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<br />8 <br /> <br />RESOLUTION 1979- 54 <br /> <br />A RESOLUTION OF TIlE CITY COUNCIL OF TIlE CITY Of <br />SPN }1ARCOS, TEXAS, APPROVING AN AGFF.EMENT TO <br />ISSUE BONDS BE'Ih'EEN TIlE CITY OF SAN l"ARCOS <br />INDUSTPItili DEVELDPMENT CORPORATION AND BUTLER <br />MAlIJUFACTlJRING CORPORATION. <br /> <br />I <br /> <br />HflEREAS, pursuant to the Development Corporation Act of 1979, <br />Senate Bill 1275, 66th Te-xas Legislature, Regular Session, the City <br />Council of the City of San Marcos approved by Resolution on July 30, <br />1979, the oreation of the City of San Marcos Industrial Development <br />Corporation (Corporation); and, <br /> <br />W!-lERFAS, the City Council has reviewed an Agreement to Issue <br />Bonds proposed to be entered into by and between the Corporation and <br />Butler Manufacturing C'.ompany (Butler) which Agreement authorizes the <br />issuance of industrial development revenue bonds by the Corporaticn to <br />finance facilities to accomplish the specific public purpose of the <br />promotion and development of crnrrnercial, industrial and manufacturing <br />enteryrises to proITOte and encourage employment and the public welfare; <br />now, therefore, <br /> <br />BE IT RESOLVED BY TIlE CITY COUNCIL OF TIlE CITY OF SAN MARCOS, TEXAS: <br /> <br />PART 1. That the .Agreement to Issue Bonds proposed to be entered into <br />by and between the Corporation and Butler, which Agreement authorizes <br />issuance of industrial development revenue bonds by the Corporation in an <br />amount now expected not to exceed $10,000,000 to finance the facilities <br />described in Exhibit "A" to said Agreement, in the form attached hereto <br />is hereby approved. <br /> <br />I <br /> <br />PART 2. That the City Council shall approve by written resolution <br />any additional agreement to issue bonds, including refunding bonds, <br />adopted by the Corporation, which agreement and resolution shall set <br />out the arrount and purpose of the bonds. Furthermore, no issue of <br />bonds, including refunding bonds, shall be sold and delivered by the <br />Corporation h7ithout a written resolution of the City Council adopted <br />no more than 60 days prior to the elate of the sale of the bonds <br />specifically approving the resolution of the Corporation providing for the <br />issuance of the bonds. <br /> <br />PART 3. That this Resolution shall take effect imnediately from and <br />after its passage. <br /> <br />AlDPTED this 13th day of August, 1979. <br /> <br />~pI:l!~ <br />()~: <br /> <br />I~~ <br /> <br />Doriss Hambrick <br />City Secretary <br /> <br />APPROVED: <br /> <br />~~J. <br /> <br />I <br />~ <br />