1998R01A- INTERLOCAL COOPERATIVE AGREEMENT
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RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SCHERTZ,
TEXAS AUTHORIZING AN INTERLOCAL COOPERATIVE
AGREEMENT BETWEEN THE CITY OF SCHERTZ ECONOMIC
DEVELOPMENT CORPORATION AND THE CITY OF SCHERTZ,
TEXAS; AND OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the City of Schertz, Texas (the City) is authorized pursuant to the
provisions of Section 4B, as amended, Texas Revised Civil Statutes Annotated Article
5190.6 (the Act) to create a nonprofit industrial development corporation (the
Corporation);
WHEREAS, the City Council (the Council) of the City on June 3, 1997
authorized the calling of an election authorizing the levy of a one-half (1/2) of one
percent (1%) additional sales and use tax (the Sales Tax) within the City in accordance
with the provisions of the Act;
WHEREAS, the majority of the citizens of the City approved the levy of the Sales
Tax at an election held on August 9, 1997;
WHEREAS, the Council pursuant to an ordinance adopted on February 3, 1998
approved the creation of the Corporation in accordance with the provisions of Chapter
321, as amended, Texas Tax Code and the Act;
WHEREAS, the Council pursuant to an ordinance adopted on February 3, 1998
authorized the levy of the Sales Tax;
WHEREAS, the City was advised by its financial advisors, Southwest Securities,
Inc., that certain of the projects identified at the aforementioned election (the
"Projects") could be financed at a lower interest cost by the City through the issuance
of general obligation bonds (the 1998 Bonds);
WHEREAS, the City received the proceeds of the 1998 Bonds on January 21,
1998;
WHEREAS, reducing the costs relating to the Projects will benefit the
Corporation and the City;
WHEREAS, the agreement attached hereto as Exhibit A has been approved by
the Board of Directors of the Corporation to provide for the transfer of funds, being a
portion of the Sales Tax, by the Corporation to the City to pay the debt service
requirements on the 1998 Bonds and to maintain and operate the Projects;
WHEREAS, the Council hereby finds and determines the adoption of this
resolution and the execution of the agreement are in the best interests of the citizens
of the City; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ,
TEXAS THAT:
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SECTION 1. The agreement attached hereto as Exhibit A is incorporated
by reference to this Resolution for all purposes.
SECTION 2. The Mayor and City Secretary of the City are hereby
authorized to execute and seal the agreement.
SECTION 3. The recitals contained in the preamble hereof are hereby
found to be true, and such recitals are hereby made a part of this Resolution for all
purposes and are adopted as a part of the judgment and findings of the Council.
SECTION 4. All ordinances and resolutions, or parts thereof, which are
in conflict or inconsistent with any provision of this Resolution are hereby repealed to
the extent of such conflict, and the provisions of this Resolution shall be and remain
controlling as to the matters resolved herein.
SECTION 5. This Resolution shall be construed and enforced in
accordance with the laws of the State of Texas and the United States of America.
SECTION 6. If any provision of this Resolution or the application thereof
to any person or circumstance shall be held to be invalid, the remainder of this
Resolution and the application of such provision to other persons and circumstances
shall nevertheless be valid, and the Council hereby declares that this Resolution would
have been enacted without such invalid provision.
SECTION 7. It is officially found, determined, and declared that the
meeting at which this Resolution is adopted 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 Chapter 551, as
amended, Texas Government Code.
SECTION 8. This Resolution shall be in force and effect from and after
the date of its adoption, and it is so resolved.
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PASSED AND APPROVED, this the 3rd day of March, 1998.
CITY OF SC
Mayor
ATTEST:
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City Secretary
(CITY SEAL)
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