HomeMy WebLinkAbout1997-R-06 - TEXAS CAPITAL FUND INFRASTRUCTURE PROGRAMRESOLUTION NO.1997-6
A RESOLUTION APPROVING AN APPLICATION FOR FUNDING THROUGH THE TEXAS
DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS UNDER THE TEXAS CAPITAL
FUND INFRASTRUCTURE PROGRAM.
BE IT RESOLVED by the City Council of the City of Stephenville as follows:
Section 1. The City Council has reviewed and hereby approves an application for:
Water, Sewer, Street and Drainage Improvements for the benefit of Composite Structures
International, Inc. in the amount of $498,275.00. Included in the request amount are funds
for land acquisition, engineering, and grant administration services.
Section 2. The City Council has reviewed and hereby agrees to comply with all assurances
executed in connection with the application and, if funded, the award.
Section 3. The City Manager is hereby authorized and directed to act on the City's behalf
in all matters pertaining to this application.
Section 4. The City Council has reviewed and hereby agrees not to participate in program
income recapture and will return all program income to the state to be placed in a statewide
Revolving Loan Fund to be used by the state to fund future economic development awards. By
agreeing to this measure, the City understands that it will be eligible to receive as many Texas
Capital Fund and Governor's Special Assistance Fund for Small and Minority Businesses awards per
program year as it has eligible projects.
PASSED AND ADOPTED at a special meeting of the City Council of the City of Stephenville
held on September 16,1997, by the following vote.
Ayes: 8 Noes: 0 Absent: 1
Qj�
Jo ollan, Mayor
ATTEST:
( / 10 ^&A01ce -
Cindy L. St ord, City Secre4,W-,
e
Reviewed by Donald B. Davis,
City Administrator
Approved as to form and legality
Randy Thomas, City Attorney