HomeMy WebLinkAboutResolution - 2334 - Issance Of Industrial Revenue Bonds - Mclane Food Services Inc - 06/12/1986Resolution #2334
._,- June 12, 1986
Agenda Item #4
RESOLUTION APPROVING AGREEMENT BY
LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
MCLANE COMPANY, INC.
doing business through its
wholly owned subsidiary
MCLANE/FOODSERVICE-LUBBOCK, INC.
WHEREAS, the board of directors (the "Board") of the
Lubbock Industrial Development Corporation has, by a Resolution
Concerning Issuance of Bonds to Finance a Project for MCLANE
COMPANY, INC. doing business through its wholly owned
subsidiary MCLANE/FOODSERVICE-LUBBOCK, INC. adopted June 11,
1986 (the "Resolution"), 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 MCLANE COMPANY, INC. doing
business through its wholly owned subsidiary
MCLANE/FOODSERVICE-LUBBOCK, INC.; and
WHEREAS, the City Council of the City of Lubbock, Texas
(the "Unit"), has heretofore adopted criteria concerning
approval of resolutions such as the Resolution and pursuant to
such criteria the project described in the Resolution is
eligible for full financing as a result of receiving 100 'points
(at least 80 points are required to qualify for full financing)
based on its status as a warehouse and distribution center' (20
points), the creation of 100 jobs (20 points), a payroll in
excess of $800,001 annually (20 points), an increase in the
property tax base of greater than $2,000,000 (15 points), a
private equity contribution of 1 to 1 (15 points), and
provision of special programs to encourage upward mobility
among employees (10 points); 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, TEXAS, 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.
0
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 thereunder.
B. C. McMinn, Mayor
ATTEST:
Ranette oyd, City Secretary
APPROVED AS TO C014TENT:
Robert Massenga e, A501stant City Manager
for Financial Services
APPROVED AS TO FORM:
n
Do ld G. Vandiver, Assistant City Manager
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Resolution #2334
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NOTICE OF MEETING
NOTICE is hereby given that the governing body of
Lubbock Industrial Development Corporation will meet at 1:00
o'clock P M. on the 11th day of June, 1986, at its regular
meeting place at the Lubbock Chamber of Commerce, 14th and
Avenue K, in the City of Lubbock, Texas, fo the purpose of
considering all matters incident and related to the Application
for Financial Participation of McLane Company, Inc., including
the adoption of a Resolution Concerning Issuance of Bonds to
Finance a Project for McLane Company, Inc. doing business
through its wholly owned subsidiary McLane/Foodservice, Inc.
and execution of a Memorandum of Agreement.
01
Administrative Officer
I hereby certify that the above notice was posted on the bulletin board
on the first floor lobby of City Hall, located at 1625 -13th Street, Lubbock,
Texas, June, 1986 at /� c5z- M.
I ecretary
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t
CERTIFICATE FOR
RESOLUTION APPROVING AGREEMENT BY
LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
MCLANE COMPANY, INC.
doing business through its
wholly owned subsidiary
MCLANE/FOODSERVICE-LUBBOCK, INC.
Resolution #2334
June 12, 1986
Agenda Item #4
I, the undersigned City Secretary of the City of Lubbock,
Texas (the "Unit"), hereby certify as follows:
1. The City Council (the "Governing Body") of the
Unit convened in regular session at its regular meeting place
on June 12, 1986 (the "Meeting"), at the designated meeting
place, and the roll was called of the duly constituted members
of the Governing Body, to wit:
B. C. McMinn
Joan Baker
Bob Nasi
T. J. Patterson
Gary Phillips
Maggie Trejo
George Carpenter
Mayor
Mayor Pro Tem
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
All of such persons were present, except the following absen-
tees: Councilwoman Tre,io and Mayor Pro Tem Baker thus constituting a
quorum. Whereupon a written:
RESOLUTION APPROVING AGREEMENT BY
LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
MCLANE COMPANY, INC.
doing business through its
wholly owned subsidiary
MCLANE/FOODSERVICE-LUBBOCK, INC.
(the "Resolution") was duly moved and seconded and, after due
discussion, said motion, carrying with it the adoption of the
Resolution, prevailed and carried by the following votes:
AYES: 5
NOES: 0
2. A true, full and correct copy of the Resolution
is attached to and follows this Certificate; the Resolution has
been duly recorded in the minutes of the Meeting; the above and
foregoing paragraph is a true, full and correct excerpt from
the minutes of the Meeting pertaining to the adoption of the
Resolution; the persons named in the above and foregoing para-
graph are the duly elected, qualified, and acting members of
CERTIFICATE FOR
RESOLUTION APPROVING AGREEMENT BY
LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
MCLANE COMPANY, INC.
doing business through its
wholly owned subsidiary
MCLANE/FOODSERVICE-LUBBOCK, INC.
Resolution #2334
June 12, 1986
Agenda Item #4
I, the undersigned City Secretary of the City of Lubbock,
Texas (the "Unit"), hereby certify as follows:
1. The City Council (the "Governing Body") of the
Unit convened in regular session at its regular meeting place
on June 12, 1986 (the "Meeting"), at the designated meeting
place, and the roll was called of the duly constituted members
of the Governing Body, to wit:
B. C. McMinn
Joan Baker
Bob Nasi
T. J. Patterson
Gary Phillips
Maggie Trejo
George Carpenter
Mayor
Mayor Pro Tem
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
All of such persons were present, except the following absen-
tees: Councilwoman Tre,io and Mayor Pro Tem Baker thus constituting a
quorum. Whereupon a written:
RESOLUTION APPROVING AGREEMENT BY
LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
MCLANE COMPANY, INC.
doing business through its
wholly owned subsidiary
MCLANE/FOODSERVICE-LUBBOCK, INC.
(the "Resolution") was duly moved and seconded and, after due
discussion, said motion, carrying with it the adoption of the
Resolution, prevailed and carried by the following votes:
AYES: 5
NOES: 0
2. A true, full and correct copy of the Resolution
is attached to and follows this Certificate; the Resolution has
been duly recorded in the minutes of the Meeting; the above and
foregoing paragraph is a true, full and correct excerpt from
the minutes of the Meeting pertaining to the adoption of the
Resolution; the persons named in the above and foregoing para-
graph are the duly elected, qualified, and acting members of
the Governing Body; each of such members was duly and suffi-
ciently notified officially and personally, in advance, of the
time, place, and purpose of the Meeting, and that the
Resolution would be introduced and considered for adoption at
the Meeting, and each of such members consented, in advance, to
the holding of the Meeting for such purpose; and the Meeting
was open to the public, and public notice of the time, place,
and purpose of the Meeting was given, all as required by
Article 6252-17, Vernon's Texas Civil Statutes, as amended.
SIGNED AND SEALED this 12th day of June, 1986
Cit Secretary,
City of Lubbock, Texas
(SEAL)
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