R-85-798 - 12/12/1985RESOLUTION AUTHORIZING THE ASSIGNMENT OF
CERTAIN OF THE PRIVATE ACTIVITY BOND LIMIT
OF THE CITY OF ROUND ROCK TO THE ROUND ROCK
INDUSTRIAL DEVELOPMENT CORPORATION
WHEREAS, the Development Corporation Act of 1979, Article 5190.6,
V.A.T.C.S., as amended, (the "Act ") authorizes sponsoring entities, as
defined in the Act, to create nonmember, nonstock public corporations
for the purpose of acquiring, constructing, providing, improving and
financing commercial, industrial and manufacturing facilities; and
WHEREAS, by resolution of the City Council of the City of Round
Rock, Texas (the "City ") on , the City
authorized the creation of the Round Rock Industrial Development
Corporation (the "Issuer ") under and pursuant to the Act; and
WHEREAS, pursuant to the Act, the Issuer is empowered to finance
the cost of projects to promote and redevelop economically blighted
areas to promote and encourage employment, as defined in the Act; and
WHEREAS, certain of the bonds which may be issued from time to time
by the Issuer constitute "private activity bonds" as defined in Section
103 of the Internal Revenue Code of 1954, as amended and the
regulations issued thereunder (the "Code "); and
WHEREAS, certain amendments to the Code enacted pursuant to Public
Law 98 -369, the Deficit Reduction Act of 1984 (the "Tax Act ") impose a
ceiling on the aggregate amount of private activity bonds issued in a
state during any calendar year; and
WHEREAS, the Tax Act authorizes the governor of any state to
proclaim a formula for allocating the state's ceiling among the
governmental units in such state having authority to issue private
activity bonds; and
WHEREAS, pursuant to the Tax Act, the City must in writing assign
its private activity bond limit to the Issuer; and
WHEREAS, the City Council of the City hereby finds and determines
that it is in the best interest of the citizens of the City to further
the purposes of the Round Rock Industrial Development Corporation by
providing a method in writing to assign the City's private activity
bond limit to the Issuer;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ROUND ROCK THAT:
DRAFT;
DATE I a.- LP —SS .
1. The Issuer is hereby authorized to apply for and obtain, on
behalf of the City, from time to time, allocations of the State's
private activity bond limit in connection with the financing or
refinancing of any health facility, as defined by the Act, to be
financed through the issuance of bonds including, but not limited to,
the Issuer's proposed $ Round Rock Industrial Development
Corporation Industrial Development Revenue Bonds, (Municipal Complex
Project) Series 1985, (the "Municipal Complex Project ") proposed to be
issued in of
2. The City hereby assigns to the Issuer all of its private
activity bond limit related to the health facilities for which the
Issuer will make an application for an allocation, including, but not
limited to, the Municipal Complex Project, pursuant to the executive
order referred to above, any subsequent executive order, or any state
legislation which may subsequently be enacted regulating the allocation
of the state's private activity bond limit.
3. The Mayor of the City is hereby authorized to execute and
deliver all documents or other instruments, as may be requested by the
Issuer, necessary to evidence the assignment by the City of its private
activity bond limit to the Issuer in accordance with this Resolution,
the Code (including the Tax Act) and the regulations issued thereunder,
the executive order referred to above and any subsequent executive
order or state legislation regarding the private activity bond limit.
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THE STATE OF TEXAS
COUNTY OF WILLIAMSON
CERTIFICATE FOR
RESOLUTION AUTHORIZING THE ASSIGNMENT OF
CERTAIN OF THE PRIVATE ACTIVITY BOND LIMIT
OF THE CITY OF ROUND ROCK TO THE
ROUND ROCK INDUSTRIAL DEVELOPMENT CORPORATION
We, the undersigned mayor and city secretary of said City hereby
certify as follows:
1. The City Council of said City convened in REGULAR MEETING ON
THE 12th DAY OF DECEMBER, 1985 at the designated meeting place, and the
roll was called of the duly constituted officers and members of said
City Council, to -wit:
Mike Robinson, Mayor
Mike Heiligenstein, Mayor Pro -tem
Graham Howell
Pete Correa
NOES:
ABSTENTIONS:
Ronnie Jean
Charles Culpepper
Trudy L. Lee
and all of said persons were present, except the following absentees:
thus constituting a
quorum. Whereupon, among other business, the following was transacted
at said Meeting: a written
RESOLUTION AUTHORIZING THE ASSIGNMENT OF
CERTAIN OF THE PRIVATE ACTIVITY BOND LIMIT
OF THE CITY OF ROUND ROCK TO THE
ROUND ROCK INDUSTRIAL DEVELOPMENT CORPORATION
DRAFT
DATE 11.-16 -•XJ
was duly introduced for the consideration of said City Council and read
in full. It was then duly moved and seconded that said Resolution be
adopted; and, after due discussion, said'motion, carrying with it the
adoption of said Resolution, prevailed and carried by the following
vote:
AYES: All members of said City Council shown present above
voted "Aye ", except
2. That a true, full and correct copy of the aforesaid Resolution
adopted at the Meeting described in the above foregoing paragraph is
attached to and follows this Certificate; that said Resolution has been
duly recorded in said City Council's minutes of said Meeting; that the
above and foregoing paragraph is a true, full and correct excerpt from
[SEAL]
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said City Council's minutes of said Meeting pertaining to the adoption
of said Resolution; that the persons named in the above and foregoing
paragraph are the duly chosen, qualified, and acting officers and
members of said City Council as indicated therein; and that each of the
officers and members of said City Council was duly and sufficiently
notified officially and personally, in advance, of the time, place, and
purpose of the aforesaid Meeting and that said Resolution would be
introduced and considered for adoption at said Meeting, and each of
said officers and members consented, in advance, to the holding of said
Meeting for such purpose; and that said Meeting was open to the public,
and public notice of the time, place, and purpose of said Meeting was
given, all as required by Vernon's Ann. Civ. Stat. Article 6252 -17.
SIGNED AND SEALED the -- day of ,gCIAIA, 1985.
nne Land, City Secretary
weti
Mike Robinson, Mayor