HomeMy WebLinkAboutResolution No. 01-09' ' ORIGINAL
A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION AND
DELIVERY OF A PROJECT AGREEMENT WITH THE COLONY COMMUNITY
DEVELOPMENT CORPORATION FOR THE PROPOSED COMMUNITY
COMPLEX; APPROVING THE EXECUTION AND DELIVERY OF THE
PROJECT AGREEMENT BY THE CORPORATION AND THE EXPENDITURE
OF FUNDS BY THE CORPORATION IN CONNECTION THEREWITH; AND
CONTAINING OTHER PROVISIONS RELATED THERETO
WHEREAS, The Colony Community Development Corporation (the "Corporation") has been
approved, authorized and incorporated, and exists and operates as a duly constituted authority and
instrumentality of the City of The Colony, Texas (the "City"), pursuant to Article 5190.6 of the Revised Civil
Statutes of Texas, as amended (the "Act"), governed by Section 4B thereof ("Section 4B");
WHEREAS, there has bee presented to this City Council a Project Agreement (the "Project
Agreement")between the City and the Corporation to provide for the funding and construction of the proposed
community complex project (the "Project") described in the Project Agreement;
WHEREAS, on March 15,2001, the Board of Directors of the Corporation approved the execution
and delivery of the Project Agreement;
WHEREAS, this City Council finds and determines that it is appropriate and in the best interest of
the City to enter into the Project Agreement in order to provide the Project for the City and its citizens;
WHEREAS, Section 21 of the Act requires that the City approve the programs and expenditures of
the Corporation;
WHEREAS, the purposes for which said Project Agreement is to be executed and delivered by the
Corporation are within the purposes for which the Corporation was incorporated, as provided in its articles of
incorporation and the Act; and
WHEREAS, this City Council finds and determines that it is necessary and appropriate to approve the
execution and delivery of said Project Agreement for the purposes hereinabove provided, as a program of the
Corporation, and to approve the expenditure of Corporation funds to pay costs of the Project as set forth in the
Project Agreement; Now, Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS:
Section 1. Findings.
The statements contained in the preamble of this Resolution are true and correct and are adopted as
findings of fact and operative provisions hereof.
Section 2. Approval of Project Agreement.
The Project Agreement in substantially the form and content presented at this meeting is hereby
approved and the Mayor and City Secretary are hereby authorized and directed to execute and deliver the
Project Agreement.
Section 3. Approval of Program and Expenditures of Corporation.
The execution and delivery by the Corporation of the Project Agreement and the Corporation's
expenditure of funds to pay costs of the Projects as set forth in the Project Agreement are hereby approved as
a program of the Corporation, pursuant to Section 21 of the Act.
PASSED, APPROVED AND EFFECTIVE this.~./~ 0_~
ATTEST: ~- M~yor, Ci~ of The Colony, Texas !_
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City Secretary, City of The Colony, Texas