HomeMy WebLinkAboutResolution - 2255 - Agreement - LIDC - Issue Bonds, Lubbock Hotel Assocates LTD - 02_27_1986Resolution #2255
February 27, 1986
Agenda Item #5
DGV:da
RESOLUTION APPROVING AGREEMENT BY
LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
LUBBOCK HOTEL ASSOCIATES, LTD.
WHEREAS, the board of directors (the "Board") of the Lubbock Indus-
trial Development Corporation has, by a Resolution Concerning Issuance of
Bonds to Finance a Project for Lubbock Hotel Associates, Ltd. adopted
February 14, 1986 (the "Resolution"), a copy of which is attached hereto as
Exhibit A, agreed and declared its intent to issue its limited obligation
revenue bonds pursuant to the terms of the Development Corporation Act of
1979, Article 5190.6, Vernon's Texas Civil Statutes, as amended (the "Act")
and such other statutes as may provide authority therefor, to finance the
costs of the project and in the amount set forth in the Resolution for the
benefit of Lubbock Hotel Associates, Ltd.; and
WHEREAS, the City Council of the City of Lubbock, Texas (the "Unit")
finds and declares that the action of the Board approving the Resolution
should be approved and is in the best interests of the inhabitants of the
Unit for the reasons therein set forth; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, THAT:
SECTION 1. The Resolution, as adopted by the Board, agreeing and
declaring an intent to issue limited obligation revenue bonds for the
purposes and in the amount set forth in the Resolution is hereby approved.
SECTION 2. This Resolution is adopted for the purpose of satisfying
the conditions and requirements of the Act and Section 103 of the Internal
Revenue Code of 1954, as amended, and the regulations promulgated there-
under.
Passed by the City Council this 27th
ATT
anette`Boyd, City Secretary
APPROVED AS TO FORM:
L a
Do ld G. Vandiver, Firsa—t—A istant
City Attorney
day of February 1986.
ALA ENRY , MA 0