Res 1983-028 - Laserfiche WebLink

Home Browse Search

finds that the form and substance of such document are satisfactory and the recitals and findings contained therein are true, correct and complete and hereby adopts and incorporates by reference such recitals and findings as if set forth in full in this resolution, and finds that it is in the best interest of the public and the Corporation and assists in carrying out the public purpose of the Corporation and of the Act to authorize the execution and delivery of such documents; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF SAN MARCOS INDUSTRIAL DEVELOPMENT CORPORATION, THAT: 1. The amendment to the Original Agreement to provide for the modification of certain of the financial covenants of the User contained therein shall be effected pursuant to a first amendment to loan agreement substantially in the form of the First Amendment to - Loan Agreement, dated as of April 1, 1983 (the "First Amendment to Agreement"), by and between the Corporation and the User, which was presented to the Board, the form, terms and prov is ions of such First Amendment to Agreement being hereby authorized and approved, and the President and the Vice President of the Corporation are hereby severally authorized and directed to execute and deliver such First Amendment to Agreement on behalf of the Corporation, and the Secretary of the Corporation is hereby authorized to attest and affix the Corporation's seal thereto, with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by such execution thereof. 2. The officers, employees and agents of the Corporation, and each of them, shall be and each is expressly authorized, empowered and directed from time to time and at any time to do and perform all acts and things and to execute, acknowledge and deliver in the name and under the corporate seal and on behalf of the Corporation all certificates, financing statements, instruments and other papers, whether or not herein mentioned, as they may determine to be necessary or desirable in order to carry out the terms and provisions of this resolution and of the First Amendment to Agreement hereby authorized and approved, such determination to be conclusively evidenced by the performance of such acts and things and the execution of any such certificate, financing statement, instrument or other paper. 3. This resolution shall take effect and be in full force and effect upon and after its passage. PASSED ANu APPROVED this 23rd day of May, 1983. ------------------------------------------------------------------------ -2-