HomeMy WebLinkAboutResolution No. 2013-010
RESOLUTION NO. 2013-010
A RESOLUTION by the City Council of the City of The Colony,
Texas, relating to the "THE COLONY COMMUNITY
DEVELOPMENT CORPORATION SALES TAX REVENUE
BONDS (NEBRASKA FURNITURE MART TEXAS PROJECT
INFRASTRUCTURE BONDS), SERIES 2013"; approving the
resolution of the Board of Directors of the The Colony Community
Development 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, The Colony Community Development Corporation (the "Issuer") has been
duly created and organized as a public, nonprofit Type B development corporation pursuant to
Section 4B of Article 5190.6, Texas Revised Civil Statutes, as amended, now codified within
provisions of Chapters 501, 502 and 505 of the Development Corporation Act, Subtitle Cl,
Texas Local Government Code, as amended (the "Act"); and
WHEREAS, the Act provides that the Issuer can undertake specific projects set forth
therein (the "Projects") and all costs of such Projects (the "Project Costs") and
WHEREAS, the Issuer proposes to issue bonds designated "The Colony Community
Development Corporation Sales Tax Revenue Bonds (Nebraska Furniture Mart Texas Project
Infrastructure Bonds), Series 2013" (the "Series 2013 Bonds") to finance the costs of certain
Projects and Project Costs and to pay certain of the costs of issuing such Series 2013 Bonds, as
provided for in a Bond Resolution adopted by the Issuer on February 7, 2013 (the `Bond
Resolution"); and
WHEREAS, Section 501.204 of the Act requires the City Council of the City approve the
resolution of the Issuer providing for the issuance of the Series 2013 Bonds no more than
sixty (60) days prior to the delivery of the Series 2013 Bonds; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY,
TEXAS:
Section l: The Bond Resolution authorizing the issuance of the Series 2013 Bonds
adopted by the Issuer on February 7, 2013, and submitted to the City Council this day, a copy of
which is attached hereto as Exhibit A and is incorporated into the body of this Resolution as if
fully set forth herein, is hereby approved in all respects.
Section 2: The approval herein given is in accordance with Section 501.204 of the
Act and the Series 2013 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 Series 2013 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 Chapter
505 of the Act) or any other revenues of the Issuer, the City, or the State, except those revenues
assigned and pledged by the indenture referenced in the Bond Resolution.
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Section 3: The Mayor, the Mayor Pro Tem, 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 this 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, McCourry, Mayor
ATTEST:
- e
Christie Wilson, City Secretary
Cif: THE
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APPRO ORM:
Jeff Moore, City Attorney
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EXHIBIT A
ISSUER'S BOND RESOLUTION
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