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MEMORANDUM
To: Mayor, City Council, City Manager
From: Mark Sokolow, City Attorney
Date: May 22, 2003
Subject: P. R. No. 12209
Council Meeting May 27, 2003
Attached is P. R. No. 12209 approving the EDC bonds. This
Resolution was prepared by VINSON & ELKINS. The project is the
financing of public infrastructure to serve a new hospital,
medical office building, business park and adjacent commercial
areas within the City.
MTS/ts
Attachment
cc: VIA FACSIMILE (713) 758-2222
Frank McCreary
Director of Finance
z.iasis bond approval.memo
P.R. No. 12209
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT ARTHUR, TEXAS,
APPROVING A RESOLUTION OF THE CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION AUTHORIZING THE ISSUANCE OF THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT CORPORATION SALES TAX
REVENUE BONDS, SERIES 2003
WHEREAS, the City of Port Arthur Section 4A Economic Development Corporation (the
"Corporation") is a non-profit industrial development corporation created, existing and governed
by Section 4A of Article 5190.6, Tex. Rev. Civ. Stat. Ann., as amended (the "Act"); and
WHEREAS, the Corporation was created by the City of Port Arthur, Texas (the "City"), and
authorized to act on behalf of the City in furtherance of the public purposes of the Act; and
WHEREAS, a sales and use tax at the rate of one-half of one percent for the benefit of the
Corporation (the "Sales Tax") was authorized by the voters of the City at an election held on
November 7, 1995; and
WHEREAS, the Board of Directors of the Corporation proposes to issue $8,050,000 City
of Port Arthur Section 4A Economic Development Corporation Sales Tax Revenue Bonds, Series
2003 (the "Bonds") pursuant to the terms of a resolution (the "Bond Resolution") adopted by the
Board of Directors of the Corporation on May 27, 2003; and
WHEREAS, the Bond Resolution has been presented to the City Council for review and
approval; and
WHEREAS, the Corporation and the City have approved the economic development projects
to be financed with proceeds of the Bonds (the "Projects"), which Projects consist of the acquisition
of land and the construction of streets, utilities and drainage improvements to serve a new hospital,
medical office building, business park, and adjacent commercial areas within the City; and
WHEREAS, the Projects will promote new and expanded business developments in the City
and job creation and retention in the City; and
WHEREAS, Section 25(f) of the Act requires the City Council of the City to approve the
Bond Resolution prior to delivery of the Bonds by the Corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PORT ARTHUR, TEXAS:
Port Arthur 4A - City Resolution (3)
Section 1. The recitals set forth in the preamble to this resolution are adopted as the
findings of fact and conclusions of the City Council of the City.
Section 2. The Bond Resolution and the issuance of the Bonds, as provided therein, is
hereby approved. The City will comply with the continuing disclosure of information requirements
contained in Article XIII of the Bond Resolution.
Section 3. While the Bonds are outstanding, the City will take all steps necessary to
continue the levy and collection of the Sales Tax for the benefit of the Corporation and will deliver
the proceeds thereof to the Corporation in accordance with the provisions of the Act.
Section 4. This resolution shall be effective immediately.
Port Arthur 4A - City Resolution (3) -2-
PASSED AND APPROVED on the 27th day of May, 2003.
/s/Oscar Ortiz
Mayor
City of Port Arthur, Texas
ATTEST:
/s/ Evangeline Green
City Secretary
City of Port Arthur, Texas
(SEAL)
APPROVED AS TO FORM:
/si ~.~o1~
City Attorney
APPROVED FOR ADMINISTRATION:
/S/cityStevelxTi'~Fi ~b~.~..~.
/s/Rebecca Underhill
Director of Finance
Approved as to Form
Vinson & Elkins
Port Arthur 4A - City Resolmion (3) -3-