Resolution 2013-02 .�. RESOLUTION NO. 2013-02(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE,
COLLIN COUNTY, TEXAS, APPROVING A RESOLUTION OF THE
WYLIE ECONOMIC DEVELOPMENT CORPORATION TO OBTAIN A
$1,400,000 LOAN FROM THE AMERICAN NATIONAL BANK OF
TEXAS TO THE WYLIE ECONOMIC DEVELOPMENT
CORPORATION.
WHEREAS, the Wylie Economic Development Corporation was established by
ordinance of the Wylie City Council subsequent to an election to impose and assess a one-half
cent sales tax for economic development within the City of Wylie;
WHERAS, one of the purposes for which the Wylie Economic Development
Corporation was established is to provide for the creation of jobs and increase the tax base of the
City of Wylie;
WHEREAS, the Wylie Economic Development Corporation desires to borrow an
amount not to exceed the sum of$1,400,000.00 from The American National Bank of Texas, to
be secured by a pledge of the Corporation's sales tax receipts to finance the engineering, right-
�"' of-way acquisition, and construction of roadway improvements associated with the extension of
Woodbridge Parkway (the "Project");
WHEREAS, the Board of Directors of the Wylie Economic Development Corporation
has duly reviewed the Project, as well as the financing of the Project and the Loan Agreement
related to indebtedness;
WHEREAS, The American Bank of Texas has committed to enter into a Loan
Agreement to assist in funding the Project;
WHEREAS, there has been presented to the Wylie City Council a resolution of the
Wylie Economic Development Corporation approving a loan proposal from The American
National Bank of Texas (Exhibit "A"), pursuant to which The American National Bank of Texas
will lend to the Wylie Economic Development Corporation an amount to be used to fund the
Project; and
WHEREAS, Section 501.204 of the Texas Local Government Code, as amended,
requires that the governing body of the City of Wylie approve the resolution of the Wylie
Economic Development Corporation providing for the approval of the indebtedness no more
than sixty (60) days prior to the execution and delivery of the documents evidencing such debt.
��...n� NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WYLIE, COLLIN COUNTY, TEXAS, THAT:
Resolution No.2013-02(R)
WEDC to obtain$1,400,000 from American National Bank
Section 1. The Wylie City Council approves the resolution of the Board of Directors
of the Wylie Economic Development Corporation authorizing the Project and approving a loan �
in the amount of$1,400,000.00 from The American National Bank of Texas pursuant to the loan
proposal and pledging sales tax receipts to the repayment of that loan from The American
National Bank of Texas, adopted by the Wylie Economic Development Corporation on
December 21, 2012.
Section 2. This resolution was approved by the Wylie City Council of the City of
Wylie, Collin County, Texas on January 8, 2013, at which meeting a quorum was present and
voting.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS, ON THE
8tn DAY OF JANUARY, 2013.
APPROVED:
�
Eric Hogue, a or �-
ATTEST: 1�� OF yvpt j'
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(1�1 . �"" .,
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Carole Ehrlich, ity Secretary �� *��'
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srATp oF TE7�'�
Resolution No.2013-02(R)
WEDC to obtain $1,400,000 from American National Bank
EXHIBIT A
�'"` RESOLUTION NO. 2012-02(R)
RESOLUTION APPROVING A PROGRAM AND THE EXPENDITURE OF FUNDS BY
THE WYLIE ECONOMIC DEVELOPMENT CORPORATION AND ENACTING
OTHRE PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, the Wylie Econamic Development Corporation (the "Corporation") has
been incorporated and exists and operates as a duly constituted authority and instrumentality of
the City of Wylie, (the "City"), pursuant to Cha.pter 501 of the Texas Local Government Code
� (the "Development Corporation AcY'ar"Act"), and govemed as a Type A Corporation under the
Act and Chapter 501 and 504 of the Texas Local Government Code; and
WHEREAS, the City which is the authorizing unit for the Corporarion, as required by
Chapter 501 of the Texas Local Government Code, must authorize said program and expenditure
of the Corporation; and
WHEREAS, the Corparation desires to borrow an amount not to exceed the sum of
$1,400,OQ0.00 from The American National Bank of Texas, to be secured by a pledge of the
Corparation's sales tax receipts to finance the engineering, right-of-way acqzzisition, and
construction of roadway improvements associated with the extension Woodbridge Parkway (the
'"�"` "P'roject").
WHEREAS,the Wylie Economic Development Corporation Board of Directors fmds and
determines that it is appropriate to approve the Praject as an authorized program and expenditure
of the Corporation.
WEHREAS, President Marvin Fuller is hereby authorized in the name of this
Corporation and as its own act to execute the Promissory Note and all other documentation
necessary to bonow $1,400,000.00 from The American National Bank of Texas to the
Corporation.
WHEREAS,that the Secretary of the Corporation is directed to certify the minutes of this
meeting and the contents of this Resolution and to deliver the certification in support of the
au.thoriTy of the Director named above to act on behalf of this Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE WYLIE ECONOMIC
DEVELOPMENT CORPORTION BOARD OF DIRECTORS:
SECTION l: The recitals set forth in the preamble hereof are incorparated herein and
shall have the same force and effect as if set forth in this Section. The undertaking of the
Projects and the expenditure and pledging of funds of the Corpora.tion in connection therewith
s�a.�., are hereby approved.
SECTION 2: This Resfllution shall take effect immediately upon its passage. -��
DULY PASSED AND APPROVED hy the Board of Directors of the Wylie Economic
Development Corporation on this �� °� day c�f ��C�w►�'�►'' ,2012.
G���
Marvin Fuller,President
AT'TEST TO:
���' ��
�
Jo�n Y er, DC Secretary