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<br /> 94 <br /> RESOLUTION NO. 1983-40R <br /> RESOLUTION OF THE CITY COUNCIL APPROVING THE <br /> ISSUANCE OF BOt-;1) S BY THE CITY OF SAN MARCOS <br /> INDUSTRIAL DEVELOPMENT CORPORATION TO FINANCE A <br /> PROJECT FOR LEGGITT LEASING CORPORATION FOLLOWING A <br /> PUBLIC HEARING <br /> WHEREAS, by resolution the City Council (the "Governing Body") of <br /> the City of San Marcos, Texas (the "Unit"), authorized and approved the <br /> creation of the City of San Marcos Industrial Development Corporation <br /> (the "Issuer") as a nonprofit industrial development corporation under <br /> the provisions of the Development Corporation Act of 1979, <br /> Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the <br /> " Ac t "); and <br /> WHEREAS, on June 7, 1983, the Board of Directors of the Issuer <br /> adopted a certain Resolution Concerning Issuance of Bonds (the <br /> "Resolution Concerning Issuance of Bonds"), whereby the Issuer agreed to <br /> issue its bonds to provide for the financing of a project ("the <br /> Project") for Leggitt Leasing Corporation; and <br /> WHEREAS, in accordance with the terms of the Resolution Concerning <br /> Issuance of Bonds, the Issuer now desires to provide for the issuance <br /> and sale of its Industrial Development Revenue Bonds, Series 1983 <br /> (Leggit t Leasing Corporation Project) (the "Bonds"), in the maximum <br /> aggregate principal amount of $950,000, by adopting a resolution <br /> substantially in the form attached hereto as Exhibit "A" (the "Resolu- <br /> tion"); and <br /> WHEREAS, the Governing Body is the elected legislative body of the <br /> Unit; and <br /> WHEREAS, the Act provides that the Governing Body must, by resolu- <br /> tion adopted no more than sixty (60) days prior to the date of delivery, <br /> of the Bonds, specifically approve the resolution of the Issuer <br /> providing for the issuance of the Bonds; and <br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as <br /> amended (the "Code"), requires that the Bonds be approved by the "appli- <br /> cable elected representative" (" AER") after a public hearing following <br /> reasonable public notice; and <br /> WHEREAS, with respect to Bonds issued by the Issuer such AER is the <br /> Governing Body of the Unit; and <br />