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Home My WebLink About19108 RES - 12/03/1985IS • RESOLUTION approving a resolution of the Corpus Christi Industrial Development Corporation authorizing the issuance of its $900,000 aggregate principal amount Industrial Development Revenue Bonds (W. W. Grainger, Inc. Project) Series 1985, approving the issuance of said Bonds and the nature and location of the project to be financed with the proceeds of said Bonds and other matters. WHEREAS, on July 16, 1980, the City Council (the "City Council") of the City of Corpus Christi, Texas (the "City"), did by resolution find and determine it to be advisable that the Corpus Christi Industrial Development Corporation (the "Corporation") be..authorized and created, and specifically authorized the Corporation to act on behalf of the City to further the public purpose or purposes of promotion and development of industrial and manufacturing enterprises to promote and encourage employment and the public welfare; and WHEREAS, the Board of Directors of the Corporation did on December 3, 1985 adopt a resolution (the "Corporation Resolution") pursuant to the Development Corporation Act of 1979, Article 5190.6, Texas Revised Civil Statutes, as amended (the "Act"), a copy of which resolution is attached hereto as "Exhibit A" and made a part hereof, which resolution is entitled: RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE BY CORPUS CHRISTI INDUSTRIAL DEVELOPMENT CORPORATION OF ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS (W. W. GRAINGER, INC. PROJECT) SERIES 1985 IN THE AGGREGATE PRINCIPAL AMOUNT OF $900,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN WAREHOUSE AND DISTRIBUTION FACILITIES FOR W. W. GRAINGER, INC.; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST SECURING SAID BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT BETWEEN SAID INDUSTRIAL DEVELOPMENT CORPORATION AND W. W. GRAINGER, INC.; AUTHORIZING THE SALE O. SAID BONDS TO THE PURCHASER THEREOF; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT IN CONNECTION THEREWITH; AUTHORIZING THE EXECUTION AND DELIVERY OF AN ARBITRAGE REGULATION AGREEMENT; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE ISSUANCE OF SAID BONDS; AND FOR OTHER PURPOSES. WHEREAS, the Corporation Resolution authorizes the execution and delivery of a Loan Agreement dated as of 19108 MICROFILMED December 1, 1985 (the "Loan Agreement") between the Corporation and W. W. Grainger, Inc. (the "Company") pursuant to which the Authority has agreed to issue its obligations and loan the proceeds thereof to the Company to finance the costs of the purchase of approximately 4.0 acres of undeveloped land comprising lots 25, 26 and 27 of Block 2 in the Sunbelt Industrial Park on the east side of Sunbelt Drive within the corporate limits of the City and the construction thereon of an approximately 13,000 square foot warehouse and distribution facility and acquisition and installation therein of various items of personal property and equipment such as storage racks and office and materials handling equipment (collectively, the "Project"), such Project to be owned and operated by the Company as an industrial distribution facility for the storage and distribution of the Company's products such as electric motors and controls, gear motors, fans, blowers, liquid pumps, air compressors and other types of electrical and office equipment and tools; and WHEREAS, pursuant to Section 25(f) of the Act no issue of bonds may be delivered by the Corporation without a resolution of the City Council adopted no more than 60 days prior to the date of delivery of the bonds specifically approving the resolution of the Corporation providing for the issuance of the bonds; and WHEREAS, the City Council has reviewed the form and substance of the Corporation Resolution and all of the exhibits referred to therein and attached thereto (including the Loan Agreement) and finds that the adoption by the Corporation of the Corporation Resolution furthers the public purposes for which the Corporation was created; and WHEREAS, on December 3, 1985, during the morning work session of the City Council beginning at 9:00 a.m., the Corpora- tion conducted a public hearing regarding the issuance of the Bonds and the nature and location of the Project to be financed with the proceeds of the Bonds pursuant to notice duly published in the Corpus Christi Times and the Corpus Christi Caller on November 14, 1985; and the minutes of said public hearing are before the City Council; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: Section 1. The Corporation Resolution is hereby specifically approved in conformity with the provisions of Section 25(f) of the Act. -2- • Section 2. The entering into, execution and delivery by the Corporation of the Loan Agreement is hereby specifically approved. Section 3. The issuance by the Corporation, on behalf of the Cityofts Industrial Development Revenue Bonds (W. W. Grainger, Inc. Project) Series 1985 in the aggregate principal amount of $900,000 and the loan of the proceeds therefrom to the Company to finance all or a portion of the cost of the Project and the nature and location of the Project is hereby specifically approved by the City Council, as the "applicable elected representative" of the City, within the meaning of Section 103(k) of the Internal Revenue Code of 1954, as amended, and the regulations promulgated thereunder. Section 4. The members of the City Council are hereby authorized,, jointly and severally to execute and deliver such endorsements, instruments, certificates, documents, or papers necessary and advisable to carry out the intent and purposes of this Resolution. Section 5. It is found and determined that all formal actions of the City Council concerning and relating to the adoption of this Resolution were adopted in open meeting and that all deliberations of the City Council that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements. Section 6. Upon the written request of the Mayor or five City 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 suspensions of the Charter rule as to consideration and voting upon ordinances or resolutions at three regular meetings so that this Resolution is passed and shall take effect upon first reading as an emergency this the 3rd day of December, 1985. -3- • • Section 7. This Resolution shall be effective from and after its passage, and it is so resolved. Passed and approved this 3rd day of December, 1985. ATTEST: CITY OF CORPUS CHRISTI, TEXAS Armando Chapa, City Secretary (SEAL) APPROVED AS TO LEGAL FORM: this 3.4 day of December, 1985 J. Bruce Aycock, City Attorney By �. Assist -4- Entirer darres; -Mayor Jack Best, Mayor Pro Tem • Corpus Christi, Texas day of Al , 198.5— TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas 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, Respectfully, Council Members The above ordinance Luther Jones Dr. Jack Best David Berlanga, Sr. Leo Guerrero Joe McComb Frank Mendez Bill Pruet Mary Pat Slavik Linda Strong MAYOR PRO TEW THE CITY OF CORPUS CHRISTI, TEXAS was passed by the following vote: CLt0� e� 0 191 Q9