HomeMy WebLinkAboutRES 12.13.1983 - Industrial Development Corp1z 1
RESOLUTION APPROVING
GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION
DEVELOPMENT REVENUE BOND
(LAURA WEIR-CLARKE & FRED W. CLARKE PROJECT)
SERIES 1983 FOLLOWING A PUBLIC HEARING
WHEREAS, Georgetown Industrial Development Corporacion (the "Issuer")
was created by the City Council (the "Governing Body") of Georgetown, Texas
(the "Unit") pursuant to the provisions of the Development Corporation Act
Article 5190.6 Vernon's Texas Civil Statutes, as amended (the "Act");
WHEREAS, on December 12, 1983, the President of the Corporation held
a public hearing with respect to the Bonds and the Project following
publication of notice in compliance with section 103(k) of the Internal
Revenue Code of 1954, as amended (the "Code");
WHEREAS, section 103(k) of the Code requires that the "applicable
elected representative" approve the Bonds of the Issuer;
WHEREAS, the Governing Body is the elected legislative body of the
Unit and, therefore, the "applicable elected representative";
WHEREAS, the Governing Body on December 13, 1983, after posting notice
and conducting a public hearing, adopted a Resolution approving the
Georgetown Industrial Development Corporation Developmenc Revenue Bond
(Laura Weir -Clark & Fred W. Clarke Project) Series 1983;
WHEREAS, certain findings are required concerning the proposed project
being financed by said Bond, as required for approval by the Texas Economic
Development Connission;
WHEREAS, after posting notice and conducting a public hearing, the
Governing Body hereby finds as follows:
1. The proposed Laura Weri-Clarke and Fred W. Clarke Project conforms
with any limitations specified inthe previous Resolution of the Governing
Body concerning the establishment of an eligible blighted area consisting
of the geographical area in which the Project is located.
2. The proposed Proj ct is located within the eligible blighted
area designated in said Resolution;
3. The proposed Project will contribute significantly to the ful-
fillment of the redevelopment objectives of the City of Georgetown for the
blighted area and is in furtherance of the public purposes cif the Act to
wit: it will increase employment opportunities, will significantly increase
the tax base of property located in the designated area, and will promote
commerce within the Unit.
4. The proposed Project conforms to the General and Commercial Pro-
ject Approval Standards specified in the Rules of the Texas Economic
Commission relating to Industrial Development Bonds.
WHEREAS, based upon the above findings, it is deemed necessary and
advisable that this Resolution be adopted;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF GEORGETOWN
TEXAS THAT:
Section 1. Pursuant to section 103(k) of the Code, that the issue
of "Georgetown Industrial Aevelopment Corporation Industrial Development
Revenue Bond (Laura Weir -Clarke & Fred W. Clarke Project) Series 1983",
in an original principal amount not exceeding $450,000 is hereby specifi-
cally approved.
Section 2. The approval herein given is not to be construed as any
undertaking by the Unit, and the Bonds shall never constitute an indebted-
ness 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 taxiation or any other revenues of the Issuer, the Unit, or
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the
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the State of Texas except those revenues assigned and pledged by the Resolution.
Section 3. The Mayor and City Secretary of the unit and the other officers
of the Unit are hereby authorized, jointly and severally to execuce and deliver
such endorsements, instruments, certificates, documents, or papers necessary
and advisable to carry out the intent and purposes of this Resolution.
PASSED AND APPROVED this December 13, 1983.
ktt C.
MAYOb
ATTEST:
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VIA—
City Secretary
Georgetown, Texas