Res 175-83 9/20/1983MINUTES AND CERTIFICATION
THE STATE OF TEXAS )
COUNTY OF WICHITA )
On this the 20th day of September 1983 , 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 was called of the duly constituted
officers and members of the City Council which officers and
members are as follows, to-wit:
Gary D. Cook, Mayor Tom E. Swift
Wilma Thomas, City Clerk Charles F. Harper )
Charles Thomas Members of
Craig A. Wilson ) City Council
Howard M. Morris )
Horace O. Boston )
and all of such persons were present, except the following
absentees: Gary D. Cook and Howard M. Morris
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 (Sheppard
Area Federal Credit Union Project) Series 1983
The Resolution, a full, true and correct copy of which
is attached hereto was read and reviewed by the City
Council .
Thereupon, the Mayor declared open the meeting for the
purpose of conducting a public hearing relative to consider-
ation 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 declared closed by the
following vote:
AYES : All Present
NOES: None
Upon motion duly made and seconded, the Resolution was
finally passed and adopted by the following vote:
AYES: All Present
NOES : None
The Mayor 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 20th day of September 1983 .
Mayor, City of Wichita Falls ,
Texas tern
ATTEST:
City Clerk, City of
Wichita Falls, Texas
SEAL]
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RESOLUTION NO. 175-83
A RESOLUTION APPROVING A PROJECT TO BE FINANCED
BY WICHITA COUNTY INDUSTRIAL DEVELOPMENT
CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS
SHEPPARD AREA FEDERAL CREDIT UNION PROJECT) SERIES 1983
WHEREAS, the County of Wichita (the "Unit") has ap-
proved 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 "Bond Resolu-
tion" ) adopted on September 19, 1983, has authorized the
issuance and sale of its $3, 800,000 Industrial Development
Revenue Bonds (Sheppard Area Federal Credit Union Project)
Series 1983 (the "Bonds" ) and by the Bond Resolution has
also authorized a Loan Agreement with Sheppard Area Federal
Credit Union (the "User" ) wherein the Issuer agrees to issue
and sell the Bonds to provide funds to finance a certain
commercial project of the User (the "Project") located
within the City and certain other agreements (collectively,
the Loan Agreement and such other agreements shall be re-
ferred to as the "Bond Documents" ) ; 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 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;
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a
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 an eligible blighted
area designated by the City and will contribute signifi-
cantly 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 pur-
poses of the Act .
Section 3 . This Resolution shall take effect immedi-
ately from and after its adoption.
PASSED AND APPROVED this 20th day of September, 1983.
Mayor, City of Wichita Falls,
Texas pro tem
ATTEST:
r
City Clerk, City of
Wichita Falls, Texas
SEAL]
APPROVED AS TO FORM:
a
By: 1
City orney,Ae 1 'y of
Wichita Fa O's, _ -xas
H23186.03 4-