Resolution No. 2014-01 RESOLUTION NO. 2014-01(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 Economic 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 Chapter 501 of the Texas Local Government Code
(the"Development Corporation Act" or"Act"), and governed 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 Corporation, as required by
Chapter 501 of the Texas Local Government Code,must authorize said program and expenditure
of the Corporation; and
WHEREAS,the Wylie Economic Development Corporation Board of Directors finds and
determines that it is appropriate to approve the Project as an authorized program and expenditure
of the Corporation; and
WHEREAS, the Corporation approves the terms and conditions of the Loan Documents,
including but not limited to, a Promissory Note and Security Agreement in order to borrow the
sum of$722,365 from the American National Bank of Texas to fund a portion of the purchase
price for land and improvements located at 100 West Oak Street, 108 and 110 Jackson Avenue,
and a 6.52 acre tract on Alanis Boulevard(the"Project"); and
WHEREAS,that as security for the $722,365 loan from the American National Bank that
the Corporation Pledge the use and sales tax revenues it receives from the City of Wylie; and
WHEREAS, that the 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 documents necessary
to borrow $722,365 from The American National Bank of Texas to the Corporation and to
pledge the Corporation's sales and use tax receipts as security for such Note; and
WHEREAS,that the Secretary of the Corporation is directed to certify the minutes of this
meeting and the contents of these resolutions and to deliver the certification in support of the
authority 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 1: The recitals set forth in the preamble hereof are incorporated 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 Corporation in connection therewith
are hereby approved.
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SECTION 2: This Resolution shall take effect immediately upon its passage.
DULY PASSED AND APPROVED by the Board of Directors of the Wylie Economic
Development Corporation on this 7th day of November,2014.
/hi ahrkh /4/141
Marvin Fuller, President
ATTEST TO:
John Yeag ED Secretary