HomeMy WebLinkAbout0108_107RESOLUTION APPROVING THE RESOLUTION OF THE
GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION
PROVIDING FOR THE ISSUANCE OF GEORGETOWN INDUSTRIAL DEVELOPMENT
CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS
(TEXAS BENCHMARK INNS PROJECT) SERIES 1983
WHEREAS, the Georgetown Industrial Development Corporation (the "Issuer")
was created under the auspices of the City Council of the City of Georgetown,
Texas (the "Unit"); and
WHEREAS, by resolution (the "EBA Resolution"), passed and approved
October 22, 1982, the Unit has designated certain Eligible Blighted Areas
("EBA'S"), within which certain commercial projects can be financed pursuant
to the terms of the Development Corporation Act of 1979, as amended (the
"Act"); and
WHEREAS, Texas Benchmark Inns (the "Company") desires to construct a
certain commercial facility (the "Project") within the Unit to be financed
by Industrial Development Bonds .issued by the Issuer; and
WHEREAS, the Project is located within the EBS and the Company has
represented to the Unit and to the Issuer that (a) the Company has no
present intention of disposing of or abandoning the Project, (b) the Company
has no present intention of directing the Project to a use other than the
purposes represented to the Unit, and (c) the Company will not, during the
life of the Bond, direct the Project to a use not authorized within the EBA,
and;
WHEREAS, in accordance with Section 103(k) of the Internal Revenue Code
of 1954, as amended, and the Rules of the Texas Economic Development Com-
mission promulgated pursuant to the Act, a public hearing was held on
November 8, 1983, by the City Council of the Unit, after notice thereof hav-
ing been posted in accordance with law, to take comments from the public
regarding the suitability of the Project; and
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS, THAT:
Section 1. The "Resolution Authorizing Georgetown Industrial Development
Corporation Industrial Development Revenue Bonds (Texas Benchmark Inns Project)
Series 1983; a Loan Agreement; a Trust Indenture; a Guaranty Agreement; Approval
of a Deed of Trust and Security Agreement; and Matters in Connection Therewith,"
adopted by the Issuer on December 13, 1983, a copy of which is attached hereto
as Exhibit "AU and made a part hereof for all purposes, providing for the
issuance of "Georgetown Industrial Development Corporation Industrial Develop-
ment Revenue Bonds (Texas Benchmark Inns Project) Series 1983, in the original
principal amount of $2,500,000, is hereby specifically approved.
Section 2. The approval herein given is in accordance with the provisions
of Section 25(f) of the Act and is not to be construed as any undertaking by
the Unit, and the Bonds shall never constitute an indebtedness or pledge of
the Unit, 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 Issuer, the Unit, or the State of Texas except those revenues
assigned and pledged by the Resolution.
Section 3. The programs and expenditures authorized and contemplated
by the aforesaid documents are hereby in all respects approved.
Section 4. The Mayor and the City Secretary of the Unit and the other
officers of the Unit are hereby authorized, jointly and severally to execute
and deliver such endorsements, instruments, certificates, documents, or papers
necessary and advisable to carry out the intent and purposes of this Resolution.
Section 5. The City Council of the Unit hereby finds that the Project:
(a) is located within the EBA: