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HomeMy WebLinkAboutRES 950725-R - Issue Bonds Triple S PlasticsTHE STATE OF TEXAS CITY OF GEORGETOWN We, the undersigned officers of the City of Georgetown, Texas (the "City"), hereby certify as follows: 1. The City Council of the City (the "Council") convened in REGULAR MEETING ON THE 25TH DAY OF JULY, 1995, at the City Hall (the "Meeting"), and the roll was called of the duly constituted officers and members of the City, to Leo Wood, Mayor George Arroyos, Councilmember District I Winfred Bonner, Councilmember District 2 Susan Hoyt, Councilmember District 3 Lee Bain, Councilmember District 4 Dick Vincent, Council Member, District 5 Doris Curl, Councilmember District 6 Ferd Tonn, Councilmember District 7 and all of the persons were present, except the following absentees:I -") ' , thus constituting a L.L —)I quorum. Whereupon, among other business, the following was transacted at the Meeting: a written 11TA 10M Iwo ION :14 pize) moil 0 LORIM W MCI 1110am Oki R-1110 13-fty" F-•' 1 Ole= i Q .• TAKING AFF1,.MATF1 E-OFFA,7LNL--XU-I4--`0,T-1 OF BONDS TO PROVIDE A MANUFACTURING PROJECT FOR TRIPLE S PLASTICS, INC. was duly introduced for the consideration of the Council. It was then duly moved and seconde4 that the Resolution be adopted, and, after due discussion, the motion carrying with it the adoption of the Resolution, prevailed and carried by the following vote: AYES: &-- NOES: 2. A true, full and correct copy of the Resolution adopted at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that the Resolution has been duly recorded in the Council's minutes of the Meeting; that the above and foregoing paragraph is a true, full and correct excerpt frorn the Council's minutes of the Meeting pertaining to the adoption of the Resolution, that the persons named in the above and foregoing paragraph GB0RGErr0WNrrR1P1X5: CITYMS.CRT7120193 are the duly chosen, qualified and acting officers and members of the Council as indicated therein; that each of the officers and members of the Council was duly and sufficiently notified officially 9nd personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that the Resolution would be introduced and considered for adoption at the Meeting, and each of the *fficers and members consented, in advance, to the holding of the Meeting for such purpose; that the Meeting was open to the public and public notice of the time, place and purpose of the Meeting was given, all as required by Chapter 551, Texas Government Code. 3. The Mayor has approved and hereby approves the aforesaid Resolution; and the Mayor and the City Secretary of the City hereby declare that their signing of this Certi icate shall constitute the signing of the attached and following copy of the Resolution for all purposes. 7 City Secretary City of Georgetown GnaRGwrowNaRIPLES: C7IYRVSXRT7I2Oi93 'We:5. (75-07,2,5- R , X Mayork City of Georgetown On Ilk" "'I I 161MMUMMM11=019100 M ------- 9 i1 THE STATE OF TEXAS § CITY OF GEORGETOWN § WHEREAS, the Georgetown industrial Development Corporation (the "Corporation") is a nonprofit industrial development corporation duty organized and existing under the laws of the State of Texas, including particularly the Development Corporation Act of 1979, as amended and WHEREAS, the City of Georgetown, Texas (the "City") has authorized and approved the creation of the Corporation to act on its behalf to further certain public purposes of the City, and WHEREAS, the Corporation has received an application for financing from Triple S Plastics, Inc. ("Triple S") for the issuance of revenue bonds by the Corporation to enable Triple S to acquire certain leasehold improvements, machinery, furniture and fixtures for the purpose of establishing a 64,000 square foot custom plastic injection molding manufacturing facility in the Georgetown Industrial Park, and WHEREAS, Triple S is opening the manufacturing facility in response to customer demand for molded plastic components in the Texas mar et area; an WHEREAS, the plant will initially employ approximately 50 people with the potential to employ up to 150 people in 1997; and WHEREAS, on July 12, 1995 the Board of Directors of the Corporation approved the resolution attached hereto as Exhibit A in connection with the Triple S Project; and WHEREAS, any bonds issued by the Corporation shall never constitute an indebtedness or pledge of the City, or the State of Texas, within the meaning of any constitutional or statutory provision and the holders of the bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the Corporation, the City or the State of Texas except revenues of Triple S; and WHEREAS, Section 2.92.050 of the City's Code requires the City to approve the resolution of the Corporation; and WHEREAS, the meeting at which this Resolution is adopted was open to the public and public notice of the time, place and purpose of the meeting was given, all as required by Chapter 551, Texas Government Code, as amended; and G1!0HG1fl*0WNrrR1PU!.S: CIMM-S 7125193 A'e-5. q5O'7c2- 5 WHEREAS, the passage of this Resolution implements Finance Policy 4 of the Century Plan - Policy Plan Element. