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HomeMy WebLinkAboutResolution - 1143 - Approve Financing Comitment - LIDC - Ryder Truck Lines Inc Project - 07/22/19824 RESOLUTION 1143 - 7/22/82 g2 r-�ITY SECRETARY -TREASURER A RESOLUTION by the City Council of the City of Lubbock, Texas, ratifying, confirming and approving a commitment of the Lubbock Industrial Development Corporation to participate in the financing of an indus- trial development project for Ryder Truck Lines, Inc. WHEREAS, the Board of Directors of the Lubbock Industrial Development, Corporation (the "Corporation") has passed and adopted a resolution accepting an application from Ryder Truck Lines, Inc. (the "Company") and agreeing to participate in the financing of an industrial development Project involving the acquisition of an existing facility, to be operated as a motor freight terminal for the Company, a regulated common carrier, a copy of such resolution being attachedhereto as Exhibit A; and WHEREAS, the Corporation has requested the City Council to ratify, `confirm and approve its commitment to the Company to participate in the financing of such industrial development project; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, VEXAS: SECTION 1: That the commitment of the Corporation to Ryder Truck Lines, Inc. to participate in the financing of an industrial development project, evidenced by the resolution of the Board of Directors of the Corporation attached ;hereto as Exhibit A, is hereby ratified, confirmed and approved, and said Corporation and Company may proceed with the arrangements for the financing of said project as authorized and permitted by the Development Corporation Act of 1979, as amended. SECTION 2: That any bonds, or other obligations, issued as a result of said commitment.of the Corporation shall not constitute a debt of the State of Texas, the City of Lubbock, Texas or any other political corporation, sub- division or agency of the State of Texas or a pledge of the faith and credit of any of them, but any such bonds or obligations shall be payable solely from those funds derived and resulting from, any and all agreements by and between the Corporation and the Company, and all such bonds or obligations issued shall contain on their face a statement to the effect that neither the State, the City nor any political 'corporation, subdivision or agency of the State shall be obligated to pay the same or the interest thereon No Text RESOLUTION 1143 - 7/22/82 (-eTv SECRETARY-TREASURIR CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS COUNTY OF LUBBOCK ¢ CITY OF LUBBOCK I, the undersigned, City Secretary of the City of Lubbock, Texas, DO HEREBY CERTIFY as follows: 1. That on the 22nd day of July, 1982, the City Council of the City of Lub o�ck, Texas, convened in Regular session at its regular meeting place in the City Hall of said City; the duly constituted members of the Council being as follows: Bill McAlister MAYOR :Alan Henry COUNCILMEMBERS E. Jack Brown _M, J. Aderton Joan Baker and all of said persons were present at said meeting, except the following: None 'absent Among other business considered at said meeting, the attached resolution entitled: "A RESOLUTION by the City Council of the City of No. 1143 Lubbock, Texas, ratifying, confirming and approving a commitment of the Lubbock Industrial Development Corporation to participate in the financing of an indus- trial development project for Ryder Truck Lines, Inc." was introduced and submitted to the Council for passage and adoption. After presentation and due consideration of the resolution, a motion was made by Joan Baker that the resolution be finally passed and adopted. The motion was seconded by E. Jack Brown and carried by the following vote: 5 voted "For" 0 voted "Against" 0 abstained all as shown in the official Minutes of the Council for the meeting held on the aforesaid date. i 2. That the attached resolution is a true and correct copy of the original on file in the official records of the City; the duly qualified and acting members of the City Council of said City on the date of the aforesaid meeting are those persons shown above and, according to the records of my office, each member of the Council was given actual notice of the time, place and purpose of.the meeting and had actual notice that the matter would be considered; and that said meeting, and deliberation of the aforesaid public business, was open to the public and written notice of said meeting, including the subject of the entitled resolution, was posted and given in advance thereof in compliance with the provisions of Article 6252-17, Sec- tion 3A, V.A.T.C.S. