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<br />90 <br /> <br />RESOLUTION 1988-l7R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SAN r-1ARCOS, TEXAB, APPROVING THE <br />TERJ1S AND CONDITIOFfS OF i\~lENm1E'T'r NŒ'1BER <br />ONE TO THE ECONOMIC DEVELOPMENT CONTRACT <br />WITH EMBER INDUSTRIES, INC., AUTHORIZING <br />THE f'.m YOR TO EXECUTE SAIDAMENmmNT }\ND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />~,vTIEREAS, t.he Ci t.y of San Marcos entered in to an economic <br />development. contxact. ~tlit.h Ember Industxies, Inc. on NovE!mber <br />12t.h, 1986, under t-.he t.erms of which said City provided a <br />l.oan to Ember Industries, Inc. in the principal amount of <br />$127,OØO.Øø (One Hundred Twent.y-seven Thousand Dollars)~ and, <br /> <br />l'lHEREAS, under the t.erms of sa id cont-.ract., Ember <br />Indusrxies, Inc. was r.O begin semi-annual repayment.s of t.he <br />loan in November, 1987; and, <br /> <br />\'JHEREAS, t.he part-.ies desire t-.o amend 1-.he t-.erms of sa id <br />contract to modify the terms of repayment~ now therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br />~1A.RCOS, TEXAS: <br /> <br />PART 1. Tha1-. t-.he t-.erms and condit-_ions of amenrimen1-. No. <br />1 t.o t-.he economic development cont-.ract-. between the Cit-.y of <br />San t1arcos, and Ember Indust: ries, Inc., att-ached heret-.o an,4 <br />incorporat.ed herein for all purposes, be and are hereby <br />approved. <br /> <br />PART 2. That the ~.1ayor of t-.he Ci t-.y of San l'1arcos, ~T. <br />E. Younger be, and is hereby authorized to approve said <br />amendment on behalf of said City. <br /> <br />PART 3. That this Resolution shall be in full force <br />and effect from and after its passage. <br /> <br />ADOPTED t-.his <br /> <br />day of <br /> <br />Jan~c'U"y' <br /> <br />, 1988. <br /> <br /> <br />At-.t.est.: <br /> <br />c1 t2/Y¡~4fJ/ tfhvv-d) <br /> <br />Janis T<. Vlomack <br />Ci ty Secret.ary <br />