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HomeMy WebLinkAboutRES 85-439 RESOLUTION CONCERNING ISSUANCE OF BONDS TO FINANCE A PROJECT FOR WATERFORD HOTEL, LTD. WHEREAS, the City of Beaumont, Texas (the "Unit") , has, pur- suant to the Development Corporation Act of 1979, Article 5190. 6, Vernon 's Texas Civil Statutes, as amended (the "Act") , approved and created Beaumont Industrial Development Corporation, a nonprofit industrial development corporation (the "Corporation") ; WHEREAS, the Corporation, on behalf of the Unit, is empowered to finance certain costs associated with acquisition, construc- tion, and improvement of certain manufacturing, industrial, and commercial projects which promote and encourage employment and the public welfare, by the issuance of obligations of the Corporation, which projects will be inside the Unit ' s boundaries; WHEREAS, on April 13 , 1982 , the City Council of the City of Beaumont (the "Governing Body") held a public hearing in accor- dance with the Rules of the Texas Economic Development Commission (formerly the Texas Industrial Commission) and passed, approved and adopted that certain Resolution Number 82-143 wherein the City Council authorized provisions of notice to the Texas Economic Development Commission (formerly the Texas Industrial Commission) and publication of notice with respect to a public hearing to consider designation of one or more blighted areas within the City; described one or more eligible blighted areas to be designated by the City; determined the date, time and location of a public hearing; and approved other provisions relating to the subject; and, further passed, approved and adopted on May 11, 1982 that certain Resolution Number 82-174 wherein the City Council designated one or more eligible blighted areas, made the findings required by the rules of the Texas Economic Development Commission (formerly Texas Industrial Commission) , and approved other matters relating to the subject (the "EBA Resolution") ; WHEREAS, SS/RW Properties , Inc. , a corporation organized and existing under the laws of the State of Texas (the "User") , has filed an application requesting that the Corporation finance a portion of the cost of the project described in Exhibit A hereto (the "Project") , wihin the boundaries of the Unit ; on December 9, 1983 the Corporation adopted an Inducement Resolution with respect to the acquisition; "-1 17139 -2- WHEREAS, the Project is located within a blighted area as designated by the EBA Resolution and will assist in alleviation of the blighted condition; WHEREAS, SS/RW Properties, Inc. , the name of which is now Waterford Hotel Company, has transferred and assigned its interest in the Project to Waterford Associates, Ltd. , a Texas limited partnership, which is a related entity of Waterford Hotel Company; WHEREAS, the Governing Body has heretofore adopted a Resolution consenting to the transfer of the Inducement Resolution from Waterford Hotel Company to Waterford Associates Ltd. ; and WHEREAS on December 4 , 1984 the Governing Body adopted a Resolution reaffirming the authorization of the bonds con- ditioned, however , that the bonds are issued not more than one year from date thereof; and WHEREAS, the User has requested the Governing Body to extend the time in which said bonds may be issued; WHEREAS, as a prerequisite to the exemption from federal income tax of interest on obligations the Internal Revenue Code of 1954 , as amended, (the "Code") , provides that such issue may be approved by the applicable elective representative of the governmental unit on whose behalf such obligations are issued and by each governmental jurisdiction over the area in which any facility to be financed from the proceeds of such issue is located (except that if one or more governmental units has juris- diction over the entire area in which such facility is located, only one governmental unit need approve the issue) ; WHEREAS, the Unit is a "governmental unit" within the meaning of the Code ; and WHEREAS, as the elected legislative body of the governmental unit within which the Project is to be located, the Governing Body is an "applicable elected representative" of the governmen- tal unit with specific authority within the meaning of the Code; and -3- WHEREAS, the Project is located entirely within the geo- graphic jurisdiction of the Unit; and WHEREAS, a public hearing heretofore has been conducted in order to provide an opportunity for persons with differing views on both authorization and issuance of the bonds and the location and the nature of the Project to be heard, and in order to comply with the Code and the Act; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, TEXAS, THAT: Section 1. The Governing Body hereby finds and determines that the Project proposed by the User conforms with the overall objectives, authorizations , and limitations specified in the Act. Section 2. The Governing Body finds that the proposed Project to be financed will significantly contribute to the fulfillment of the overall development objectives of the Unit, and that it is in furtherance of the public purposes of the Act. Section 3. The Governing Body hereby finds and determines that the Corporation has filed and deposited with the Governing Body all of the information required by the Act, and on such basis hereby approves the Project after having made the deter- minations and findings required by the Act. Section 4. The issuance of the Bonds pursuant to which the Bonds are to be sold and issued, is hereby approved by the Governing Body on behalf of the Unit as required by the Act and the Code. Section 5. As a part of and within the scope of the appro- vals granted herein, the Governing Body hereby finds and deter- mines that (i) the initial owner and user of the Project is Waterford Associates Ltd. , a Texas limited partnership; (2) the maximum aggregate face amount of the Bonds be issued with respect to the Project is $7,000,000; and (iii) the Project description attached hereto as Exhibit "A" includes a general, functional description and a general description of the location of the Project as required by the Code and the regulations promulgated thereunder . -4- Section 6. This resolution is also adopted for the purpose of satisfying the conditions and requirements of the Code, the regulations promulgated thereunder , and any requirements for a public hearing and approval by an elected official or legislature which may be imposed by applicable law prior to the issuance of the Bonds, and for the benefit of the Corporation, the Unit, the Governing Body, and the owners and holders from time to time of the obligations of the Corporation and all other interested per- sons. Section 7. The Governing Body hereby finds and determines that the issuance of the Bonds to finance the Project will accomplish the specific public purpose for which the Corporation was created. Section 8. The approvals of the Governing Body as set forth herein shall be applicable only if, as and to the extent that the Bonds are issued not more than one year from the date hereof. Section 9. The Governing Body has considered evidence of the publication and posting of notice and public hearing and offi- cially finds, determines, recites , and declares that sufficient written and reasonable public notice of the date, hour and place of public hearing and of the subject matter of this resolution, including the general, functional description of the Project and the general description of its location, was published in a newspaper of general circulation in the Unit not less than four- teen (14) days prior to the public hearing; that such public hearing was open to the public as required by law at all times during which the original resolution and the subject matter hereof were discussed, considered, and formally acted upon; that the giving of notice in the manner provided above was reasonably designed to apprise residents of the Unit of the proposed authorization and issuance of the Bonds and approval of the Project; that the meeting and public hearing were conducted in a manner that provided a reasonable opportunity for persons with differing views on the issuance of the Bonds and the nature and location of the Project to be heard; and that this meeting and public hearing were held at a time and place convenient for per- sons affected by the financing of the Project and issuance of the Bonds; and that the foregoing notice and hearing complied with -5- the Open Meeting Law, as amended, Art. 6252-17 of Vernon 's Annotated Texas Civil Statutes, and the Code and the regulations thereunder . PASSED AND APPROVED this /`2,f/" day of Mayor eaumont, Texas