HomeMy WebLinkAbout022151 RES - 01/31/1995•
RESOLUTION
AMENDING THAT RESOLUTION ADOPTED DECEMBER 3,
1985, APPROVING PROJECT WITH RESPECT TO CORPUS
CHRISTI INDUSTRIAL DEVELOPMENT CORPORATION
INDUSTRIAL DEVELOPMENT REVENUE BONDS (DURRILL
AND WILLIAMS, INC. PROJECT) SERIES 1985 AND
APPROVING RESOLUTION PROVIDING FOR THE
ISSUANCE OF SUCH BONDS IN ORDER TO SUPPLEMENT
THE INDENTURE OF TRUST REFERENCED THEREIN.
WHEREAS, on December 3, 1985, the Corpus Christi Industrial Development
Corporation (the "Issuer") on behalf of the City of Corpus Christi, Texas (the "Unit") adopted
a resolution authorizing the issuance of the above referenced industrial development revenue
bonds (the "Bonds"); and
WHEREAS, on said date the Unit adopted a resolution approving the issuance of such
Bonds, the project being financed thereby, and the Indenture of Trust and other documents
required in connection therewith, and
WHEREAS, Durrill and Williams, Inc. (the "User") and William R. Durrill, Derrest N.
Williams and Williams Wholesalers, Inc. (collectively the "Guarantors") are obligated to make
the payments required under the Bonds pursuant to the terms of a Loan Agreement between the
User and the Issuer and a Guaranty Agreement among the Guarantors, the Issuer and the Trustee;
and
WHEREAS, NationsBank of Texas, N.A., is the owner and holder of 100% of the Bonds
outstanding; and
WHEREAS, the User, the Guarantors and the Bank desire to change certain terms and
conditions with respect to the payment of interest on the Bonds which require the amendment of
the Indenture of Trust between the Issuer and the Trustee; and
WHEREAS, the necessary consents to effect an amendment to the Indenture of Trust have
been obtained, and are set forth in the hereinafter described First Supplemental Indenture of
Trust; and
WHEREAS, the Issuer and the Unit have been presented the proposed First Supplemental
Indenture of Trust as well as other documents necessary and advisable for the Issuer and the Unit
to approve and implement the changes described in said First Supplemental Indenture of Trust;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
022151
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Section 1. The forms, terms and provisions of the First Supplemental Indenture of Trust
between the Issuer and the Trustee, are hereby approved in the form as presented herewith to the
Unit and the programs and expenditures of the Issuer, as supplemented, are hereby ratified and
confirmed.
Section 2. The officers of the Unit shall take all action necessary or reasonably required
to carry out, give effect to, and consummate the transactions contemplated by this Resolution,
including without limitation, the execution and delivery of any closing documents to be delivered
in connection with the First Supplemental Indenture of Trust.
Passed, adopted, signed and approved on this 31st day of January, 1995.
CITY OF CORPUS CHRISTI, TEXAS
By:
Mayor
ATTEST:
By: Anna
City Secretary
APPROVED AS TO LEGAL FORM:
January 02-7 , 1995
O:\11\WORK.95\RESDURR.012-15 2
Corpus Christi, Texas
3i
day of
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art.kAOLIT(J) 19 X1.5
The above resolution was passed by the following vote:
Mary Rhodes
Jack Best
Melody Cooper
Cezar Galindo
Betty Jean Longoria
Edward A. Martin
Dr. David McNichols
David Noyola
Clif Moss
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