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HomeMy WebLinkAboutRES 970114-T - GIDC Bonds Mfg & Design IncRESOLUTION NO. 9749114Z `" T RESOLUTION APPROVING THE RESOLUTION OF THE GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION TAKING AFFIRMATIVE OFFICIAL ACTION TOWARDS THE ISSUANCE OF BONDS TO PROVIDE A MANUFACTURING PROJECT FOR TECHNOLOGY MANUFACTURING & DESIGN, INC. WHEREAS, the City Council of the City of Georgetown, Texas (the "City"), has, pursuant to the Development Corporation Act of 1979, as amended, Texas Revised Civil Statutes Annotated, Article 5190.6 (the "Act"), approved and created the Georgetown Industrial Development Corporation, a nonstock, nonprofit corporation (the "Issuer"); WHEREAS, the Issuer, on behalf of the City, is empowered to finance the costs of projects to promote and develop manufacturing and industrial facilities to promote and encourage employment and the public welfare by the issuance of industrial development revenue bonds, which projects are located within the City's boundaries; WHEREAS, Technology Manufacturing & Design, Inc., a Texas corporation (the "User"), has filed an application for financing (the "Application"), requesting that the Issuer finance the acquisition, construction, and improvement of a project described as follows: new Construction to existing facilities and the purchase of equipment and software to permit the expansion of the User's production capacity for the manufacturing and design of circuit boards for computers (the "Project"); WHEREAS, on January 6, 1997, the Board of Directors of the Issuer approved the resolution attached hereto as Exhibit A in connection with the Project; WHEREAS, any bonds issued by the Issuer 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 Issuer, the City or the State of Texas except revenues of the User; WHEREAS, Section 2.92.050 of the City's Code requires the City to approve the resolution of the Issuer; WHEREAS, the Project will provide at least 40 new jobs; 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 WHEREAS, the passage of this Resolution implements Finance Policy 4 of the Century Plan - Policy Plan Element. 0226659.02 -1- NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS: SECTION 1. The City hereby approves the Resolution of the Issuer attached hereto as Exhibit A and hereby appoints the Board of Directors of the Issuer to act as the hearing officer for purposes of section 147(f) of the Internal Revenue Code of 1986, as amended. SECTION The City Council hereby finds that the Resolution 2.an - implements Finance Policy 4 of the Century �d 1 sufficient ent financial resources, for both "The City shall develop a strategy to pro short term and long term needs", and Economic D Policy opportunitiesatoscreate City will encourage diversified growth and promote business jobs, broaden the tax base, and minimize the Resolution not in noof rms flu or i conflict";ad further finds that the enactment of this Reso u with any other Century Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan. mediately on SECTION 3. This Resolution shall e hereb becomeeffective and directed ed to execute adoption. The Mayor and City Secretary ar Y of the City and to do any the certificate to which this Resolution s is aattad outhe intent behalf of this Resolution. and all things proper and necessary carry RESOLVED THIS 14th day of January, 1997. THE CITY OF GEORGETOWN By: Leb Wood, Mayor ATTEST: Sandra D. Lee City Secretary ROVED AS TO FORM: Marianne Lan ers Banks City Attorney des. 970�/� T -2-