HomeMy WebLinkAbout020496 RES - 10/18/1988A RESOLUTION
APPROVING AN AGREEMENT OF THE CORPUS CHRISTI INDUSTRIAL
DEVELOPMENT CORPORATION WITH RESPECT TO THE ISSUANCE OF
BONDS FOR DE DIETRICH (USA), INC.
WHEREAS, Corpus Christi Industrial Development Corporation (the
"Corporation") was created under the auspices of the City of Corpus Christi; and
WHEREAS, notice of a public hearing on the Project (as defined in the
Agreement attached hereto), as required by Section 147 of the Internal Revenue
Code of 1986, as amended (the "Code"), was published in a newspaper of general
circulation in the city at least 14 days prior to such public hearing; and
WHEREAS, it is deemed necessary and advisable that this Resolution be
adopted;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. That the "Loan Agreement by and between Corpus Christi
Industrial Development Corporation and De Dietrich (USA), Inc.," in
substantially the form and substance as attached to this Resolution and made a
part hereof for all purposes, is hereby approved, and Bonds in the principal
amount of $7,000,000, may be issued pursuant thereto for the purpose of paying
the cost of acquiring and constructing or causing to be acquired and constructed
the Project as defined and described therein, which Project is in compliance
with the Development Corporation Act of 1979, as amended, and the rules
promulgated thereunder by the Texas Department of Commerce; and said Project is
hereby approved.
SECTION 2. The resolution adopted by the Corporation authorizing the
execution of the Loan Agreement and an Indenture of Trust by and between the
Corporation and Bank of New York, as Trustee, dated October 15, 1988, and
authorizing the sale of the Bonds, in substantially the form and substance
attached to this Resolution and made a part hereof for all purposes, are hereby
specifically approved, and the Bonds may be issued as provided for therein.
SECTION 3. The City Council of the City of Corpus Christi hereby
authorizes the Mayor to approve the issuance of the aforesaid Bonds in the
principal amount of $7,000,000 for De Dietrich (USA), Inc., and such approval
shall be solely for the purposes of Section 147 of the Code, as amended, and the
City of Corpus Christi, Texas, shall have no liabilities for the payment of the
Bonds nor shall any of its assets be pledged to the payment of the Bonds.
ATTEST:
City Secretary MA R
APPROVED:'ZA DAY OF 1988
HAL GEORGE,
By
207' 0 :res
T ATTORNEY
i ty A torney
THE CITY OF CORPUS CHRISTI, TEXAS
20496 MICROFILMLD.
Corpus Christi, Texas
/ 0 day of CertretiA1988
The above resolution was passed by the following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
2/1/1)Ei
Clif MossLlivP
Bill Pruet
Mary Rhodes
Frank Schwing, Jr.
Mary Pat Slavik
Linda Strong
99.066.01
Actrit
20496