HomeMy WebLinkAbout17829 RES - 09/14/1983A RESOLUTION
APPROVING A RESOLUTION BY CORPUS CHRISTI INDUSTRIAL
DEVELOPMENT CORPORATION TO ISSUE BONDS FOR DAYS INNS OF
AMERICA, INC; AND DECLARING AN EMERGENCY.
WHEREAS, Corpus Christi Industrial Development Corporation was
created under the auspices of the City of Corpus Christi, Texas; and
WHEREAS, the City Council (the "City Council") of the City of
Corpus Christi (the "City") has, by written resolution declared that certain
areas of the City be designated as a blighted area (the "Blighted Area")
pursuant to the Development Corporation Act of 1979, as amended, Article
5190.6, V.A.T.C.S., and the rules promulgated thereunder (the "Act"); and
WHEREAS, Days Inns of America, Inc., a Georgia corporation, desires
to finance, pursuant to the Act, the construction of, and the purchase of a
new motel facility located at I-37 and the Southwest corner of Navigation
Boulevard, Corpus Christi, Texas (the "Project"); and
WHEREAS, the Project is located adjacent to the Blighted Area; and
WHEREAS, the City Council has provided adequate opportunity for the
general public to make comments on the Project prior to the adoption of this
Resolution; and
WHEREAS, it is deemed necessary and advisable that this Resolution
be adopted.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
SECTION 1. That the "Resolution Authorizing the Issuance, Sale and
Delivery of $3,600,000 Corpus Christi Industrial Development Corporation
Floating Rate Monthly Demand Industrial Development Revenue Bonds (Days Inns
of America, Inc., Project) 1983 Series; Approving the Form and Substance of
an Indenture of Trust, a Loan Agreement, a Bond Purchase Agreement, a
Preliminary Official Statement and an Official Statement; Making Certain
Findings and Determinations; Authorizing the Execution of Documents and
Instruments Necessary or Convenient to Finance the Project; and Containing
Other Provisions Relating to the Subject", and all documents approved in such
resolution, in substantially the form and substance attached to this
Resolution and made a part hereof for all purposes, is hereby specifically
approved, and the Bonds may be issued as provided for therein.
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SECTION 2. The City Council approves the Project and finds (i)
that the Project will contribute significantly to the fulfillment of the
redevelopment objectives of the City for the Blighted Area by increasing
employment opportunity, increasing the property tax base and promoting
commerce within the City and the State of Texas; and (ii) that the Project is
in furtherance of the public purposes of the Act.
SECTION 3. Solely for the purposes of Section 103k of the Internal
Revenue Code of 1954, as amended, the City Council of the City of Corpus
Christi hereby further approves the issuance of the aforesaid Bonds in the
aggregate principal amount of $3,600,000, and further approves the Project as
more completely described in the aforesaid Loan Agreement, and the City of
Corpus Christi shall have no liability for the payment of the Bonds nor shall
any of its assets be pledged to the payment of the Bonds.
SECTION 4. That upon written request of the Mayor or five Council
members, copy attached, to find and declare an emergency due to the need for
the immediate need for efficient and effective administration of City affairs
by issuing the aforementioned bonds, such finding of an emergency is made and
declared requiring suspension of the Charter rule as to consideration and
voting upon ordinances or resolutions at three regular meetings so that this
ordinance is assed and shall take effect upon first reading as an emergency
this the %day of September, 1983.
ATTEST:
APPR VED:
Nit DAY OF SEPTEMBER, 1983
J. BRUCE AYCOCK, CITY ATTORNEY
By
As tant City Attorney
MAYOR
./
TH CIT KF CORPUS CHRISTI, TEXAS
Corpus Christi, Texa
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
day of
198 3
For the reasons set forth in the emergency clause of the foregoing ordinance
or resolution, an emergency exists requiring suspension of the Charter rule
as to consideration and voting upon ordinances or resolutions at three
regular meetings; I/we, therefore, request that you suspend said Charter rule
and pass this ordinance or resolution finally on the date it is introduced,
or at the present meeting of the City Council.
Respectfully,
Council Members
Respectfully,
MAYOR
THE CITY
ORPUS CHRISTI, TEXAS
The above ordinance was passed by the following vote:
Luther Jones AYE
Betty N. Turner /{YE
David Berlanga, Sr. AYE
Leo Guerrero AYE
Herbert L. Hawkins, Jr. ABSENT
Dr. Charles W. Kennedy A 6sENr
Joe McComb AYE
Frank Mendez AYE
Mary Pat Slavik AY
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