HomeMy WebLinkAboutRES 960514-ORESOLUTION NO.
WHEREAS, the City of Georgetown has an existing agreement with Reedholm
Instruments to construct and lease back a facility within Georgetown Technology Park as
part of an Texas Capital Fund economic development project; and
WHEREAS, the City Council has authority to loan money for economic development
purposes under Section 380 of the Local Government Code and to make a specially
authorized investment of city funds under its investment policy;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF • •TEXAS,THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution
are hereby found and declared to be true and correct, and are incorporated by reference
herein and expressly made a part hereof, as if copied verbatim. The City Council hereby
finds that this resolution implements Economic Development Policy 1 of the Century Plan
which states: "The City has a broad tax base with minimal impact from economic
fluctuation through diversified growth and business opportunities to create jobs." and
Finance Policy 1 of the Century Plan - Policy Plan Element, which states: "The City will
conduct all municipal operations in an efficient business -like manner'; and further finds
that the adoption 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.
SECTION 2. The loan to Reedholm Instruments, in an amount not to exceed
$135,000 to be repaid monthly over eight year at eight percent interest, is hereby
approved by the City Council of the City of Georgetown, Texas.
SECTION 3. The loan is approved as a special investment of City funds in
accordance with Section 4.1.5 of the City's Investment Policy.
Reedholm Instruments Loan Resolution No. A� `J°
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ATTEST -
F h
Sandra Lee
City Secretary
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Marianne Landers Banks
City Attorney
Reedholm Instruments Loan Resolution No.
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THE CITY OF GEORGETOWN:
Mayor