R-1511-7-97RESOLUTION NO. 1511-7-97(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, APPROVING THE RESOLUTION OF THE
BOARD OF DIRECTORS OF THE ALLEN COMMUNITY DEVELOPMENT
CORPORATION PROVIDING FOR THE SALE OF BONDS;
AUTHORIZING DELIVERY BY THE CORPORATION OF $5.35 MILLION
OF BONDS TO THE PURCHASERS THEREOF AFTER ALL APPROVALS
REQUIRED BY LAW; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Allen Community Development Corporation is a non-profit corporation
authorized by the City Council of the City of Allen, created and operating under the provisions
of Section 4B of the Development Corporation Act of 1979, Texas Revised Civil Statutes
Annotated Article 5190.6, as amended (the "Act"); and
WHEREAS, the Corporation is authorized to issue and sell bonds and other obligations to pay
the costs of the projects authorized by the Board of Directors; and
WIIEREAS, such bonds may be made payable from the proceeds of a sales and use tax imposed
in the City of Allen under the Act; and
' WHEREAS, the Board of Directors of the Corporation has authorized the issuance of $5.35
million of bonds, the payment of which is secured by a pledge of the revenues of the project and
the sales and use tax revenues payable by law by the City of Allen to the Corporation; and
WHEREAS, the Act requires that the governing body of the City of Allen enact a resolution no
more than sixty days prior to the date of delivery of the bonds specifically approving the
resolution of the Corporation providing for the issuance of the bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ALLEN, COLLIN COUNTY, TEXAS, THAT:
SECTION 1. That the action of the Allen Community Development Corporation providing for
the issuance of $5.35 million of bonds to be secured by the sales and use tax revenues of the
Corporation and the income derived from the projects to be funded by such bond proceeds be, and
the same is hereby, approved in all respects by the City Council of the City of Allen.
SECTION 2. That the issuance, sale and delivery of the bonds by the Corporation be, and is
hereby, approved in all respects, subject to the approvals required by law for the bonds and the
contractual obligations of the Corporation with regard thereto.
' SECTION 3. That this Resolution is enacted no more than sixty days prior to the date of delivery
of the bonds, shall take effect immediately from and after its passage, and it is accordingly so
resolved.
' DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, ON THIS THE 3RD DAY OF JULY, 1997.
APPROVED:
p
Stephen Terrell, MAYO
ATTEST:
Ju y Mon on, CMC, CITY SECRETARY
Resolution No. 1511-7-97(x) Paget