HomeMy WebLinkAboutResolution 1104,
f RESOLUTION APPROVING AN AGREEMENT BY
SUNBELT INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
TAB MERCHANDISE CORPORATION
AND THE RESOLUTION PROVIDING FOR
THE ISSUANCE OF SUCH BONDS
WHEREAS, Sunbelt Industrial Development Corporation
(the "Corporation") wa-s created under the auspices of 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 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 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
City Council of the City of Fort Worth approve the Bonds
described below to be issued by the Corporation on behalf of
the City of Fort Worth; 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 by and between Sunbelt
Industrial Development Corporation and Tab Merchandise
Corporation", 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
Economic Development Council; and said Project is hereby
approved.
Section 2. The resolution authorizing the execution of
a the Loan Agreement, in substantially the form and
substance attached to this Resolution and made a part hereof
for all purposes, is hereby specifically approved, and the
Bond may be issued as provided for therein.
Ak
Section 3. The City Council of the City of Fort Worth
hereby approves the issuance of the aforesaid Bonds in the
principal amount of $1,500,000 for Tab Merchandise
Corporation, 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 Bonds.
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
DEC 12 1985
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