Res 1983-033 - Laserfiche WebLink

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Exhibit "A" ~J;SOLlJTION OF THE CITY OF SAN ~iARCOS INDUSTRIAL DEVELOP~lENT CORPORATION AUTHORIZING EXECUTION OF A FIRST SUPPLE~iENTAL INDENTURE (STEWART & STEVENSON SERVICES, INC.) WlIEREAS, the Development Corporation Act of 1979, Article 5190.6, Vérnon's Annotated Texas Civil Statutes, as amended (the "Act"), author- izes and empowers the City of San !-iarcos Industrial Development Corpo- ration (the "Corporation") to issue revenue bonds on behalf of the City of San Marcos, Texas (the "Unit"), to finance the cost of projects comprising land, buildings, equipment, facilities and improvements, found by the Board of Directors of the Corporation (the "Board") to be required or suitable for the promotion of manufacturing development and expansion and for the industrial development and expansion of industrial facilities and in furtherance of the public purposes of the Act; and w1ŒREAS, the Board adopted a resolution on April 22, 1980, pursuant to which the Corporation issued its Industrial Development Revenue Bonds, Series 1980 (Stewart & Stevenson Services, Inc., Project) (the "Bonds"), in the aggregate principal amount of $8,500,000, pursuant to the terms and provisions of a Trust Indenture, dated as of April 1, 1980 (the "Original Indenture"), between the Corporation and Texas Commerce Bank National Association, as Trustee (the "Trustee"), in order to provide finåncing of the costs of acquiring and constructing the Project (as defined in the Original Indenture) to be owned and operated by Stewart & Stevenson Services, Inc., a Texas corporation (the "User"); and vlHEREAS, at the request of the User, the Corporation now desires to authorize the execution and delivery of a first supplemental trust indenture which would amend the Original Indenture to provide for redemption of a portion of the Bonds prior to maturity with excess Original Proceeds (as defined in the Original Indenture) and to take and authorize certain other actions in connection with the foregoing; and ìv1ŒREAS, the governing body of the Unit has adopted or will adopt a written resolution specifically approving this resolution of the Corpo- ration providing for the execution of such a firs t supplemental trust indenture; and WHEREAS, the Board has been presented with and has examined the proposed form of such a first supplemental trust indenture and the Board 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