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWNI TEXAS: 1. The City hereby approves the Resolution of the Corporation attached hereto as Exhibit A and hereby appoints the Board of Directors of the Corporation to act as the hearing officer for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. 2. The City Council hereby finds that the Resolution implements Finance Policy 4 of the Century Plan - Policy Plan Element, which states; "The City shall develop a strategy to provide sufficient financial resources, for both short term and long term needs", and Economic Development Policy which states "The City will encourage diversified growth and promote business opportunities to createjobs, broaden the tax base, and minimize the impact of economic fluctuation"; and further finds that the enactment of this Resolution is not inconsistent or in conflict with any other Century Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan. 3. This Resolution shall become effective immediately upon adoption. The Mayor and City Secretary are hereby authorized and directed to execute the certificate to which this Resolution is attached on behalf of the City and to do any and all things proper and necessary to carry out the intent of this Resolution. F MIMI Sandra D. Lee City Secretary Marianne Landers Banks City Attorney GEORGEFOWWMPLE S: ary2, RES 7123193 Im THE CITY OF GEORGETOWN: By: Leo Wood Mayor MY9"T-HISM RESOLUTION TAKING AFFIRMATIVE OFFICIAL ACTIOn THE ISSUANCE OF BONDS TO PROVIDE A MANUFACTURING PROJECT FOR TRIPLE S PLASTICS, INC. WHEREAS, Georgetown Industrial Development Corporation (the "Corporation") is a nonprofit industrial development corporation duly organized and existing under the laws of the State of Texas, including particularly the Development Corporation Act of 1979, as amended (the and WHEREAS, the City of Georgetown, Texas (the "City") has authorized and approved the creation of the Corporation to act on its behalf to further certain public purposes of the City; and WHEREAS, the Corporation is considering proceeding with the lease of certain manufacturing facilities and the acquisition of equipment for use at such facilities, all of which will be located within Williamson County, as more fully described in Exhibit "A" to this Resolution (the "Project"), for use by Triple S Plastics, Inc., a corporation organized and existing under the laws of the State of Michigan and fully qualified to transact business in the State of Texas (the "Company"); and WHEREAS, the Company has advised the Corporation that a contributing factor which would further induce the Company to proceed with providing for the equipment of the Project would be a commitment and agreement by the Corporation to issue bonds pursuant to the Act (the "Bonds") to finance and pay for the Project; and WHEREAS, the Company has proposed to the Corporation that the Company will be further induced to proceed with providing for the equipment of the Project if the Corporation will make such commitment and agreement and adopt this Resolution; and WHEREAS, the Corporation finds, intends and declares that this Resolution shall, in 9.ccordance with its provisions, constitute the commitment and agreement of the Corporation to issue the Bonds, in one or more series, in such aggregate principal amount, presently estimated not to exceed $5,000,000 as is actually required to finance and pay for the equipment of the Project, together with all costs and fees of or incurred in connection with the issuance of the Bonds and the equipment of the Project to the extent permitted by federal or state law; and WHEREAS, the Corporation finds, considers and declares that the issuance of the Bonds in such amount and for such purposes will be appropriate and consistent with the objectives of the Act, and that the adoption of this Resolution is and constitutes, and is intended as (i) an inducement to the Company to cooperate with the Corporation in providing for the equipment of the Project, (ii) the taking of affirmative official action by the Corporation, acting by and through GONG HTOWNaRwix-s: crryn?ES 1123195 67- 4 its Board of Directors, towards the issuance of such Bonds, and that such action is, and is intended to be, similar to the adoption of a bond resolution, within the meaning of Section 1. 