HomeMy WebLinkAboutRES 890442 - Approve Fund from Capital FundRESOLUTION NO. d9Q'�4�2-
A RESOLUTION APPROVING AN APPLICATION FOR
FUNDING THROUGH THE TEXAS DEPARTMENT OF
COMMERCE TEXAS CAPITAL FUND.
WHEREAS, the City Council of the City of Georgetown, Texas,
has determined that economic development is a priority goal f or
the City of Georgetown, and towards fulfillment of that goal, is
coordinating economic development efforts with other local
government entities, the private sector, and state of Texas
agencies such as the Department of Commerce; and
WHEREAS, the manufacturer, Advanced custom Molders, Inc., will
be forced to cease operations unless wastewater service is provided
to them; and
WHEREAS, the cost of providing water and wastewater service
to the Industrial Zone where Advanced custom Molders, Inc. is
located is estimated to be $1,803,225.00; and
WHEREAS, the City Council desires to apply for a grant from
the Texas Capital Fund of the Texas Community Development Program
in order to secure funding for $500,000-00 of the estimated total
cost of constructing wastewater lines to serve the said area;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF GEORGETOWN,
TEXAS, THAT:
The city Council adopts the recitals set f orth above as true and
correct and are adopted herein verbatim.
The city Council has reviewed and hereby approves an application
for $500,000-00 in funds form the Texas Capital Fund of the Texas
Community Development Program, administered by the Texas Department
of Commerce, to be used in constructing a wastewater extension
line.
The City hereby agrees to take all reasonable ef forts to comply
with all assurances necessary for the City to secure the funds
requested in said,application and further agrees that if the City
is awarded the grant that the City will comply with all
requirements necessary to receive such funds and carry out the
project.
The City council has reviewed and hereby agrees not to participate
in program income recapture and will return all program income to
the state to be placed in a statewide Revolving Loan Fund to be
used • the state to fund future Texas Capital Fund awards* This
determination is in force for any awards during the 1989 program
year. This contract will remain unchanged irregardless of any new
program income Provisions made in subsequent program years.
The Mayor is authorized to sign the application and all parts
thereof on behalf of the City.
The city Manager is authorized and directed to act on the City's
behalf in all matters pertaining to this application.
This Resolution shall become effective when adopted.
PASSED, APPROVED AND ADOPTED at a regular Council meeting on
this the 28th day of November, 1989.
Leslie Barone, Deputy City Secretary