HomeMy WebLinkAboutCDCRes2010.07.03ANNA COMMUNITY DEVELOPMENT CORPORATION
RESOLUTION NO. 1010-01t t O.O.J.
A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION
AUTHORIZING THE RESTRUCTURING OR RETIRING OF CERTAIN EXISTING
DEBT
WHEREAS, the CDC desires to authorize the restructuring or retirement of certain
existing debt including: (1) the CDC's currently outstanding debt remaining on a Texas
Leverage Fund loan taken by the CDC in the original principal amount of $629,000
("TLF loan"); and (2) the CDC's currently outstanding debt remaining on a loan taken
from Texas Star Bank in the original principal amount of $251 000 ("Bank loan"); and,
WHEREAS, the TLF loan is secured by sales tax and the CDC desires to retire the debt
associated with the TLF loan so that the CDC may have additional borrowing options for
important community development projects; and,
WHEREAS, the Bank loan is secured by a certificate of deposit in the amount of
$250,000, which the CDC desires to use to fund the retirement of the debt associated
with the Bank loan so that the CDC may have additional borrowing options for important
community development projects; and,
WHEREAS, the CDC Board of Directors has investigated and determined that
restructuring/retiring the debt remaining on the two aforementioned loans is in the
CDC's best interest and will enhance the recreational and community facilities of the
City and will be for the benefit of the community; and,
WHEREAS, it is hereby officially found and determined that the meeting at which this
Resolution was passed, was open to the public and public notice of the time, place, and
purpose of said meeting was given, all as required by Chapter 551, Texas Government
Code;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY
DEVELOPMENT CORPORATION, THAT:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
CDC OF ANNA, TEXAS RESOLUTION NO. - - G PAGE 1 OF 2
Section 2. TLF Loan
The CDC authorizes its Chief Administrative Officer to determine one or more methods
for restructuring/retiring the TLF Loan and to return to the CDC Board to present such
alternatives for the Board's consideration.
Section 3. Bank Loan
The CDC authorizes its Chief Administrative Officer to determine whether the
aforementioned certificate of deposit can be withdrawn before its maturity date without
incurring any penalty, and if same can be done, to withdraw the certificate of deposit
and from the proceeds retire the remaining debt owed on the Bank loan. If the Chief
Administrative Officer determines that the aforementioned certificate of deposit cannot
be withdrawn before its maturity date without incurring penalty, the CDC authorizes its
Chief Administrative Officer to, upon maturity of the certificate of deposit, withdraw
same and from those proceeds retire the remaining debt owed on the Bank loan.
PASSED AND APPROVED by the Anna Community Development Corporation this 1st
day of July, 2010.
APPROVED:
Ro Simm4rs O resident
ATTEST:
herilyndfrey, CDC Secretary
CDC OF ANNA, TEXAS RESOLUTION NO. Q 0 16 - 0 9 - (2 3 C C DCPAGE 2 OF 2