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HomeMy WebLinkAboutResolution 1687ti ~ ~-,.. ,_--_.-~r., -~..~_. ~ - - a @644iS~i Ci4'.(~~..5 '-~- RESOLUTION APPROVING THE RESOLUTION • AUTHORIZING THE ISSUANCE OF BONDS AND OTHER MATTERS WITH RESPECT TO THE PAGE AVJET CORPORATION PROJECT AT MEACHAM FIELD WHEREAS, Sunbelt Industrial Development Corporation (the "Corporation") was created under the auspices of the City of Fort worth (the "City"); and WHEREAS, on February 22, 1990, the City and Page Avjet Corporation, a Delaware corporation (the "Company") executed that certain "Fort Worth Aircraft Maintenance Hangar Facility Agreement" (the "Ground Lease"), whereunder the City was to lease certain land located at Meacham Field to the Company, and the Company was to build or cause to be built thereon an aircraft maintenance facility; and WHEREAS, the parties to the Ground Lease expressed their intent to have the City, acting through the Corporation, to issue tax-exempt revenue bonds to finance the construction of the facility, with the Company being obligated to make the debt service payments in support of said bonds; and • WHEREAS, the Company has found a purchaser for said bonds, and the Corporation has adopted a resolution authorizing the issuance of said bonds; and WHEREAS, the purchaser of said bonds had requested that as a condition to the purchase of said bonds it be granted a security interest in the leasehold interest of the Company, as set forth in the "Ground and Facilities Use Agreement" between the Corporation and the Company, dated as of November 1, 1990 (the "Facilities Use Agreement") and as contemplated by the Ground Lease; and WHEREAS, in order to enable said purchaser to perfect the security interest in the leasehold interest of the Company, it is deemed necessary and advisable for the City to amend the Ground Lease solely for the purpose of more accurately defining the premises subject to the Ground Lease; and WHEREAS, notice of a public hearing on the Project (as defined in the Facilities Use Agreement attached hereto), as required by Section 147 of the Internal Revenue Code of 1986, as amended (the "Code"), was published in a newspaper of general circulation in the City at least 14 days prior to such public hearing; 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 FORT WORTH THAT: • -. - Section 1. The "Ground and Facilities Use Agreement" by and between the Company and the Corporation (the "Facilities Use Agreement"), in substantially the form and substance as attached to this Resolution and made a part hereof for all purposes, is hereby approved, and revenue bonds in the principal amount of $6,000,000 (the "Bonds"), may be issued for the purpose of providing all or a portion of the cost of the acquisition, construction, equipping and improvement of certain airport facilities within the boundaries of the City for use by the Company, which Project is in compliance with the Development Corporation Act of 1979, as amended, and the rules promulgated thereunder by the Texas Department of Commerce; and said Project is hereby approved. Section 2. The resolutions adopted by the Corporation authorizing the execution of the Facilities Use Agreement, the issuance of the Bonds and the execution of the Trust Indenture by and between the Corporation and Ameritrust Texas National Association, as Trustee, in substantially the form and substance attached to this Resolution and made a part hereof for all purposes, are hereby specifically approved, and the Bonds may be issued as provided for therein. Section 3. The City Manager or the designee thereof is hereby authorized to execute and deliver the appropriate instruments to amend the Ground Lease to correct the property description therein set forth, which corrected property description is substantially in the form attached to this Resolution and made a part hereof for all purposes. Section 4. The City hereby consents to the assignment of certain interests of the Company granted by the Ground Lease to the Trustee, in particular as evidenced by the Ground Lease Deed of Trust, Assignment of Rents and Security Agreement from the Company to the Trustee, and the execution by the City Manager of the City thereof to evidence the aforesaid consent being hereby authorized, for the benefit of the purchasers of the Bonds, in accordance with and subject to the terms and conditions set forth in the Ground Lease, is hereby authorized. Section 5. The City Council of the City of Fort Worth hereby approves the issuance of the aforesaid Bonds in the principal amount not to exceed $20,000,000 for the Company, and such approval shall be solely for the purposes of Section 147 of the Code, as amended, and the City of Fort Worth, Texas shall have no liabilities for the payment of the Bonds nor shall any of its assets be pledged to the payment of the Bonds. APPRQVED BY CI i Y CQUi~C1L ~!>~' r~ isso Kc,h ~;~r~.,~ city ee~~m: f of ma City of for. LVc.-th, Texy