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<br /> representation, and the Board finds that the form and substance of such <br /> documents are satisfactory and the recitals and findings contained <br /> therein are true, correct and complete and hereby adopts and <br /> incorporates by reference such recitals and findings as if set forth in <br /> full in this resolution, and finds that it is in the best interest of <br /> the ~lic and the Issuer and assists in carrying out the public purpose <br /> of the Issuer and of the Act to authorize the execution and delivery of <br /> such documents; and <br /> WHEREAS, the Board has also been presented with and has examined <br /> the proposed form of a deed of trust, security agreement, assignment of <br /> rents and financing statement from the User to a mortgage trustee (to be <br /> designated by the Trustee), for the use and benefit of the Trustee (for <br /> the benefit of the Bondholders [as defined in the Loan Agreement]) and <br /> the Board finds the form and substance of such document is satisfactory; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE <br /> CITY OF SAN MARCOS INDUSTRIAL DEVELOPMENT CORPORATION THAT: <br /> 1. The Issuer hereby authorizes and directs the issuance of the <br /> Bonds in the maximum aggregate principal amount of $950,000, in accor- <br /> dance with a trust indenture substantially in the form of the Trust <br /> Indenture, dated as of September 1, 1983 (the "Indenture"), by and <br /> between the Issuer and RepublicBank Waco, National Association, as <br /> trustee (the "Trustee"), which was presented to the Board, the form, <br /> terms and provisions of such Indenture and the Bonds being hereby <br /> authorized and approved, and the President and the Vice President of the <br /> Issuer are hereby severally authorized and directed to execute and <br /> deliver such Indenture and the Bonds on behalf of the Issuer, and the <br /> Secretary of the Issuer is hereby authorized to attest and affix the <br /> Issuer's seal thereto, with such changes therein as the officers <br /> executing the same may approve, such approval to be conclusively <br /> evidenced by such execution thereof. <br /> 2. The loan of the proceeds of the sale of the Bonds by the <br /> Issuer to the User in order to provide financing of the costs of <br /> acquiring and constructing the Project shall be effected pursuant to the <br /> terms and provisions of a loan agreement substantially in the form of <br /> the Loan Agreement, dated as of September 1, 1983 (the "Loan Agree- <br /> ment"), by and between the Issuer and the User, which was presented to <br /> the Board, the form, terms and provisions of such Loan Agreement being <br /> hereby authorized and approved, and the President and the Vice President <br /> of the Issuer are hereby severally authorized and directed to execute <br /> and deliver such Loan Agreement on behalf of the Issuer, and the <br /> Secretary of the Issuer is hereby authorized to attest and af f ix the <br /> Issuer's seal thereto, with such changes therein as the officers <br /> -2- <br />