Resolution 2018-01 RESOLUTION NO. o?X`/g-el (
A RESOLUTION APPROVING A PROJECT, A LOAN FROM THE AMERICAN
NATIONAL BANK OF TEXAS, THE EXPENDITURE OF FUNDS, AND ENACTING
OTHER PROVISIONS RELATING TO THE SUBJECT
WHEREAS, the Wylie Economic Development Corporation (the "Corporation") has been
duly created and organized and is validly existing and operating as a duly constituted authority
and instrumentality of the City of Wylie, Texas (the "City"), pursuant to Chapter 501 (the "Act")
of the Texas Local Government Code, as amended (the "Local Government Code"), and is
governed as a Type A Corporation under the Act and Chapter 504 of the Local Government
Code;
WHEREAS,the Corporation desires to borrow an amount not to exceed $4,500,000 from
The American National Bank of Texas (the "Bank") which borrowing is'to be secured by a pledge
of the Corporation's sales tax receipts to finance the purchase of multiple parcels via separate
closings, as part of a master-planned redevelopment effort as authorized under Chapter 501 of
the Texas Local Government Code, as amended, located in the City(the "Project"); and
WHEREAS, the Board of Directors has been presented with substantially final forms of a
Loan Agreement, a Security Agreement, and a Promissory Note (the "Loan Documents") in order
to effectuate the Loan and the financing of the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE WYLIE
ECONOMIC DEVELOPMENT CORPORATION THAT:
1. The Board of Directors of the Corporation hereby finds and determines that it is
appropriate to approve the Project as an authorized program, to authorize the loan, and to
authorize the expenditures by the Corporation related thereto.
2. The Board of Directors of the of the Corporation hereby approves the form of the
Loan Documents and all officers of the Corporation are hereby authorized and directed to
execute and attest the same and all other such agreements, assignments, certificates,
contracts, documents, instruments, financing statements, letters of instruction, written
requests, and other papers, whether or not mentioned herein, as may be necessary or
convenient to carry out or assist in carrying out the purposes of this Resolution.
3. It is officially found, determined, and declared that the meeting at which this
Resolution is passed was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Resolution, was
given, all as required by V.T.C.A., Government Code, Chapter 551, as amended.
4. This Resolution shall take effect immediately upon its passage and approval by the
City Council of the City pursuant to Section 501.204 of the Texas Local Government Code, as
amended.
PASSED AND APPROVED this December 10, 2018.
WYLIE ECONOMIC DEVELOPMENT CORPORATION,
a Texas nonprofit corporation
By:��j '45
President
ATTEST:
By: AP
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