HomeMy WebLinkAboutResolution 1374~~,m .~~
Adopted Resolution N6, 13~
• RESOLUTION APPROVING AN AGREEMENT OF THE
SUNBELT INDUSTRIAL DEVELOPMENT CORPORATION
WITH RESPECT TO THE ISSUANCE OF BONDS FOR
GOHMANN ASPHALT AND CONSTRUCTION OF TEXAS, INC.
WHEREAS, Sunbelt Industrial Development Corporation
(the "Corporation") was created under the auspices of the
City of Fort Worth; and
WHEREAS, notice of a public hearing on the Project (as
defined in the 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 "Loan Agreement by and between Sunbelt
Industrial Development Corporation and Gohmann Asphalt and
Construction of Texas, Inc.°, in substantially the form and
• substance as attached to this Resolution and made a part
hereof for all purposes, is hereby approved, and Bonds in
the principal amount of $1,500,000, 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, 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 resolution adopted by the Corporation
authorizing the execution of the Loan Agreement and an Trust
Indenture by and between the Corporation and Citizens
Fidelity Bank and Trust Company, as Trustee, dated December
1, 1988, and authorizing the sale of the Bonds, 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 Council of the City of Fort Worth
hereby authorizes the Mayor to approve the issuance of the
aforesaid Bonds in an aggregate principal amount not to
exceed $2,000,000 for Gohmann Asphalt and Construction of
• Texas, Inc., 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 Bonder nor shall any of its assets be pledged
to the payment of the Bonds.
Section 4. That in connection with approving the
issuance of the Bonds, the City Council hereby approves the
foregoing amendment of the Bylaws of the Corporation, which
amendment reads as follows:
"SECTION 7.01. The Corporation shall not finance any
project which is not located in the eligible project area,
as such area is deserted in Exhibit A to these Bylaws,
unless the project is specifically approved by the City
Council of the City of Fort Worth."
and further, the City Council hereby specifically approves
the financing of the above-described Project.
•
~ ,,,,,