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Home My WebLink AboutResolution - 1797 - Approve Issuance - LIDC Bonds - JG Wilkerson Jr Project, Series 1984 - 08/23/1984August 23, 1984 Agenda Item #9 RESOLUTION NO. 1797 A RESOLUTION APPROVING , ISSUANCE BY LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE OF LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS Q. G. WILKERSON, JR. PROJECT) SERIES 1984; APPROVING THE RESOLUTION OF THE ISSUER AUTHORIZING THE BONDS, THE ISSUANCE OF THE BONDS AUTHORIZED THEREBY AND THE PLAN OF FINANCING APPROVED THEREBY AND THE BOND DOCUMENTS WHEREAS, the City of Lubbock (the "Unit') has approved and authorized the creation of Lubbock Industrial Development Corporation (the "Issuer") as a Texas nonprofit corporation, pursuant to the Development Corporation Act of 1979, as amended, Article 5190.6, Vernon's Annotated Texas Civil Statutes (the "Act"), to act on behalf of the Unit to promote and develop industrial and manufacturing enterprises; and WHEREAS, the Issuer is authorized by the Act to issue its revenue bonds on behalf of the Unit for the purpose of paying all or part of the costs of a "project", as defined in the Act, and to loan the proceeds thereof to finance all of part of the costs thereof; and WHEREAS, the Issuer, by resolution (the "Bond Resolution") adopted August 15, 1984, has authorized the issuance and sale of its Industrial Development Revenue Bonds Q. G. Wilkerson, Jr. Project) Series 1984 (the "Bonds"), in an aggregate principal amount not to exceed $1,600,000, and by the Bond Resolution has also authorized a Loan Agreement with J. G. Wilkerson, Jr. (the "Company") wherein the Issuer agrees to issue and sell the Bonds to provide funds to finance a certain project of the Company (the "Project') located within the Unit, and certain other agreements of the Issuer in connection therewith (collectively, the Loan Agreement and such other agreements shall be referred to as the "Bond Documents'); and WHEREAS, the Act requires that the governing body of the Unit approve, by written resolution, any agreement to issue bonds approved by the Issuer; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, requires the Unit's approval of the issuance of the Bonds and authorizes its approval of a plan of financing additional facilities related to the Project after a public hearing following reasonable public notice; and WHEREAS, the Issuer conducted such a public hearing on August 15, 1984, following publication of notice thereof; and WHEREAS, this City Council has reviewed the Bond Resolution and the minutes .relative thereto and, by adoption of this Resolution, intends to approve the Bond Resolution, the issuance of the Bonds, the plan of financing approved by the Bond Resolution and the Bond Documents and to make the findings required by the Act to approve the Project; COS 7u NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: Section 1. The Unit, acting by and through through this City ,Council, hereby approves: _ (a) the Bond Resolution and the plan of financing approved thereby; (b) the issuance of the Bonds in the amount and for the purposes referred to in the preambles hereof and as described in the Bond Documents; and (c) the Bond Documents, copies of which are on file among the records of this meeting. Section 2. This Resolution shall take effect immediately from and after its adoption. PASSED AND APPROVED this Auenset 9s 1 QAA ATTEST: City Se retary, City of Lubbock, Tex [SEAL] 0087x RESOLUTION 1797 MINUTES AND CERTIFICATION STATE OF TEXAS § COUNTY OF LUBBOCK § On the 23rd day of August, 1984, the City Council of the City of Lubbock, Texas, convened in Regular Meeting at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of such meeting, giving the date, hour, place and subject thereof, having been posted as prescribed by Article 6252-17, V.A.T.C.S., and the roll of the duly constituted officers and members of the City Council was called, which officers and members are as follows, to -wit: Alan Henry, Mayor Maggie Trejo ) Raynette Boyd, City Secretary T. J. Patterson ) George W. Carpenter ) Councilmembers Bob Nash ) E. Jack Brown ) Joan Baker ) and all of such persons were present, except the following absentees: , thus constituting a quorum. Whereupon, among other business, the following was transacted, to -wit: a written Resolution bearing the