HomeMy WebLinkAboutRES.289.10-19-1987 BILL N0. 87-195 RESOLUTION N0. � .
RESOLUTION APPROVING THE REFUNDING OF THE
THORNGATE LTD . PROJECT BONDS OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
COUNTY OF CAPE GIRARDEAU, MISSOURI, LOCATED
IN THE CITY OF CAPE GIRARDEAU, MISSOURI
WHEREAS , pursuant to the authority of the Industrial
Development Corporations Act , Chapter 349 of the Missouri Revised
Statutes , as amended (the "Act " ) , The Industrial Development
Authority of the County of Cape Girardeau, Missouri (the
"Authority" ) , by Resolution adopted by its Board of Directors on
March 7 , 1986 , approved a Project for Thorngate, Ltd . , a Missouri
corporation , a division of Hartmarx Corporation (the "Company" ) ,
located in the City of Cape Girardeau , Missouri , consisting of
irnprovements to a manufacturing plant , including buildings ,
structures , improvements, fixtures , machinery and equipment (the
"Project " ) at a cost of �1 ,750 ,000 , and financed by the issuance
under the Act of revenue bonds in a principal amount of
$1 ,750 ,000 , said bonds payable solely out of the payments ,
revenues and receipts derived from the loan of the proceeds of
said bonds to the Campany; and
WHEREAS , the Company proposes to retire and refund The
Industrial DevelopmEnt Authority of the County of Cape Girardeau ,
Missouri Industrial Deve�opment Revenue Bonds ( Thorngate , Ltd .
Project ) Series 198� issued December 17 , 1985 , and has requested
the Authority to issue its refunding bonds in the principal amount
of $1 , 750 , 000 to be designated The Industrial Development
Authority of the County of Cape Girardeau , Missouri Industrial
Development Revenue Bonds ( Thorngate, Ltd . Project ) , Series 1987;
and
WHEREAS , pursuant to the authority of Section 349 .065 of the
Act , the Authority may issue its refunding bonds for its
previously issued bonds , which may be sold at public or private
sale and the proceeds applied to the purchase, redemption, or
payment of the bonds to b2 refunded ; and
WHEREAS, Section 349 . 010 of the Act provides that projects of
an industrial development authority of a county may be located
within the incorporated limits of a municipality within such
county when approved by the governing body of such municipality;
and
WHEREAS , the Authority has requested the City to approve the
refunding; and
WHEREAS , the City Council hereby finds and determines that the
Project will promot�� the economic welfare and the development of
the City of Cape Girardeau , Missouri , and will be in furtherance
of the public purposes set forth in the Act ;
rdOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Cape Girardeau , Missouri , that the City Council hereby approves
the refunding and grants its permission to the Authority to
proceed with the refunding through the issuance of The Industrial
Development Authority of the County of Cape Girardeau , Missouri
Industrial Development Revenue Bonds ( Thorngate , Ltd . Project ) ,
Series 1987 , in the principal amount not to exceed $1 ,750 ,000 to
be issued pursuant to the Act .
PASSED AND ADOPTED THIS _l�(�:L DAY OF t�, , 1987 .
>
Curtis S. Smith , Mayor Pro Tem
ATTEST:
,
Alvin M. Stoverink , City Clerk