HomeMy WebLinkAboutResolution 1103RESOLUTION APPROVING AN AGREEMENT BY
SUNBELT INDUSTRIAL DEVELOPMENT CORPORATION TO ISSUE
BONDS FOR BAR-W MEAT CO.,
AND THE BOND RESOLUTION PROVIDING FOR
THE ISSUANCE OF SUCH BONDS
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
required by Section 103(k) of the Internal Revenue Code of
1954, as amended (the "Code"), was published in a newspaper
of general circulation in the City of Fort Worth, Texas in
which the Project (as defined in the Loan Agreement referred
to in Section 1 below) is located, at least 14 days prior to
such public hearing, and that the general public had the
opportunity during the consideration of this Resolution to
make comments on the Project at such public hearing prior to
the adoption of this Resolution; and
WHEREAS, Section 103(k) of the Code requires that the
7 City Council of the City of Fort Worth, Texas approve the
Bonds described below to be issued by the Corporation on
behalf of the City of Fort Worth, Texas; and
• WHEREAS, the regulations promulgated pursuant to the
Code require the assignment by the City to the Corporation
of the City's portion of its private activity bond
allocation; 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 between Sunbelt
Industrial Development Corporation and Bar-W Meat Co.", in
substantially the form and substance as attached to this
Resolution and made a part hereof for all purposes, is
hereby approved, and the Bonds in- the principal amount of
$2,000,000, may be issued pursuant thereto for the purpose
'- of paying the cost of acquiring and constructing or causing
to be acquired or 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 Economic Develop-
ment Commission; and said Project is hereby approved.
Section 2. The "Resolution Authorizing the Issuance of
Sunbelt Industrial Development Corporation Revenue Bonds,
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Series 1985 and the Execution of a Trust Indenture (Bar-W
Meat Co. Project)", in substantially the form and substance
attached t:- this Resolution and made a part hereof for all
purposes, is hereby specifically approved, and the Bond may
be issued as provided for therein.
Bonds.
Section 3. The City Council of the City of Fort Worth,
Texas, hereby approves the issuance of the aforesaid Bonds
in the principal amount of $2,000,000 for Bar-W Meat Co.,
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 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
Section 4. In connection with the issuance of the
aforesaid Bonds, the City Council of the City of Fort Worth,
Texas hereby assigns a portion of its private activity bond
allocation to the Corporation.
APPROVED BY
CITY COUNCIL
7
?OEC 12 1985
City Geosetazy of the
City of FQJS 3 ,'