HomeMy WebLinkAboutRes 2008-07-03 Res. Approving Res. of CDC for TLF.pdfCITY OF ANNA, TEXAS
RESOLUTION NO. 2008-07-03
RESOLUTION APPROVING A RESOLUTION
BY THE ANNA COMMUNITY DEVELOPMENT
CORPORATION AUTHORIZING AND APPROVING
A LOAN AGREEMENT BETWEEN THE
ANNA COMMUNITY DEVELOPMENT CORPORATION
AND THE OFFICE OF THE GOVERNOR ECONOMIC
DEVELOPMENT AND TOURISM DIVISION
AND RELATED DOCUMENTS,
AUTHORIZING THE EXECUTION AND DELIVERY
OF THE LOAN AGREEMENT,
AND OTHER MATTERS IN CONNECTION THEREWITH
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 tax receipts described above by providing an alternative
source of easy to access capital with favorable terms;
WHEREAS, a DRAFT/PROPOSED form of the Loan Agreement between the
Division and the Corporation (the "Loan Agreement") has been presented to the City for
its limited approval, pursuant to which the Division will lend from the Texas Leverage
Fund to the Corporation the amount of $629,000.00, the proceeds of such loan to be
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used to assist in financing the development costs for Slater Creek Park and thereby
finance the costs of the Project;
WHEREAS, the Corporation submits to the City the Corporation's resolution
authorizing and approving the Loan Agreement and related documents for the City's
approval pursuant to Section 25(f) of the Act;
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. In accordance with the provisions of Section 25(f) of the Act, the
Resolution Authorizing and Approving a Loan from the Office of the Governor Economic
Development and Tourism Division, Authorizing the Execution and Delivery of the Loan
Agreement and related documents, Authorizing the Pledge of Sales and Use Tax
Receipts, and Other Matters in Connection Therewith, adopted by the Corporation on
July 9, 2008, a copy of which is attached hereto as Exhibit A and made a part hereof for
all purposes, is hereby specifically approved.
Section 2. The City Council hereby approves the Loan Agreement 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 Agreement 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
Agreement, and such officers are hereby authorized to deliver the Loan Agreement.
Section 3. In accordance with the provisions of Section 21 of the Act, the
programs and expenditures of the Corporation authorized and contemplated by the
Loan Agreement and related documents are hereby specifically approved.
Section 4. All action (not inconsistent with the provisions of this Resolution)
heretofore taken by the City Council directed toward the Project shall be and the same
hereby are, ratified, approved, and confirmed.
Section 5. The officers of the City Council are hereby authorized to take all
action in conformity with the Act necessary or reasonably required to effectuate the loan
evidenced by the Loan Agreement, and to consummate the transactions contemplated
by the Loan Agreement and this Resolution, including, without limitation, the execution
and delivery of any and all other instruments, certificates, documents, or papers
necessary to carry out the intent and purposes of the Loan Agreement and this
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Resolution.
Section 6. This Resolution in no respect creates any liability of the City for
repayment of the obligations created by the Loan Agreement.
Section 7. 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 22nd of July, 2008.
S"" 0'1-
rev
,
evin Anderson, Mayor pro Tem
City of Anna, Texas
ATTEST:
XA 421L,=1
Nath Wilkison, CiIq Secretary
City of Anna, Texas
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CERTIFICATE FOR RESOLUTION APPROVING
A RESOLUTION BY THE CITY OF ANNA
AUTHORIZING AND APPROVING
A LOAN AGREEMENT BETWEEN THE
ANNA ECONOMIC DEVELOPMENT CORPORATION
AND THE OFFICE OF THE GOVERNOR ECONOMIC DEVELOPMENT AND
TOURISM DIVISION, AUTHORIZING THE EXECUTION AND DELIVERY
OF THE LOAN AGREEMENT AND RELATED DOCUMENTS,
AUTHORIZING THE PLEDGE OF SALES AND USE TAX RECEIPTS,
AND OTHER MATTERS IN CONNECTION THEREWITH
1, the undersigned City Secretary of the City of Anna, Texas (the "City"), do
hereby certify as follows:
1. The City Council (the "Governing Body") of the City convened in regular
session at 7:30 p.m., on July 22, 2005 (the "Meeting"), and the roll was called of the
duly constituted members of the Governing Body, namely:
Kenneth Pelham, Mayor
Mike Grist
Kevin Anderson
Keith Green
Darren Driskell
David Crim
All of such persons were present, except the following absentees: Mayor, Kenneth
Pelham and Council Member Mike Crist thus constituting a quorum. Whereupon a
written:
RESOLUTION APPROVING A RESOLUTION BY ANNA
COMMUNITY DEVELOPMENT CORPORATION
AUTHORIZING AND APPROVING A LOAN AGREEMENT
BETWEEN THE ANNA 4B COMMUNITY DEVELOPMENT
CORPORATION AND THE OFFICE OF THE GOVERNOR
ECONOMIC DEVELOPMENT AND TOURISM DIVISION
AND RELATED DOCUMENTS, AUTHORIZING THE
EXECUTION AND DELIVERY OF THE LOAN
AGREEMENT, AND OTHER MATTERS IN CONNECTION
THEREWITH
(the 'Resolution") was duly moved and seconded and, after due discussion, said
motion, carrying with it the adoption of the Resolution, prevailed and carried by the
following votes:
AYES: 4 NOES: 0
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2. A true, full, and correct copy of the Resolution is attached to and follows
this Certificate; the Resolution has been duly recorded in the minutes of the Meeting;
the above and foregoing paragraph is a true, full, and Correct excerpt from the minutes
of the Meeting pertaining to the adoption of the Resolution; the persons named in the
above and foregoing paragraph are duty elected, qualified, and acting members of the
Governing Body; each of such members was duly and sufficiently noted officially and
personally, in advance, of the time, place, and purpose of the Meeting, and that the
Resolution would be introduced and considered for adoption at the Meeting, and each
of such members consented, in advance, to the holding of the Meeting for such
purpose; and the Meeting was open to the public, and public notice of the time, place,
and purpose of the Meeting was given, all as required by Chapter 551, Texas
Government Code Annotated, as amended.
SIGNED AND SEALED this 23rd day of July, 2008.
C0Fq
E _ Cily 'ecretary, atha Wilkison
(SEAL)
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