Resolution No. 2016-01 RESOLUTION NO. 2016-01(R)
RESOLUTION APPROVING A PROGRAM AND THE EXPENDITURE OF FUNDS BY
THE WYLIE ECONOMIC DEVELOPMENT CORPORATION AND ENACTING
OTHER 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, is qualified to do business,and in
good standing; and
WHEREAS, no proceedings for forfeiture of the certificate of incorporation or for
voluntary or involuntary dissolution of the Corporation are pending; and
WHEREAS, neither the articles of incorporation nor the bylaws of the Corporation limit
the Board of Directors to adopt this Resolution; 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$2,000,000 from The American National Bank of Texas to fund a portion of the purchase
price for land and improvements located at and in the vicinity of 908 West Kirby, Wylie, Texas
(the"Project") in order to promote economic development in the City of Wylie; and
WHEREAS, 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$2,000,000 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, 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.
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 28th day of October, 2016.
Marvin Fuller, President
ATTEST TO:
John Ye r, DC Secretary