R-85-789 - 12/1/19857/9R
RESOLUTION OF THE CITY COUNCIL APPROVING THE
ISSUANCE OF BONDS BY THE ROUND ROCK INDUSTRIAL
DEVELOPMENT CORPORATION TO FINANCE A PROJECT FOR
WEED INSTRUMENT COMPANY, INC. FOLLOWING A PUBLIC
HEARING
WHEREAS, by resolution the City Council (the "Governing Body ") of
City of Round Rock (the "Unit "), authorized and approved the creation of
the Round Rock Industrial Development Corporation (the "Issuer ") as a
nonprofit industrial development corporation under the provisions of the
Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated
Texas Civil Statutes, as amended (the "Act "); and
WHEREAS, on November 20, 1984, the Issuer adopted a Resolution
Agreeing to Issue Bonds, whereby the Issuer authorized the issuance of
industrial development revenue bonds to finance the cost of facilities
(the "Project ") for Weed Instrument Company, Inc., to accomplish the
specific public purpose for which the Issuer was created; and
WHEREAS, in accordance with the terms of the Resolution Agreeing to
Issue Bonds, the Issuer now desires to provide for the issuance and sale
of its Industrial Development Revenue Bonds, Series 1985 (Weed
Instrument Company, Inc. Project) (the "Bonds "), in the maximum
aggregate principal amount of $1,325,000, by adopting a resolution
substantially in the form attached hereto as Exhibit "A" (the
"Resolution "); and
WHEREAS, on December 20, 1984, the Issuer held a public hearing in
a location which, under the facts and circumstances, was convenient for
residents of the Unit, with respect to the Bonds and the Project follow-
ing publication of reasonable public notice (the "Notice ") in compliance
with Section 103(k) of the Internal Revenue Code of 1954, as amended
(the "Code "); and
WHEREAS, the Governing Body is the elected legislative body of the
Unit; and
WHEREAS, the private activity bond limit for the State of Texas has
been allocated for 1985, in the manner authorized by Section 103(n), by
the Act of Aug. 26, 1985, Ch. 452, §6(a), 1985 Tex. Law Serv. 3090
(Vernon) ( "H.B. 690 "); and
WHEREAS, H.B. 690 requires the Issuer to file a notification of its
present intent to deliver an issue of such "private activity bonds" (the
"Application for Reservation ") with the Texas Economic Development
Commission, setting forth the maximum face amount of the Bonds, the
purpose of the Bonds in order to reserve a portion of the 1985 alloca-
tion of the state ceiling for the Bonds; and
WHEREAS, the Application for Reservation with respect to the Bonds
will be filed on December 13, 1985 (the "Reservation Date "); and
WHEREAS, the Allocation is made to the Unit, but the Unit will
assign the Allocation to the Issuer; and
WHEREAS, the Act provides that the Governing Body must, by
resolution adopted no more than sixty (60) days prior to the date of
delivery of the Bonds, specifically approve the resolution of the Issuer
providing for the issuance of the Bonds, and Section 103(k) of the Code
requires that the "applicable elected representative," which with
respect to the Bonds is the Governing Body, approve the Bonds and the
Project prior to issuance;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF ROUND
ROCK, THAT:
1. The Resolution of the Issuer providing for the sale and issu-
ance of the Bonds, substantially in the form attached hereto as Exhibit
"A," is hereby approved.
2. The Governing Body hereby specifically approves the Bonds, as
required by Section 103(k) of the Code, and the Project, all as
described in the Notice attached hereto as Exhibit "B," and the
Governing Body finds and determines that the Project is in furtherance
of the public purposes of the Act.
3. There is hereby assigned and transferred to the Issuer the
amount of the ceiling for private activity bonds which is allocated to
the Unit for the Bonds pursuant to H.B. 690, any amendments or
modifications thereof and any supplements thereto.
PASSED AND APPROVED this _ day of December, 1985.
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