following caption was introduced: A Resolution approving issuance by Lubbock Industrial Development Corporation of an issue of Lubbock Industrial Development Corporation Industrial Development Revenue Bonds (J. G. Wilkerson, Jr. Project) Series 1984; and approving the Resolution of the Issuer authorizing the Bonds, the issuance of the Bonds authorized thereby and the plan of financing approved thereby and the Bond Documents The Resolution, a full, true and correct copy of which is attached hereto was read and reviewed by the City Council. Upon motion duly made and seconded, the Resolution was finally passed and adopted by the following vote: AWES: 7 NOES: 0 The Presiding Officer then declared the Resolution passed and signed and approved the same in the presence of the City Council. KNUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to reflect accurately the duly constituted officers and members of the City Council of such City, and the attached and following copy of such Resolution is hereby 0087K certified to be a true and correct copy of an official copy thereof on file among the official records of the City, all on this August 23, 1984. 101) ATTEST: City Se tary, City of Lubbock, Te as [SEAL] —19— RAY HUTCHISON RAYFORD PRICE JOHN F. BOYLE, JR. BEN A. BROOKS ROBERT D. DRANSFIELD ALLEN MOON JAMES D. HOLLAND BYRON E. COX KENNETH C. DIPPEL RICHARD A. YAHR JAMES J. PANIPINTO MARTHA A. PEAK CHRISTINE YOUNGS ADRIENNE C. LEONARD SANDRA L. MARHOEFER RICHARD L. COVINGTON JOHN M. HILL LAW OFFICES HUTCHISON PRICE BOYLE & BROOKS A PROFESSIONAL CORPORATION 211 NORTH ERVAY BUILDING, SUITE 1500 DALLAS, TEXAS 75201 (214) 742-3882 August 20, 1984 Norton Baker, Esquire Smith, Baker, Field & Clifford, Inc. 2112' Indiana Lubbock, Texas 79410 RESOLUTION 1797 AUSTIN OFFICE: 1108 LAVACA STREET, SUITE 400 AUSTIN, TEXAS 78701 (512) 477-4121 DALLAS TELECOPY NUMBER: (214) 969-7446 Re: $1,600,000 Lubbock Industrial Development Corporation Industrial De- velopment Revenue Bonds (J.G. Wilkerson, Jr. Project) Series 1984 Dear Mr. Baker: Enclosed are 10 copies of the signature pages for the Minutes and Resolution that the Lubbock City Council will consider this week in regards to the above captioned bond issue. I would appreciate it if you would have the signature pages signed and sealed by the Mayor and City Secretary and then return them to me as soon as possible. The complete copy of the Minutes and Resolution is for your records. If you have any questions, please do no hesitate to call. Sincerely, HUT HISON PRICE BOYLE be BROOKS Richard L. Covington RLC/clk Enclosures AFFIDAVIT THE STATE OF TEXAS § COUNTY OF LUBBOCK § I, JOAN BAKER as a member of the LUBBOCK CITY COUNCIL make this affidavit and hereby on oath state the foil owing: and or a person or persons related to me, have a substantial interest in a usiness entity that would be peculiarly affected by a vote or decision of the LUBBOCK CITY COUNCIL (city council, commission of board) as those terms are defined in Article 988b, V.T.C.S. The business entity is name (address) (have/has) a -substantial interest in this or name of relative and relationship) business entity for the following reasons: (check all which are applicable). Ownership of 10% or more of the voting or shares of the business entity. ✓Ownership or $2,500 or more of the fair market value of the business entity. Funds received from the business entity excess 10% of income for the previous year. (my,her,his) Real property is involved and have -an equitable or legal I,he, she) ownership with a fair market value of .at least $2,500,. A relative of mine has a substantial interest in the business entity or property that would be affected by a decision of the public body of which I am a member. Upon the filling of this affidavit with the CITY SECRETARY I affirm city clerk or secretary) that I will abstain from voting on any decision involving this business entity and from any further participation on this matter whatsoever. Signed this 23rd day of August 1984 S� ature of official City Councilwoman Title BEFORE ME; the`undersigned authority, this day personally appeared Joan Baker and on oath stated that the facts hereinabove stated are true to the best of. her knowledge or belief. his er Sworn to,.and subscribed before me on this 23rd day of August 1984 Not ry Pu is in and for the State of Texas My commission expires: