Resolution No. 2010-01 RESOLUTION NO. 2010-1(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, Texas (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, has the authorized said program and
expenditure of the Corporation; and
WHEREAS, the Corporation desires to borrow an amount not to exceed the sum of
$5,000,000.00 from American National Bank of Texas, to be secured by a pledge of the
Corporation's sales tax receipts and real estate owned by the Corporation located at 1405
Martinez Lane, Wylie, Texas 75098, to finance the construction of improvements on the property
to be leased to Ascend Custom Extrusions, L.L.C. (the "Project"); and
WHEREAS, this 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.
WHEREAS, Vice President Herzog is authorized to execute all documentation necessary
to effectuate a Loan Agreement between the Wylie Economic Development Corporation and the
American National Bank of Texas.
NOW, THEREFORE, BE IT RESOLVED BY THE WYLIE ECONOMIC
DEVELOPMENT CORPORATION BOARD OF DIRECTORS:
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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 Project
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 day of A%6//(77je.'-' , 2010.
Mitch Herzog, Vice President
ATTEST TO:
SAMUEL D.R. SATTERWHITE, Executive Director
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