HomeMy WebLinkAboutR92-128UNITED BEAN MARKETING COOP & BEAN TIME FOODS, INCORPORATED -
WATER/SEWER
RESOLUTION NO. R92-128
A RESOLUTION APPROVING AN APPLICATION FOR FUNDING
THROUGH THE TEXAS DEPARTMENT OF HOUSING AND
COMMUNITY AFFAIRS, TEXAS CAPITAL FUND PROGRAM FOR
THE CITY OF PLAINVIEW, TEXAS.
BE IT RESOLVED BY THE CITY COUNCIL of the City of Plainview, Texas, as
follows:
Section 1: The City Council has received and hereby approves an application
for:
Loan to United Bean Marketing Coop, and Bean Time Foods,
Incorporated, 3600 N. I-27, Plainview, Texas; for $247,420 in working
capital; Infrastructure grant to benefit United Bean Marketing Coop,
and Bean Time Foods, Incorporated, 3600 N. I-27, Plainview, Texas,
for $220,580 ; and Administration of grant, $32,000 .
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 Mayor 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 Business' Awards per program year as it has eligible projects. This
determination must be made at the time the original award is made and cannot
be changed with subsequent awards for this program year or retroactively in
subsequent program years.
PASSED AND ADOPTED at a regular meeting of the City Council of the City
of Plainview, Texas, held on July 28, 1992.
ATTEST: E . IRidlehuber, Mayor
Secretary
City
Ka n McBeth,
1 of 2
APPROVED AS TO CONTENT:
.'es P.
ity ager
APPROVED AS TO .'ORM:
6tio
Wally Hath, City Attorney
2 of 2