Res 133-84 7/17/1984RESOLUTION NO. /.1.3-1V
RESOLUTION APPROVING A PROJECT TO BE FINANCED BY
WICHITA COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
INDUSTRIAL DEVELOPMENT REVENUE BONDS (HOTEL
ASSOCIATES OF WICHITA FALLS, TEXAS, LTD. PROJECT)
WHEREAS, the County of Wichita (the "Unit") has approved and
authorized the creation of the Wichita County Industrial Development
Corporation (the "Issuer") as a Texas non-profit corporation,
pursuant to the Development Corporation 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 or part of the
costs thereof; and,
WHEREAS, on December 5, 1983 , the Issuer adopted a resolution
relating to the issuance of Development Revenue Bonds at the request
of Hotel Associates of Wichita Falls, Texas, Ltd. (the "User") ,
wherein the Issuer agreed to issue and sell its Industrial Develop-
ment Revenue Bonds in an amount not expected to exceed $10 ,000, 000 . 00
the "Bonds") to provide funds to finance a certain commercial
project of the User (the "Project") located within the City; and,
WHEREAS, the Texas Industrial 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 or adjacent to 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 Resolution, conducted a
public hearing relative to its approval of the Project, pursuant to
and in accordance with the Commission 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, THAT:
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 eligible
blighted area designated by the City and will contribute significantly
to the fulfillment of the redevelopment 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 purposes
of the Act.
SECTION 3 . This resolution shall take effect immediately from
and after its adoption.
PASSED AND APPROVED this the /74(4./ day of July, 1984 .
7/
M , Y O R
ATTEST:
Lam. Asr«./
City Clerk, ,ity o Wichita
Falls, Texas
SEAL]
APPROVED AS TO FORM:
City Attorney, City of Wichita
Falls, Texas