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HomeMy WebLinkAboutRes 2008-02-02 CDC TX Leverage Fund Loan Application.pdfCITY OF ANNA, TEXAS RESOLUTION NO. 2008-02-02 RESOLUTION APPROVING A RESOLUTION BY THE ANNA COMMUNITY DEVELOPMENT CORPORATION AUTHORIZING AND APPROVING A LOAN APPLICATION BY THE ANNA COMMUNITY DEVELOPMENT CORPORATION SEEKING A TEXAS LEVERAGE FUND LOAN FROM THE OFFICE OF THE GOVERNOR ECONOMIC DEVELOPMENT AND TOURISM DIVISION WHEREAS, the City of Anna, Texas (the "City") created the Anna Community Development Corporation (the "Corporation") pursuant to Section 4B of the Development Corporation Act of 1979, as amended, Article 5190.6, Texas Revised Civil Statutes Annotated (the "Act'), for the purpose of financing the costs of one or more projects within the meaning of the Act; WHEREAS, the levy by the City of an economic development sales and use tax for the benefit of the Corporation under the Act was authorized by a majority of the qualified voters of the City voting at an election called and held for that purpose; WHEREAS, the City has established and levied, and maintains and collects on behalf of the Corporation the economic development sales and use tax pursuant to the Act; WHEREAS, on receipt of the proceeds of the economic development sales and use tax, the City delivers the proceeds to the Corporation to use in carrying out its functions; WHEREAS, the Office of the Governor Economic Development and Tourism Division (the "Division") has developed the Texas Leverage Fund Program to enable industrial development corporations, such as the Corporation, to leverage the economic development sales and use tau receipts described above by providing an aftemative source of easy to access capital with favorable terms; WHEREAS, the Corporation intends to seek a Texas Leverage Fund loan to assist in the development costs of Slater Creek Park in the amount of $629,000.00, the proceeds of any such ban to be used to assist in funding park infrastructure and thereby finance the costs of the Project; WHEREAS, Section 21 of the Act requires that the City approve all programs and expenditures of the Corporation; and WHEREAS, it is deemed necessary and advisable that this Resolution be adopted; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, THE CITY OF ANNA THAT: Section 1. The City Council hereby approves the Loan Application in substantially the form and substance presented to the City Council and the Mayor is hereby authorized and directed, for and on behalf of the City Council to execute the Loan Application for the limited purposes stated therein, and the City Secretary is authorized and directed, for and on behalf of the City Council to attest the Loan Application, and such officers are hereby authorized to deliver the Loan Application. Section 2. The officers of the City are hereby authorized to take all action in conformity with the Act necessary or reasonably required to submit the Loan Application in accordance with the relevant provisions of the Texas Administrative Code. Section 3. This Resolution in no respect creates any liability of the City for repayment of the obligations created by any Loan Agreement. Section 4. If any section, paragraph, clause, or provision of this Resolution shall be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Resolution. In case any obligation of the City authorized or established by this Resolution is held to be in violation of law as applied to any person or in any circumstance, such obligation shall be deemed to be the obligation of the City to the fullest extent permitted by law. PASSED AND APPROVED this 12"' day of February, 2008. ayor, Kenneth Pelham City of Anna, Texas ATTEST: Ci Secretary, Natha Wilkison �.s City of Anna, Texas +'•..,. ., Res. No. 2008-02-02 Approving CDC Loan Appl. Tx Uverage Fwd Loan 2 02-12-08