREAS, it is deemed necessary and advisable to adopt this
Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
Section 1. That the Inducement Resolution, in the form
attached hereto and made a part hereof for all purposes, is hereby
approved; that the issuance of bonds at any one time in an
aggregate principal amount in excess of $10,000,000, is hereby
authorized; and that the facilities described in the Inducement
Resolution, including specifically their location at Meacham Field,
are hereby approved.
Section 2. That the Corporation is authorized to proceed to
effect the issuance of bonds, subject to the approval by the City
of the resolution issuing the bonds, as required by the Act.
Section 3. That this Resolution shall become effective
immediately upon its adoption.
APPROVED BX
CITY COUNCI!
FEB 13 t990
c.~ s.ointa~y of m.