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the day of July, 1982. City Se retary, city Lubbock, Texas {City Seal)^ A RESOLUTION approving and accepting an appli- cation submitted by Ryder Truck Lines, Inc. in relation to an industrial development project; and agreeing to participate in financing the costs of such project. WHEREAS, Ryder Truck Lines, Inc. (hereinafter referred to as the "Company") has submitted to the Lubbock Industrial Development Corporation (hereinafter referred to as the "Issuer") an "Application for Financial Participa- tion," together with other documents and information relat- ing to the Company, in connection with the acquisition and construction of certain facilities to be operated and main- tained by the Company (hereinafter referred to as the "Pro- ject") in its trade or business; and WHEREAS, the Project, as presently contemplated, involves the acquisition of an existing facility, to be operated as a motor freight terminal for the Company, a regulated common carrier, and the amount of financial participation being sought is estimated to be $400,000; and WHEREAS, the Board of Directors of the Issuer hereby finds and determines that based on such application and other documents furnished (i) the Project is suitable for the promotion of manufacturing or industrial development and expansion and the promotion of employment, (ii) the Project will have an impact in the City of Lubbock, Texas, by increasing or stabilizing employment opportunity, signi- ficantly increasing or stabilizing the property tax base and Promoting commerce, (iii) the Company has the business experience, financial resources and responsibility to pro- vide reasonable assurance that all bonds and interest thereon to be paid from or by reason of payments made by the Company under a lease, sale or loan agreement with the Issuer will be paid as the same becomes due, (iv) the Pro- ject sought to be financed will be in furtherance of the Public purposes of the promotion and development of new and expanded industrial and manufacturing enterprises to promote and encourage employment and public welfare, and (v) there is reasonable assurance all governmental approvals with respect to the Project and the issuance of the obligations by the Issuer can be obtained; and WHEREAS, the Board of Directors of the Issuer further finds and determines that a commitment should be given to the Company to issue the bonds of the Issuer in such aggregate principal amount necessary to finance and pay the costs of acquisition and construction of the Project; therefore, BE IT RESOLVED By TETE BOARD OF DIRECTORS OF TEE LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION: SECTION 1: That the application submitted by the Company is hereby approved and accepted, and the Issuer shall be and is hereby committed and agrees in accordance with the provisions of the Development Corporation Act of 1979 (the "Act") as follows: (a) To adopt a bond resolution or bond resolutions when requested by the Company, authorizing the issuance of revenue bonds (the "Bonds") in one or more series in an aggregate principal amount necessary to finance and pay the cost of acquisition, construction and im- provement of the Project and the cost of issu- ance, (but in no event to exceed $10,000,000) subject to (i) the requirements of the Act, (ii) the execution of the appropriate agreements or contracts as described in Section 1(b) below, and (iii) the sale of the Bonds under terms and conditions satisfactory to the Issuer and the Company. (b) Prior to the issuance of the Bonds, when requested, by the Company, to enter into such loan agreement, installment sale agreement, lease or any other contracts or agreements between the Issuer and the Company as are mu- tually acceptable in all respects to the Issuer and the Company, provided that under any such agreement the Company shall be obligated to make payments to the Issuer (and its Bondholders) in such sums as are necessary to pay the principal of, interest on and redemption premiums, if any, together with paying agents' and trustee's fees on the Bonds, as and when the same shall become due and payable, and such payments also to be sufficient to defray the Issuer's administra- tive, overhead, and other expenses and costs with respect to the Bonds and the Projects. (c) To take, or cause to be taken, such other action, and to execute such additional contracts and agreements, when requested by the Company, as may be required in accordance with the Act and this Resolution to cause the issu- ance of the Bonds; and it is understood that the Company will fully indemnify and hold the Issuer F, harmless from any and all damages, losses and expenses, including attorneys' fees, arising at any time from or with respect to the Bonds and the Project. SECTION 2: That the "Memorandum of Agreement" submitted by the Company in connection with its Application for Financial Participation is hereby approved and accepted and the President is hereby authorized to execute the same as the act and deed of this Board and the Issuer. SECTION 3: That, for purposes of preparing the necessary legal documents to accomplish and complete the financing arising or resulting from this commitment, Dumas, Huguenin, Boothman and Morrow, Attorneys, Dallas, Texas, shall serve and is hereby retained as Bond Counsel and as General Counsel for the Issuer, and the firm of First South- west Company shall serve and is hereby retained as Financial Advisor to the Issuer. SECTION 4: That this Resolution, together with the Memorandum of Agreement herein approved and authorized to be executed, shall constitute the taking of affirmative Official action by the Issuer toward the issuance of the Bonds, and that such action is, and is intended to be, similar to the adoption of a bond resolution, within the meaning of Section 1.103(8)(a)(5) of the regulations of the Internal Revenue Service adopted pursuant to Section 103(b) of the Internal Revenue Code of 1954, as amended. PASSED AND APPROVED, this 7th day of July, 1982. ATTEST,j S c etary, Boar of Lubi ockzndustrial Development Corporati ( Seal. )- 3 4Presi_denA,B­oard of Directors Lubbock Industrial Development Corporation