Res 190-85 12/3/1985Y,/ fr-
MINUTES AND CERTIFICATION
THE STATE OF TEXAS )
COUNTY OF WICHITA )
On this the 3rd day of December 1985 , the City Council
of the City of Wichita Falls, Texas, convened in Regular
Meeting at the regular meeting place thereof in the City
Hall, the meeting being open to the public and notice of
such meeting, giving the date, place and subject thereof,
having been posted as prescribed by Article 6252-17 ,
V.A.T.C.S. , and the roll of the duly constituted officers
and members of the City Council was called, which officers
and members are as follows, to-wit:
Gary D. Cook, Mayor Charles F. Harper )
Wilma Thomas, City Clerk Bill Palmer
Charles Thomas Members of
Lindsay Walker City Council
James Welburn
Craig A. Wilson )
and all of su?2 ersons w prese t, except the following
absentees:
thus constituting a quorum. Whereupon among other busi-
ness, the following was transacted, to-wit:a written
resolution bearing the following caption was introduced:
A Resolution Approving A Project To Be Financed By
Wichita County Industrial Development Corporation
Industrial Development Revenue Bonds (American
Suites Corporation Project) Series 1985
The Resolution, a full, true and correct copy of which
is attached hereto, was read and reviewed by the City
Council.
Thereupon, the Presiding Officer declared open the
meeting for the purpose of conducting a public hearing
relative to consideration of such Resolution. All persons
desiring to speak for or against the Resolution were invited
to address the City Council . After all persons present
desiring to speak had addressed the City Council, upon
motion duly made and seconded, the public hearing was de-
clared closed by the following vote:
AYES: G
NOES: he(41,4,2
Upon motion duly made and seconded, the Resolution was
finally passed and adopted by the following vote:
AYES:
NOES: JG!_
The Presiding Officer then declared the Resolution
passed and signed and approved the same in the presence of
the City Council .
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT
and to reflect accurately the duly constituted officers and
members of the City Council of such City, and the attached
and following copy of such Resolution is hereby certified to
be a true and correct copy of an official copy thereof on
file among the official records of the City, all as of this
the 3rd day of December, 1985 .
j
r
M. it of Wichita Falls,
0111119w
as/
ATTEST:
y
City Clerk, City of
Wichita Falls, Texas
SEAL]
Y23186 .4 2-
RESOLUTION NO. /a--f/
A RESOLUTION APPROVING A PROJECT TO BE FINANCED
BY WICHITA COUNTY INDUSTRIAL DEVELOPMENT
CORPORATION INDUSTRIAL DEVELOPMENT REVENUE
BONDS (AMERICAN SUITES CORPORATION PROJECT)
SERIES 1985
WHEREAS, the County of Wichita, Texas (the "Unit") has
approved and authorized the creation of the Wichita County
Industrial Development Corporation (the "Issuer") as a Texas
nonprofit corporation, pursuant to the Development Corpora-
tion Act of 1979 , as amended, Article 5190 .6 , Vernon' s
Annotated Civil Statutes (the "Act") , to act on behalf of
the Unit to promote and develop manufacturing and commercial
enterprises to promote and encourage employment and the
public welfare; and
WHEREAS, the Issuer is authorized by the Act to issue
its revenue bonds on behalf of the County of Wichita for the
purpose of paying all or part of the costs of a "project" ,
as defined in the Act , and to loan the proceeds thereof to
finance all of part of the costs thereof; and
WHEREAS, the Issuer, by resolution (the "Resolution")
adopted on November 7 , 1985 , has approved the project to be
financed by its Industrial Development Revenue Bonds
American Suites Corporation Project) Series 1985 (the
Bonds") , in an aggregate principal amount not to exceed
10,000 ,000 , and the Issuer shall also pass a bond resolu-
tion which will authorize a Loan Agreement with American
Suites Corporation (the "Company") wherein the Issuer will
agree to issue and sell the Bonds to provide funds to
finance a certain commercial project of the Company con-
sisting of a hotel (the "Project") located within the City
and certain other agreements; and
WHEREAS, the Texas Economic Development Commission' s
Rules for Issuing Industrial Revenue Bonds (the "Commission
Rules") require, with respect to commercial projects in
eligible blighted areas, " the city that established the
eligible blighted area to approve projects located therein
after posting notice and holding a public hearing thereon;
and
WHEREAS, the Project is located within an eligible
blighted area established by the City; and
WHEREAS, this City Council, after posting notice in
accordance with law and before the adoption of this Resolu-
tion, conducted a public hearing relative to its approval of
the Project pursuant to and in accordance with the Commis-
sion Rules; and
WHEREAS, this City Council intends, by adoption of this
Resolution, to approve the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WICHITA FALLS, TEXAS:
Section 1 . The City, acting through this City Council ,
hereby approves the Project.
Section 2 . The City, acting through this City Council,
hereby finds, determines and declares, but solely for its
own purposes in performing its duties under the Act and the
Commission Rules that:
a) The Project is located in or adjacent to an eli-
gible blighted area designated by the City and will con-
tribute significantly to the fulfillment of the redevelop-
ment objectives of the City for such eligible blighted area;
b) The Project conforms to the resolution adopted by
the City Council of the City, pursuant to the Act and the
Commission Rules, designating the eligible blighted area in
which the Project is located; and
c) The Project is in furtherance of the public pur-
poses of the Act .
Section 3. This Resolution shall take effect immedi-
ately from and after its adoption.
PASSED AND APPROVED this 3rd day of Decembe 1985 .
M. or,/C' X of Wichita Falls,
Texa i
2-
V
ATTEST:
Ao_tw,t4, Arkktit
City Clerk, City of
Wichita Falls, Texas
SEAL]
APPROVED AS TO FORM:
By: -I4I
City ' to f- city of
Wichita a -, Texas
Y23186 .4 3-
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