103-8(a)(5) of the Income Tax Regulations or such other applicable provisions of Income Tax Regulations promulgated pursuant to Section 142 of the Internal Revenue Code of 1986, as amended (the "Code"), and (iii) the official declaration of the intention of the Corporation, in accordance with the provisions of Section 1. 150-2 of the Federal Treasury Regulations, to reimburse expenditures for the Project at such time or Bonds .•. Wl •• t t t ••. •e• Section 1. The Corporation is committed and agrees as follows: (a) To adopt a bond resolution or bond resolutions, when requested by the Company, authorizing the issuance of Bonds pursuant to the Act, and to issue the Bonds, subject to the requirements of the Act, the execution of the appropriate agreements or contracts described in subparagraph (b) below, and the sale of the Bonds under terms and conditions satisfactory to the Corporation and the Company, to finance and pay for the equipment of the Project, including amounts sufficient to pay the fees, expenses and costs in connection with such issuance, including an amount adequate to reimburse the Corporation for its administrative and overhead expenses and costs with respect to the Bonds and the Project, with the Bonds to be payable from payments by the Company to the Corporation and/or to a corporate trustee in such sums as are necessary to pay the principal of, interest on, and redemption premium, if any, together with the paying agent's and trustee's fees on, the Bonds, as and when the same shall become due and payable. (b) Prior to the issuance of the Bonds, when requested by the Company, to enter into such loan agreement, installment sale agreement, lease, and/or any other appropriate contracts or agreements between the Corporation and the Company as are mutually acceptable in all respects to the Corporation and the Company, under which the Company will be obligated to make payments to the Corporation and/or to a corporate trustee in such sums as are necessary to pay the principal of, interest on, and redemption premium, if any, together with the paying agent's and trustee's fees on, the Bonds, as and when the same shall become due and payable, and with such payments also tor- sufficient to•- rpo • administrative,overhead other expenses and costs with respect to the Bonds and the Project. (c) To take, or cause to be taken, such other action, and to execute such additional contracts and agreements mutually agreeable to the parties in all respects, when requested by the Company, as may be required in accordance with the Act and this Resolution to cause the issuance of the Bonds. (d) By the acceptance of this Resolution and proceeding with the Project, the Company thereby agrees that it will fully indemnify and hold the Corporation harmless from any and all damages, losses and expenses, including attorney fees, arising at any tirne from or with respect to the Bonds and the Project. GRORGUOWNlIRINXS: CffY2.1ULN 7123193 4 Section 2. The adoption of the Resolution shall be deemed to constitute the acceptance of the Company's proposal that it be further induced to proceed with providing for the equipment of the Project, and said proposal and acceptance shall constitute an agreement between the Corporation and the Company in accordance with the provisions of this Resolution. Section 3. Immediately after the adoption of this Resolution the acquisition of the equipment of the Project may commence and continue to completion in accordance with methods and procedures determined by the Company, or by the Company and the Corporation, pursuant to this Resolution and the agreement it constitutes. Section 4. The Secretary of the Board of Directors of the Corporation is hereby authorized and directed to transmit to proper representatives of the Company one or more certified copies of the Resolution and such parties are hereby authorized to rely upon the inducements for the purposes herein stated. Section 5. The President, Vice President or Secretary of the Board is hereby further tuthorized to sign all documents and do all things necessary as advised by Bond Counsel to the Corporation to submit the proper documentation to the Texas Bond Review Board for reservation *f a portion of the State's volume cap allocation. Section 6. The adoption of this Resolution shall be deemed to constitute the official ,feclaration of the intention of the Corporation, in accordance with the provisions of Section 1. 150-2 of the Federal Treasury Regulations, to reimburse expenditures for the Project at such rhae or times as the Bonds are issued. GHOHGHTOWNURIPIXS: CITY2.RWS 7/25195 5 "-Re--5,. ��o7,�,,5--R- 1 i GIIORGETOWNfTRIPI.E-S: CITY2.RES 7125195 950 7.2,57--