Resolution 2015-18 RESOLUTION NO.2015-18(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE,
COLLIN COUNTY, TEXAS, AUTHORIZING AND APPROVING A CERTAIN
RESOLUTION OF 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;
WHEREAS, 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 Board of Directors of the Wylie Economic Development Corporation
intends to recruit companies which will provide jobs and increase the tax base by implementing
qualified projects;
WHEREAS, the Board of Directors of the Wylie Economic Development Corporation
has duly adopted a Resolution that approves one or more loans from the American National Bank
of Texas in an aggregate amount of$387,317.13 to assist in the financing of qualified projects;
and
WHEREAS, Section 501.204(a) of the Texas Local Government Code, as amended,
("the Act") 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 loan no more than
sixty(60) days prior to the execution and delivery of the documents evidencing such debt.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WYLIE,COLLIN COUNTY,TEXAS, THAT:
1. Section The Wylie City Council approves the resolution(s) adopted by the Board
of Directors of the Wylie Economic Development Corporation on the 19`h day of August, 2015
authorizing one or more loans in an aggregate amount of $387,317.13 from the Bank and
pledging the %2 cent sales tax for economic development as collateral to secure the repayment of
loan(s).
2. Section This resolution was approved by the Wylie City Council at a council
meeting duly posted in accordance with the Texas Open Meeting Act and at which a quorum was
present and voting.
Resolution No.2015-18(R)
Approving EDC$387,317.13 Loan Page I
ADOPTED by the Wylie City Council on the 25th day of August, 2015.
APPROVED:
7
Eric Hogue, May r
ATTEST:
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Carole Ehrlich, Secretary
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STA EOFT
Resolution No.2015-18(R)
Approving EDC$387,317.13 Loan Page 2
CERTIFICATE OF CORPORATE RESOLUTION 2015-01(R)
Date: e�' , 2015
Corporation: Wylie Economic Development Corporation, a Texas Non-Profit Corporation
Date of Meeting of Board of Directors: August 19, 2015
We, the President and Secretary of the Corporation, certify the following facts:
1. The Corporation is a Texas Non-Profit Development Corporation, organized
and operating under the Development Corporation Act, Chapter 501 of the Texas Local
Government Code, is qualified to do business, and in good standing.
2. No proceedings for forfeiture of the certificate of incorporation or for
voluntary or involuntary dissolution of the Corporation are pending.
3. Neither the articles of incorporation nor the bylaws of the Corporation limit
the Board of Directors to adopt the resolution below.
4. The President and Secretary are the persons authorized to make and sign this
resolution.
5. The Secretary keeps the records and minutes of the proceedings of the Board
of Directors of the Corporation, and the resolution below is an accurate reproduction of the
one made in those proceedings; it has not been altered, amended, rescinded, or repealed; and
it is now in effect.
6. The resolution below was legally adopted at a legally called meeting of the
Board of Directors pursuant to the Texas Open Meetings Act.
7. The following resolutions were adopted by the Board of Directors:
"RESOLVED, 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 $387,317.13 from the
American National Bank of Texas to fund the refinance of the seller note to
purchase 605 Commerce Street, Wylie, Texas and to fund a portion of the
purchase price of the property located at 106 N. Birmingham Street, Wylie,
Texas, in order to promote the economic development in the City of Wylie;
"RESOLVED FURTHER, that as security for the $387,317.13 loan
from the American National Bank that the Corporation pledges the use and
sales tax revenues it receives from the City of Wylie;
Certificate of Corporate Resolution Page 1
"RESOLVED FURTHER, that the President, Marvin Fuller, is hereby
authorized in the name of this Corporation and as its own act to execute the
Promissory Note, the Security Agreement and all other documents necessary
to borrow $387,317.13 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
"RESOLVED FURTHER, 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
Directors named above to act on behalf of this Corporation."
WYLIE ECONOMIC DEVELOPMENT
CORPORATION,
a Texas Non-Profi orporation
/""4" 4
Marvin Fuller, Presi nt
John Y ger, Secretary
STATE OF TEXAS §
COUNTY OF COLLIN §
This instrument was acknowledged before me on2015 by Marvin
Fuller, President of the Wylie Economic Development Co ration, a Texas Non-Profit
Corporation.
ANSEL WVGANT
Stale of
Notary Public.Stale of Texos
My Commisslon Expires -
Novemb#f 04,2018 U
Notary Public in and or
The State of Texas
STATE OF TEXAS §
COUNTY OF COLLIN §
This instrument was acknowledged before me on 1 sy , 2015 by John
Yeager, Secretary of the Wylie Economic Development Co oration, a Texas Non-Profit
Corporation.
.:. ANGEL 1Nr6ANT
Notory Public.Stote of Texos '
My Commission Expires Notary Public for the State of Texas
November 04, 2018
Certificate of Corporate Resolution Page 2