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
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City of Anna, Texas +'•..,. .,
Res. No. 2008-02-02 Approving CDC Loan Appl. Tx Uverage Fwd Loan 2 02-12-08