HomeMy WebLinkAboutResolution No. 2013-008
RESOLUTION NO. 2013-008
A RESOLUTION by the City Council of the City of The Colony, Texas,
consenting to the "THE COLONY LOCAL DEVELOPMENT
CORPORATION SALES TAX INCREMENT CONTRACT REVENUE
BONDS, SERIES 2013A", "THE COLONY LOCAL DEVELOPMENT
CORPORATION SALES TAX INCREMENT CONTRACT REVENUE
BONDS (NEBRASKA FURNITURE MART TEXAS PROJECT
INFRASTRUCTURE BONDS) SERIES 2013" and "THE COLONY
LOCAL DEVELOPMENT CORPORATION TAX INCREMENT
CONTRACT REVENUE BONDS (NEBRASKA FURNITURE MART
TEXAS PROJECT INFRASTRUCTURE BONDS) SERIES 2013"; and
resolving other matters incident and related to the issuance of such Bonds;
and providing an effective date.
WHEREAS, The Colony Local Development Corporation (the "Issuer") has been
created and organized as a public, nonprofit local government corporation incorporated pursuant
to Subchapter D of Chapter 431, Texas Transportation Code, as amended (the "Issuer's Act") to
aid, assist and act on behalf of the City of The Colony, Texas (the "City") in the performance of
the City's governmental functions; and
WHEREAS, by Ordinance No. 2011-1926 adopted on November 8, 2011, the City
Council (the "City Counci!") of the City designated a contiguous area as Tax Increment
Reinvestment Zone Number One, City of The Colony, Texas (the "Zone"), pursuant to the Tax
Increment Financing Act, Chapter 311, Texas Tax Code, as amended (the "TIFAct");
WHEREAS, the Issuer, pursuant to the Issuer's Act, is authorized to aid, assist and act on
behalf of the City in the performance of the City's governmental functions, including, but not
limited to: (A) providing a means to implement and finance, or otherwise pay or reimburse, the
costs of projects located within and outside of, and benefittmg, the Zone, including the following
projects described in (i)-(v) as follows (collectively referred to as the "Projects") and all of the
costs of such Projects (the "Project Costs"): (i) public works within and outside such Zone, (ii)
public improvements within and outside such Zone, (iii) programs determined by the City
Council to be necessary or convenient to the implementation of the Zone's Final Project Plan and
Reinvestment Zone Financing Plan, as the same may be amended from time to time (the "Final
Project and Finance Plan") for the public purposes of developing and diversifying the economy
of the Zone and developing and expanding business and commercial activity within such Zone,
(iv) other projects that benefit the Zone, and, (v) costs and expenses incidental to the foregoing
works, improvements, programs, and projects, all as more specifically detailed in the Final
Project and Finance Plan; (B) causing and arranging for all of the acquisition, design,
construction, assembly, installation, implementation, operation and maintenance of the Projects;
(C) issuing bonds and notes for the financing of such Projects Costs; and, (D) owning, leasing,
selling, granting, transferring, conveying and otherwise being responsible for the Projects; all for
the public purpose of encouraging development and redevelopment within the Zone;
WHEREAS, on December 6, 2011, the City approved that certain Management
Agreement, by and between the City, the Board of Directors of the Zone (the "Zone Board") and
the Issuer (the "Management Agreement"), pursuant to which the Issuer is further authorized to
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aid, assist, and act on behalf of the City and in the management of the Zone and the
implementation of the Final Project and Finance Plan and the City delegated to the Issuer the
power and authority to assist in achieving the economic development objectives of the City
within the Zone, including, but not limited to, the power to issue, sell or deliver its bonds, notes
or other obligations in accordance with the Management Agreement;
WHEREAS, the Issuer is authorized under the Issuer's Act and the TIF Act, subject to
the consent of the City Council as set forth below, to issue bonds to carry out its purposes;
WHEREAS, the Board of Directors of the Issuer has found and determined that the
certain Projects and Project Costs should be financed from the proceeds of sale of the "The
Colony Local Development Corporation Sales Tax Increment Contract Revenue Bonds, Series
2013A", "The Colony Local Development Corporation Sales Tax Increment Contract Revenue
Bonds (Nebraska Furniture Mart Texas Project Infrastructure Bonds), Series 2013" and "The
Colony Local Development Corporation Tax Increment Contract Revenue Bonds (Nebraska
Furniture Mart Texas Project Infrastructure Bonds) Series 2013" (collectively, the "Bonds") as
provided for in a bond resolutions relating to each series of the Bonds adopted by the Issuer on
February 7, 2013 (collectively, the "Bond Resolutions"); and
WHEREAS, Section 3 of the Bylaws of the Issuer provide that the Issuer shall not issue
bonds or notes without the consent of the City Council; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY,
TEXAS:
Section 1: The City Council hereby consents to the issuance of the Bonds by the
Issuer in all respects.
Section 2: The consent herein given is in accordance with Section 3 of 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 owners of the Bonds shall never be paid in whole or in part out of any funds raised or to be
raised by taxation or any other revenues of the Issuer, the City, or the State, except those
revenues assigned and pledged by the applicable indentures referenced in the Bond Resolutions.
Section 3: The Mayor, the Mayor Pro Tern, the City Manager, the Director of
Finance and the City Secretary 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: 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 5: This Resolution shall be in force and effect from and after its passage on
the date shown below.
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PASSED AND ADOPTED, this February 7, 2013.
CITY OF THE COLONY, TEXAS
Joe McCourr, Mayor
ATTEST:
Christie Wilson, City Secretary `~1 ~•C,`s~
(City Seal) EX
APPROVED AS TO FORM:
Jeff Moore, City Attorney
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