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4 Regular Meeting November 10, 1986 Page 4 ~1ayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF ThE CITY OF SAN MARCOS, TEXAS 1 APPROVING A CONTRACT WITH THE TEXAS DEPARTMENT OF COMHUNITY AFFAIRS TO ACCEPT MONEY 'I/O LOAN TO EMBER INDUSTRIES, INC. AND SUBSEQUENTLY TO OThER ECONOMIC ASSISTANCE APPLICANTS; AUTHORIZING THE MAYOR TO EXECUTE THE CONTRACT 1 APPROVING A DEPOSITORY SIGNATORS' FORM; AND ESTABLIShING AN EFFECTIVE DATE. Mayor Younger moved for adoption of the Resolution and Ms. Kissler seconded the motion. Ember Industries makes payments on the loan to the City, and in turn the City makes payments to TDCA. The Council expressed concern for the City's obligation to make payments to TDCA in the event Ember Industries defaulted on their payments. Mr. Hankins responded that the City will have a lien on the machinery, so there would be some recovery. Sarah Bailey advised the Council Ember will be leasing a buliding from Widelite. The Council voted unanimously for adoption of the Resolution. Mayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING A LOAN AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND EMBER INDUSTRIES, INC.: AUTHOR- IZING ThE MAYOR TO ENTER INTO THE AGREEMENT AND ESTABLISH- ING AN EFFECTIVE DATE. Mr. Brown moved for adoption of the Resolution and Mr. Farr seconded the motion, which passed unanimously. Mayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF ASSIGNMENTS OF LEASES DATED SEPTEMBER 9, 1980 AND JAN- UARY 101 1984, BETWEEN SAID CITY AND GT+3 FLIGHT OPERATIONS, INC., AS AMENDED1 AND OF A COLLATERAL LETTER OF AGREEMENT BETWEEN SAID CITY AND TRANS-AIR INDUSTRIES1 INC., AUTHORIZING THE MAYOR TO EXECUTE SAID ASSIGNMENTS AND AGREEMENT, AND DECLARING AN EFFECTIVE DATE. Mr. Farr moved for adoption 6f the Resolution and Ms. Kissler seconded the motion. Mayor Younger moved to amend the Resolution as follows: in Section E. on Page 2 of the Collateral Letter of Agreement to change the minimum limits of the umbrella coverage from $10,0001000.00 to $5,000,000.00: to delete Section G. in its entirety and reletter Section H. to Section G.; and to change the rating in the new Section G. from A XIII to B+VII¡ and in G.5. to add the word" . . . subject to review and renegotiation. . . .11, and Ms. Kissler seconded the motion. Mr. Doughty advised the Council the Airport Commission had unanimously approved these changes. The Council voted unanimously for adoption of the Resolution. Mayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: