CC Resolution No. 1898 99
RESOLUTION NO. 1898
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS,
APPROVING THE ISSUANCE OF BONDS IN THE PRINCIPAL AMOUNT NOT TO
EXCEED FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00) FOR THE
PURPOSE OF IMPLEMENTING THE PROJECT PLAN, AS AMENDED, BY THE
BAYTOWN REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT
ZONE NUMBER ONE, CITY OF BAYTOWN, TEXAS; AND MAKING CERTAIN
FINDINGS RELATING THERETO; AND PROVIDING FOR THE EFFECTIVE DATE
THEREOF..
WHEREAS, by Ordinances No. 9197 and 9275 and by Resolution No. 1516, the City Council of
the City of Baytown, Texas (the "City") created the Reinvestment Zone Number One, City of Baytown,
Texas ("Baytown Zone") in the City pursuant to Chapter 311 of the Texas Tax Code, as amended, and
pursuant to a Preliminary Project Plan and Preliminary Reinvestment Zone Financing Plan, and appointed
its Board of Directors ("TIRZ Ordinance"); and
WHEREAS, by Ordinance No. 9275, the City Council of the City enlarged the Baytown Zone in
the City pursuant to Chapter 311 of the Texas Tax Code, as amended, and pursuant to a Preliminary
Project Plan and Preliminary Reinvestment Zone Financing Plan, and appointed its Board of Directors
("TIRZ Ordinance"); and
WHEREAS, the Zone Board adopted a final Project Plan and Reinvestment Zone Financing Plan
(the"Project Plan") and submitted the final Project Plan to the City Council of the City for approval; and
WHEREAS, the City Council approved the final Project Plan by Ordinance No. 9290; and
WHEREAS, the City authorized the creation of the Baytown Authority to aid, assist and act on
behalf of the City in the performance of the City's governmental functions with respect to the common
good and general welfare of Baytown and neighboring areas as described in the TIRZ Ordinance; and
WHEREAS, the City, the Baytown Zone and the Baytown Authority have entered into that
certain Agreement dated November 24, 2001, and approved as Ordinance No. 9271 (the `Baytown
Agreement"), pursuant to which the City and the Baytown Zone contracted with the Baytown Authority
to administer the Baytown Zone including, but not limited to, the power to engage in activities relating to
the acquisition and development of land, to construct and improve infrastructure in Baytown, to enter into
development agreements with developers/builders in Baytown, and to issue, sell or deliver its bonds,
notes or other obligations in accordance with the terms of the Baytown Agreement upon the approval of
the City Council of the City; and
WHEREAS, to implement the Baytown Agreement, it is necessary that the Authority be
authorized to issue tax increment revenue bonds; NOW THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTWON, TEXAS:
Section 1. That the facts and recitations contained in the preamble of this Resolution are
hereby found and declared to be true and correct and are adopted as part of this Resolution for all
Purposes.
100
Section 2. That the Authority is hereby authorized to issue its tax increment revenue bonds
in an amount not to exceed FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00) in principal
amount for the purpose of implementing the Project Plan, as amended.
Section 3. The officers and employees of the City are hereby authorized and directed to
execute such instruments and take such actions as are consistent with the provisions of the Resolution,
and to assist the Authority in the issuance of the bonds above authorized.
Section 4. If any provision, section, subsection, sentence, clause, or phase of this
Resolution, or the application of same to any person or set of circumstances is for any reason to be held to
be unconstitutional, void or invalid, the validity of the remaining provisions of this Resolution shall not
be affected thereby, it being the intent of the City Council in adopting this Resolution that no portion
hereof or provision or regulation contained herein shall become inoperative or fail by reason of any
unconstitutionally, voidness or invalidity of any other portion hereof, and all provisions of this Resolution
are declared to be severable for that purpose.
Section 6: This resolution shall take effect immediately from and after its passage by the City
Council of the City of Baytown, Texas.
INTRODUCED, READ and PASSED by the affirmative vote f the City Council of the City of
Baytown, Texas, this the 19°i day of November, 2007.
ST PH ONCARLOS, Mayor
EST:
LORRI Y, City Clerk
TO F0RM:
NACIO R EZ, SR., Ci Attorney
R\Kuren,FilesVCity CouncilAResolutionsA2007ANovember 19ACityApprova10fr1RZBonds2007 doc
2
RESOLUTION RELATING TO ISSUANCE OF BONDS
WHEREAS,Reinvestment Zone No.One,City of Baytown,Texas(the"Zone"),was
created the City of Baytown,Texas (the"City")pursuant to Chapter 311 of the Texas Tax
Code, as amended; and
WHEREAS, the Zone Board adopted a final Project Plan and Reinvestment Zone
Financing Plan (the "Project and Financing Plan") and the City Council of the City
approved the final Project and Financing Plan; and
WHEREAS, the City created the Baytown Redevelopment Authority (the
"Authority")to act on its behalf in the implementation of the Project and Financing Plan in
connection with the Zone; and
WHEREAS,the Authority's Board of Directors has determined that the Project and
Financing Plan may best be implemented by the issuance of tax increment revenue bonds
by the Authority; now, therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BAYTOWN
REDEVELOPMENT AUTHORITY THAT:
Section 1: The facts recited in the preamble hereto are hereby found to be true
and correct.
Section 2: The Authority Board hereby finds that the Project and Financing Plan
may be implemented most effectively by the issuance of its tax increment revenue bonds
for the purpose of financing Zone improvements in accordance with such plan. Therefore,
the Authority hereby requests that the City Council of the City of Baytown, Texas,
authorize the issuance of such bonds by the Authority in an amount not to exceed in the
aggregate$5,000,000.
Section 3: The officers and consultants of the Authority are hereby authorized
and directed to do any and all things reasonably necessary for the implementation of this
resolution and to assist the City in the authorization of the issuance of the referenced
bonds.
PASSED and APPROVED Ndll.+Avr 6 , 2007.
p
Chairman, Board of Direc
ATTEST:
..S>P
fetary, Board of Directors
164519