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Res 1983-040
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Res 1983-040
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9/10/2007 2:17:23 PM
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City Clerk
City Clerk - Document
Resolutions
Number
1983-40
Date
8/22/1983
Volume Book
62
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<br /> EXHIBIT "A" <br /> RESOLUTION OF CITY OF SAN MARCOS <br /> INDUSTRIAL DEVELOPMENT CORPORATION <br /> AUTHORIZING ISSUANCE OF BO~~S AND APPROVING DOCL~ENTS <br /> - <br /> VlHEREAS, the Development Corporation Act of 1979, Article 5190.6, <br /> Vernon's Annotated Texas Civil Statutes, as amended (the "Act"), autho- <br /> rizes and empowers the City of San Marcos Industrial Development <br /> Corporation (the "Issuer") to issue revenue bonds on behalf of City of <br /> San Marcos, Texas (the "Unit"), to finance the cost of projects <br /> comprising land, buildings, equipment, f acilit ies and improvements, <br /> found by the Board of Directors of the Issuer (the "Board") to be <br /> required or suitable for the promotion of manufacturing development and <br /> expansion and for the industrial development and expansion of industrial <br /> facilities and in furtherance of the public purposes of the Act; and <br /> WHEREAS, the Board adopted a certain Resolution Concerning Issuance <br /> of Bonds on June 7, 1983, whereby the Issuer agreed to provide for the <br /> financing of the cost of the User's project (the "Project") which was <br /> initially described in Exhibit "A" to said Resolution Concerning <br /> Issuance of Bonds and is more fully described in Exhibits A and B to the <br /> Loan Agreement between the Issuer and the User referenced below, in <br /> accordance with the provisions of the Act; and <br /> \oHm R EAS, for purposes of financing the cost of the Proj ect, the <br /> Issuer now desires (i) to authorize the issuance of its Industrial <br /> Development Revenue Bonds, Series 1983 (Leggitt Leasing Corporation <br /> Project) (the "Bonds"), in the maximum aggregate principal amount of <br /> $950,000, pursuant to the terms and provisions of a trust indenture, <br /> (H) to provide for the sale of the Bonds to the purchaser described <br /> herein, (Hi) to provide for the payment of the principal of and <br /> premium, if any, and interest on the Bonds with revenues derived from <br /> the loan of proceeds of the sale of the Bonds to the User to finance the <br /> costs of the Proj ect pursuant to the terms and provisions of a loan <br /> agreement and (iv) to take and authorize certain other actions in <br /> connection with the foregoing; and <br /> WHEREAS, the Governing Body of the Unit proposes to adopt a written <br /> resolution specifically approving this resolution of the Issuer <br /> providing for the issuance of the Bonds and specifically approving the <br /> Bonds and the Project as required by Section 103(k) of the Code; and <br /> WHEREAS, the Board has been presented with and has examined pro- <br /> posed forms of a trust indenture, a loan agreement and a letter of <br />
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