Resolution 2007-18 RESOLUTION NO. 2007-18 R
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WYLIE, TEXAS, HEREBY AUTHORIZING THE MAYOR PRO TEM
TO EXECUTE A PROMISSORY NOTE AND ALL
DOCUMENTATION NECESSARY TO EFFECTUATE THE NOTE
BETWEEN THE CITY OF WYLIE, TEXAS AND WYLIE
ECONOMIC DEVELOPMENT CORPORATION (WEDC).
WHEREAS, the City Council of the City of Wylie, Texas has determined that it will be
beneficial and advantageous to the city for the Wylie Economic Development Corporation to
have the necessary means and capability to purchase property located within the city limits; and,
WHEREAS, the Wylie Economic Development Corporation (WEDC) has deemed it
beneficial to purchase property from Global Innovation, Inc. (formerly Lone Star Circuits); and,
WHEREAS, in order to reduce interest expense and fees and preserve the Wylie
Economic Development Corporation's present cash position, it has been deemed advantageous to
~~~F enter into a promissory note for the amount of the property purchase; and,
WHEREAS, the Wylie Economic Development Corporation has requested that such
promissory note be executed between the City of Wylie and the Wylie Economic Development
Corporation (WEDC) in the amount of $155,000.00 for a term of twenty-four months at a
interest rate of 5.2%; and,
WHEREAS, the Wylie Economic Development Corporation agrees to the terms of
payment to the City of Wylie of principal and interest of the amount of the promissory note
thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WYLIE, TEXAS:
That the Mayor of the City of Wylie, Texas, is hereby authorized to execute, on behalf
of the City Council of the City of Wylie, Texas, a Promissory Note between the City of Wylie,
Texas, and the Wylie Economic Development Corporation for the advancement of funds for the
purchase of property from Global Innovation, Inc.
Resolution 2007-18(R)
Promissory Note for
WEDC Purchase of Property
DULY PASSED AND APPROVED by the City Council of the City of Wylie, Texas
this 26th day of June, 2007.
~ j BYBOT Mayor Pro Tem
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C OLE E , City Secretary ~~~,E,I' E~P~`~
Resolution 2007-18(R)
Promissory Note for
WEDC Purchase of Property
PROMISSORY NOTE
Date: June 27, 2007
Maker: Wylie Economic Development Corporation, a Texas Corporation
Makers Address: 108-C West Marble
Wylie, Texas 75098
Payee: City of Wylie
Place of Payment: 2000 Highway 78 North
Wylie, Texas 75098
Principal Amount: One Hundred Fifty Five Thousand and 00/100 Dollars ($155,000)
Annual Interest Rate Paid on Unpaid Balance: 5.20%
Terms of Payments: principal and interest being due on the 27th day of each month in
consecutive installments in the amount of $6,813.96, the first such
installment being due on July 27, 2007, and, if not sooner paid, all
.~._v principal and interest being due on June 27, 2009.
Maker promises to pay to the order of Payee at the place for payment and according to the
terms of payment the principal amount plus interest at the rates stated above. All unpaid
amounts shall be due by the final scheduled payment date.
If Maker defaults in the payment of this note or in the performance of any obligation in any
instrument securing or collateral to it, and default continues after Payee gives Maker notice
of the default and the time which it must be cured, as may be required by law or by written
agreement, then Payee may either declare the unpaid principal balance and earned interest
on this note immediately due or the Payee has the right of intercept on the sale t~es
remitted by the state to the WEDC. The intercept will be accomplished by an internal
transfer from the WEDC sales tax revenue account to the General Fund of the payee.
Payee acknowledges that Maker has entered into a Promissory Note with Inwood
National Bank dated August 25, 2005 and that the Payee's ability to intercept sales tax
revenue is subordinate to Makers pledge of sales tax to Inwood National Bank.
Maker waives all demands for payment, presentations for payment, notices of intention to
accelerate maturity, notices of acceleration of maturity, protests, and notices of protest, to
the extent permitted by law.
Interest on the debt evidenced by this note shall not exceed the ma~cimum amount of non
usurious interest that may be contracted for, taken, reserved, charged, or received under
law; any interest in excess of that maximum amount shall be credited on the principal of the
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debt or, if that has been paid, refunded. On any acceleration or required or permitted
prepayment, any such excess shall be cancelled automatically as of the acceleration or
prepayment or, if akeady paid, credited on the principal of the debt or, if the principal of
the debt has been paid, refunded. This provision overrides other provisions in this and all
other instruments concerning the debt.
The Maker is responsible for all obligations represented by this note.
When the context requires, singular nouns and pronouns include the plural.
City of Wylie, Texas
By: ed Byboth, Ma r Pro Tem
Wylie Economic Development Corporation
A Texas Corporation
~
By: Marvin Fuller, President
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