R-3753-6-20 RESOLUTION NO. 3753-6-20(R)
A RESOLUTION relating to the "Allen Economic Development Corporation Sales
Tax Revenue Bonds, Taxable Series 2020" approving the resolution of
the Allen Economic Development Corporation authorizing the issuance of
such Bonds; resolving other matters incident and related to the issuance
of such Bonds; and providing an effective date.
WHEREAS, Allen Economic Development Corporation (the "Issuer") has been duly
created and organized pursuant to the provisions of Section 4A of the Development Corporation
Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, as amended, now codified as Texas
Local Government Code, Title 12, Subtitle Cl, as amended (the "Act"), specifically Chapters
501 and 504 of the Local Government Code; 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 Board of Directors of the Issuer has found and determined the purchase
of land for the promotion and development of new and expanded business enterprises, to wit:
development, retention, or expansion of projects authorized by Section 501.101 of the Local
Government Code which will create or retain primary jobs (collectively, the "Projects") constitute
projects within the meaning of the Act; and
WHEREAS, the Board of Directors further finds and determines the costs of Projects
should be financed from the proceeds of sale of "Allen Economic Development Corporation
Sales Tax Revenue Bonds, Taxable Series 2020" (the "Bonds"); and
WHEREAS, Section 501.204(a) 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 May 20, 2020 (the "Issuer Resolution") attached hereto as Exhibit A and incorporated
herein by reference as a part hereof for all purposes, is hereby approved in all respects. The
principal amount of the Bonds shall not exceed $2,400,000 and the true interest cost rate shall
not exceed 4.00%.
SECTION 2: The approvals herein given are in accordance with Section 501.204(a) of
the Act and the Bylaws of the Issuer, and the Bonds shall never be construed as 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 the Act) or any other revenues of the Issuer, the City, or the
State, except those revenues assigned and pledged by the Issuer Resolution.
SECTION 3: 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
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assist and cooperate with the Issuer in the enforcement and collection of sales and use taxes
imposed on behalf of the Issuer.
SECTION 4: The Mayor, the City Secretary, the City Manager, Chief Financial Officer
and Assistant Chief Financial Officer 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 this Resolution and the Issuer
Resolution.
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 Texas 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.
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100147212.2/1001125723 2
DULY PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, ON THIS THE 9TH DAY OF JUNE 2020.
CITY 0 ALLEN, TEXAS
1a[A&. 407'1
E STOU
Mayor
ATTEST:
Cam-SHELLEY B. GEORGE
TRMC, City Secretary
(City Seal)
100147212.2/1001125723 [signature page of Resolution]
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EXHIBIT A
BOND RESOLUTION
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100147212.2/1001125723 A-1