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HomeMy WebLinkAboutResolution 1026 RESOLUTION APPROVING AN AGREEMENT BY STOCKYARDS IMPROVEMENT AUTHORITY, INC. TO ISSUE A BOND FOR TRIAD CORPORATION AND THE BOND RESOLUTION PROVIDING FOR THE ISSUANCE OF SUCH BOND WHEREAS, Stockyards Improvement Authority, Inc. (the "Authority") was 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 at least 14 days prior to such public hearing, and was posted in the manner required under State law to meet the requirements of the Development Corporation Act of 1979, as amended, 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 Authority on behalf of the City of Fort Worth; and WHEREAS, Section 103 (n) of the Code, and the proposed regulations promulgated pursuant thereto require the City to elect to assign its allocable portion of the state volume for private activity bonds to the Authority in order for the below-described Bond to receive an allocation from the state agency administering the private activity bond allocation program; and WHEREAS, it is deemed necessary and advisable that this Resolution be adopted. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF FORT WORTH THAT: Section 1 . The "Loan Agreement between Stockyards Improvement Authority, Inc. and Triad Corporation" , in substantially the form and substance as attached to this Resolution and made a part hereof for all purposes, is hereby approved, and the Bond 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 and constructed the Project as defined and described therein, which Project is in compliance with the r� ,1 Development Corporation Act of 1979, as amended, and the rules promulgated thereunder by the Texas Economic Development Commission; and said Project is hereby approved. Section 2. The "Resolution Authorizing the Issuance of Stockyards Improvement Authority, Inc. Bond, Series 1984 and the Execution of a Trust Indenture (Triad Corporation Project) " , 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. Section 3 . The City Council of the City of Fort Worth hereby approves the issuance of the aforesaid Bonds in the principal amount of $2,000,000 for Triad Corporation, and further approves the Project as described in the aforesaid Resolution as being consistent with the redevelopment objectives of the City, and such approvals shall be solely for the purposes of Section 103 (k) of the Internal Revenue Code of 1954, as amended, and the Development Corporation Act of 1979, 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. The City Council of the City of Fort Worth hereby elects to assign its allocable portion of the Texas volume for private activity bonds to the Authority. ----------------------- RESOLUTION APPROVING AN AGREEMENT BY STOCKYARDS IMPROVEMENT AUTHORITY, INC. TO ISSUE A BOND FOR TRIAD CORPORATION AND THE BOND RESOLUTION PROVIDING VOR THE ISSUANCE OF SUCH BOND WHEREAS, Stockyards Improvement Authority, Inc. (the "Authority") was 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 at least 14 days prior to such public hearing, and was posted in the manner required under State law to meet the requirements of the Development Corporation Act of 1979 , as amended, 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 Authority on behalf of the City of Fort Worth; and WHEREAS, Section 103 (n) of the Code, and the proposed regulations promulgated pursuant thereto require the City to elect to assign its allocable portion of the state volume for private activity bonds to the Authority in order for the below-described Bond to receive an allocation from the state agency administering the private activity bond allocation program; and WHEREAS, it is deemed necessary and advisable that this Resolution be adopted. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF FORT WORTH THAT: Section 1 . The "Loan Agreement between Stockyards Improvement Authority, Inc. and Triad Corporation" , in � substantially the form and substance as attached to this Resolution and made a part hereof for all purposes, is hereby approved, and the Bond 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 and constructed the Project as defined and described therein, which Project is in compliance with the 1 Development Corporation Act of 1979, as amended, and the rules promulgated thereunder by the Texas Economic Development Commission; and said Project is hereby. approved. Section 2. The "Resolution Authorizing the Issuance of Stockyards Improvement Authority, Inc. Bond, Series 1984 and the Execution of a Trust Indenture (Triad Corporation Project) " , 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. Section 3 . The City Council of the City of Fort Worth hereby approves the issuance of the aforesaid Bonds in the principal amount of $2,000,000 for Triad Corporation, and further approves the Project as described in the aforesaid Resolution as being consistent with the redevelopment objectives of the City, and such approvals shall be solely for the purposes of Section 103 (k) of the Internal Revenue Code of 1954, as amended, and the Development Act of 1979, 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. The City Council of the City of Fort Worth hereby elects to assign its allocable portion of the Texas volume for private activity bonds to the Authority. -----------------------