R-287-12-79RESOLUTION approving a certain
agreement of the Allen Industrial
Development Corporation to issue
bonds. 287
WHEREAS on November 26, 1979, this body did by resolution
find and declare that the existence, development and expansion of
commerce and industry are essential to the economic growth of the
City of Allen, Texas (the "City") and to the full employment,
welfare and prosperity of its citizens, and that the present and
prospective health, safety, right to gainful employment and
general welfare of the people of the City requires the promotion
and development of new and expanded commercial, industrial and
manufacturing enterprises; and
WHEREAS said resolution found and determined that it is
advisa e t at the Allen 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
commercial, industrial and manufacturing enterprises to promote
and encourage employment, public health and the public welfare; and
WHEREAS the Corporation has been duly incorporated and
has appointed officers and adopted Bylaws which this body did
approve by resolution on December 20, 1979; and
WHEREAS pursuant to said Bylaws and the Texas Development
Corporat= on Act of 1979 (the "Act") the Board of Directors of the
Corporation did on December 20, 1979, adopt a resolution entitled
"Bond Resolution," which resolution found that a certain Project is
necessary and desirable for the promotion of commercial or
industrial development and expansion, the promotion of industry
and for the use by commercial, manufacturing or industrial
enterprises, and authorized the President of the Corporation to
sign a certain Memorandum of Agreement and authorized officers
of the Corporation to take such further action as is necessary
to carry out the intent and purpose of such Memorandum of
Agreement as executed; and
WHEREAS such Memorandum of Agreement sets out the amount
and purpose of certain bonds being approximately $6,000,000 of
the Corporations revenue bonds, and constitutes an agreement to
issue said bonds upon the terms and conditions stated in such
Memorandum of Agreement adopted by the Corporation; and
WHEREAS under the Act this governing body shall approve by
written resolution any agreement to issue bonds adopted by the
Corporation; and
WHEREAS to achieve the public purposes for which the
Corporat— ion was created such Memorandum of Agreement is necessary
and desirable:
-3-
NOW, THEREFORE, Be It Resolved by the City Council of the
City of Allen, Collin County, Texas, acting as the governing body
of said city, as follows:
Section 1. The Memorandum of Agreement referred to and
adopted in a resolution of the Corporation adopted on December 20 ,
1979, and entitled "Bond Resolution," both of which are attached
hereto as Exhibit B, is hereby approved.
Passed and approved this 20th day of December, 1979•
Entered into the official record this 20 day of December
1979.
ATTEST: j
City Secretary
A oved as to form:
City Attorney
-4-
Mayor
tat
It was thereupon moved and seconded by Charles Chandler
that said resolution beFadopted. Upon roll being called, the
following voted:
AYE:
M. B. Pierson, Joe Farmer, H. R. Daugherty,
Rex Womack, Glenn Andrew, Richard Chumbley
and Charles Chandler
NAY: None
`. (Other Business)
Upon motion duly made, seconded and passed, the City
Council adjourned.
Mayor
Attest:
� I -I
City Secretary
-5-
• STATE OF TEXAS )
COUNTY OF COLLIN)
I, Junelle Cooksey, hereby certify that I am the duly
qualified and acting City Secretary of the City of Allen, Collin
County, Texas, and as such official I further certify that
attached hereto is a copy of excerpts from the minutes of the
meeting of the City Council of said city held on December 20 ,
1979; that I have compared said copy with the original minute
record of said meeting in the minute book of said City Council
in my official custody; and that said copy is a true, correct
and complete transcript from said original minute record inso-
far as said original minute record relates to the Allen Indus-
trial Development Corporation.
WITNESS my official signature and the seal of said
city this 2n day of December 1979•
City Secretary
` [SEAL]
To
-6-