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HomeMy WebLinkAboutR-2695-1-08' RESOLUTION NO. 2695-1-08(R) A RESOLUTION by the City Council of the City of Allen, Texas, relating to the "Allen Community Development Corporation Sales Tax Revenue Bonds, Taxable Series 2008"; approving the resolution of the Board of Directors of the Corporation authorizing the issuance of such Bonds and resolving other matters incident and related to the issuance of such Bonds; and providing an effective date. WHEREAS, Allen Community Development Corporation (the "Issuer") has been duly created and organized pursuant to the provisions of Section 4B of the Development Corporation Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, as amended (the "Act'); and WHEREAS, pursuant to the Act, the Issuer is empowered to issue bonds for the purpose of defraying the cost of any "project" defined as such by the Act; and WHEREAS, the Act defines "project" to include land, buildings, equipment, facilities, and improvements found by the Board of Directors of the Issuer to be required or suitable for use for amateur (including children's) sports, athletic, entertainment and public park purposes and events or promote or develop new and expanded business enterprises; and -- - - WHEREAS, the Board of Directors of the Issuer has found and deterrnned,,that_ constructing, improving and equipping an events center, including parking facilities and - infrastructure improvements related thereto and the acquisition of land therefor (the 'Projects'), ' constitutes projects within the meaning of the Act and the costs of constructing and equipping such Projects should be financed from the proceeds of sale of $32,860,000 "Allen Community Development Corporation Sales Tax Revenue Bonds, Taxable Series 2008" (the "Bonds"); and WHEREAS, Section 25(f) of the Act requires the City Council of the City approve the resolution of the Issuer providing for the issuance of the Bonds no more than sixty (60) days prior to the delivery of the Bonds; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, TEXAS: SECTION 1: The Resolution authorizing the issuance of the Bonds adopted by the Issuer on October 15, 2007, as amended on November 19, 2007, and the Pricing Certificate executed pursuant to such resolution executed as of January 22, 2008 (collectively, the "Issuer Resolution) and submitted to the City Council this day, is hereby approved in all respects. The Bonds are being issued to finance the costs of acquiring and purchasing the Projects, which are located within the City of Allen, and the City agrees that upon receipt of the proceeds of sale of the Bonds from the Issuer, the City will acquire and purchase the Projects and thereafter be responsible for the upkeep, maintenance and use of the Projects. SECTION 2: The approvals herein given are in accordance with Section 25(f) of the Act and the Bylaws of the Issuer, and the Bonds shall never be construed an indebtedness or pledge of the City, or the State of Texas (the "State"), within the meaning of any Constitutional or statutory provision, and the owner of the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation (other than sales tax proceeds as authorized pursuant to ' Section 4B of the Act) or any other revenues of the Issuer, the City, or the State, except those revenues assigned and pledged by the Issuer Resolution. 7c 040.1110710m4 ' SECTION 3: The Mayor, the City Secretary, the City Manager, the Finance Director and the Assistant Finance Director of the City are hereby authorized, jointly and severally, to execute and deliver such endorsements, instruments, certificates, documents, or other papers necessary and advisable to carry out the intent and purposes of the Resolution. SECTION 4: The City hereby agrees to promptly collect and remit to the Issuer the Gross Sales Tax Revenues (as defined in the Issuer Resolution) in accordance with the terms of the Issuer Resolution and the Act to provide for the prompt payment of the Bonds, and to assist and cooperate with the Issuer in the enforcement and collection of sales and use taxes imposed on behalf of the Issuer. SECTION 5: It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. SECTION 6: This Resolution shall be in force and effect from and after its passage on the date shown below. 1 ]remainder of page left blank intentionally] 70044W.1h07101o4 Resolution No. 2695-1-08(R), Page 2 ' PASSED AND ADOPTED, this January 22, 2008, CITY OF ALLEN, TEXAS STEPHEN TERRELL, Mayor ATTEST: I 1 (City Seal) 70w 040.1/10710104 Resolution No. 2695-1-08(R), Page 3