HomeMy WebLinkAboutResolution - 886 - Approve Issuance Of Bonds - LIDC - Magnolia Seed Company Project - 08/13/1981YAUG 13 1
MM:pc RESOLUTION 886 - 8/13/81
Amends Resolution #811 - 5/28/81
RESOLUTION
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS, RATIFYING,
CONFIRMING AND APPROVING A RESOLUTION OF THE LUBBOCK INDUSTRIAL DEVELOPMENT
CORPORATION AUTHORIZING THE ISSUANCE OF REVENE BONDS IN THE PRINCIPAL SUM OF
$700,000 IN CONNECTION WITH AN INDUSTRIAL OR MANUFACTURING PROJECT FOR MAGNOLIA
SEED COMPANY OF LUBBOCK AND OTHER MATTERS INCIDENT AND RELATED THERETO.
WHEREAS, on the 28th Day of May, 1981, the City Council. of Lubbock,
Texas, passed and adopted a resolution approving agreements and a resolution
passed by the Lubbock Industrial Development Corporation (the "Corporation")
authorizing the issuance of $700,000 "Lubbock Industrial Development Corpora-
tion Industrial Development Revenue Bonds, Series 1981 (Magnolia Seed Company
of Lubbock Project)", dated June 1, 1981; all in accordance with the require-
ments of Section 25(f) of the Development Corporation Act of 1979 (the "Act");
and
WHEREAS, delivery of the aforementioned Bonds is scheduled to occur on or
about August 17, 1981, and, by reason of recent amendment to the Act changing
the time period for Council approval of the resolution of the Corporation
authorizing the issuance of the Bonds, this Council has been requested to
ratify and confirm its prior approval of the aforesaid resolution authorizing
the issuance of the Bonds; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS:
SECTION 1. THAT the resolution of the Board of. Directors of the
Corporation, passed and adopted on May 27, 1981, and entitled as follows:
"A RESOLUTION by the Board of Directors of the Lubbock Industrial Develop.
ment Corporation relating to the issuance of revenue bonds to be known as
'LUBBOCK INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT REVENU]
BONDS, SERIES 1981 (MAGNOLIA SEED COMPANY OF LUBBOCK PROJECT)', dated
June 1, 1981, fixing the details and providing for the payment and securii
of such bonds, approving and authorizing the execution of a Loan Agreement
Trust Indenture, Collateral Assignment and Security Agreement and approvil
and accepting a Deed of Trust, Security Agreement, Assignment of Rents
and Financing Statement in relation to the payment and security of such
bonds and the rights of the holders of such bonds, making such Loan
Agreement, Trust Indenture, Deed of Trust and Collateral Assignment a
part of this Resolution; making certain findings, covenants and declara-
tions relating to such bonds and the issuance thereof; acknowledging the
rights of the Corporation under the Loan Agreement, the Note and the Deed
of Trust to be assigned to the Texas Commerce Bank -Irving, as trustee,
under the Trust Indenture, Collateral Assignment and Security Agreement;
and resolving other matters incident and related to the subject and
purpose of this Resolution."
and the approval thereof by the City Council of Lubbock, Texas, on the 28th
day of May, 1981, is hereby in all respects ratified, confirmed and approved.
SECTION 2. THE approval herein given is in accordance with the pro-
visions of Section 25(f) of the Act, as amended, and is not to be construed as
any undertaking by the City of Lubbock, Texas, and said Bonds shall never
constitute a debt of the City of Lubbock or of any other political corporation,
subdivision or agency of the State of Texas or a pledge of the faith and
credit of any of the foregoing.
s
SECTION 3. THE programs and expenditures authorized and contemplated
by the aforesaid Resolution authorizing the issuance of the Bonds are hereby
approved in all respects.
Passed by the City Council this 13th day of August 1981.
r
BrLI#_McALI9fER, MAYOR
ATTEST:-
Wel Ga 'ga, City cr ar Treasurer
' _
-APPROVED_AS TO FORM:
Mick McKamie, Assistant City Attorney