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Res 1604 07/27/2021 EDC Rev. Bonds O f C/,o C1 � r= 0 t mnm»mnn - Tex AS "City of.Choice" RESOLUTION NO: 6 A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CIBOLO,TEXAS; RELATING TO"CIBOLO ECONOMIC DEVELOPMENT CORPORATION SALES TAX REVENUE BONDS,TAXABLE SERIES 2021"; APPROVING THE BOND RESOLUTION OF THE CIBOLO ECONOMIC DEVELOPMENT CORPORATION AUTHORIZING THE ISSUANCE OF SUCH BONDS;AUTHORIZING THE EXECUTION OF ANY NECESSARY ENGAGEMENT AGREEMENTS WITH-THE CORPORATION'S FINANCIAL ADVISORS AND/OR BOND COUNSEL; RESOLVING OTHER MATTERS INCIDENT AND RELATED TO THE ISSUANCE OF SUCH BONDS; AND PROVIDING AN EFFECTIVE DATE WHEREAS,the Cibolo Economic Development Corporation (the "Issuer")was created by the-City of Cibolo,Texas (the "City"), pursuant to the provisions of the Development Corporation Act of 1979, as amended, Article 5190.6; Vernon's Annotated Texas Civil Statutes, now codified as Chapter 505,11exas Local Government Code, as amended and to the extent applicable, Chapters 501 and 505, Texas Local Government Code;as amended(the"Act"),and an ordinance of the City Council of the City(the"Council.) approved on April 11, 2007; and WHEREAS,the Council intends to.participate in"projects",as defined in the Act,including(i) land, buildings, equipment, facilities, and improvements including the provision of public safety facilities, .streets and roads, drainage and related improvements, demolition of existing structures, general municipally owned improvements, and any improvements or, facilities related thereto,' including specifically the purchase and acquisition of land and buildings to conduct business located at 590 W FM 78,Cibolo,Texas 78108 to promote or develop new or expanded business enterprises that create or retain primaryjobs,(ii)the purchase of materials,supplies,equipment,machinery,_landscaping,land,and rights- of-way for authorized needs and purposes relating to the aforementioned capital improvements,and (iii) the payment of.professional services related to the acquisition and financing of the aforementioned projects;:and. WHEREAS,the Act authorizes the Issuer to operate,maintain,and finance the costs of the Projects and to issue obligations_and bonds on behalf of the City to finance the Projects as described in the Act; WHEREAS,Section 501.204 of the Act requires that the Council of the City approve the resolution of the Issuer providing for the issuance of the bonds not more than sixty(60),days prior to the delivery of the bonds; now,therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CIBOLO,TEXAS THAT: SECTION 1:The Issuer's bond resolution authorizing the issuance of$4,125,000"Cibolo Economic Development Corporation Sales Tax Revenue Bonds,Taxable Series 2021" (the "Bonds"), adopted by the Issuer pursuant to a resolution (the "Issuer Resolution") on July 15, 2021 and submitted to the Council this day, is hereby approved in all respects. The Bonds are being issued to finance the acquisition, construction, reconstruction, improvement, and expansion of the Projects, which will be located within the City limits. SECTION 2:The approvals herein given are in accordance with Section 501.208 of the Act,and the Bonds shall never be construed an indebtedness or pledge of the City or the State of Texas (the "State"), within the meaning of any constitutional or statutory provision, and the'owner of the Bonds shall never be paid in whole or in part out of any funds raised orto be raised by taxation(other than sales tax proceeds as authorized pursuant to the Act)or any other revenues of the Issuer,the City,or the State,except those revenues assigned and pledged by the Issuer Resolution. SECTION 3:The City hereby agrees to promptly collect and remit to the Issuer the Gross Sales Tax Revenues (as defined in the Issuer Resolution) in accordance with the terms of the Issuer Resolution and the Act to provide for the prompt payment of the Bonds, and to assist and cooperate with the Issuer in the enforcement.and collection of sales and use taxes imposed on behalf of the Issuer. The Issuer is permitted to enter into the Issuer Resolution, as authorized by the Act, as a necessary and appropriate measure to fulfill the public purposes of the Corporation, and the Council hereby approves the specific uses, methods of withdrawal and expenditure of the Bond proceeds as set forth therein, as required by the Issuer's Articles of Incorporation. SECTION 4:The City authorizes any Authorized Official (defined in the Issuer resolution), or their. designee_thereof,to take all actions necessary to execute any necessary_financial advisory contracts with Specialized Public Finance, Inc., as the financial advisor to the City (the Financial Advisor). The City understands that under applicable federal securities laws and regulations that the City must have a contractual arrangement with its Financial Advisor relating to the sale,issuance,and delivery of the Bonds. In addition, the City also authorizes any Authorized Official, or the designee thereof, to take all actions necessary to execute any necessary engagement agreement with McCall, Parkhurst & Horton L.L.P., as Bond Counsel to the Issuer. SECTION 5:The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this resolution for all purposes and are adopted as a part of the judgment and findings of the Council. SECTION 6: All ordinances and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this resolution are hereby repealed to the extent of such conflict,and the provisions of this resolution shall be and remain controlling as to the matters resolved herein._ SECTION 7: This resolution shall be construed and enforced in accordance with the laws of the State of Texas and the United States of America. SECTION 8: If any provision of this resolution or the application thereof to any person or circumstanceshall be held to be invalid, the remainder of this resolution and the application of such provision to other persons and circumstances shall nevertheless be valid,and this Council hereby declares that this resolution would have been enacted without such invalid-provision. SECTION 9: It is officially found, 'determined, and declared that the meeting_ at which this resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this resolution,was given, all as required by Chapter 551, as amended,Texas Government Code. SECTION 10: This-resolution shall be in force and effect-from and after its passage on the date shown below. PASSED AND APPROVED THIS 27TH DAY OF JULY 2021. StoshBoyf Mayor. ATTEST Peggy Cimics,TRMC City Secretary .