Laserfiche WebLink
<br />I <br /> <br />I <br /> <br />I <br /> <br />the faith and credit of the State of Texas (the "State"). <br />of the Unit, or of any other political corporation, sub- <br />division or agency of the state within the meaning of any <br />state constitutional or statutory provision, shall never be <br />paid in whole or in part out of any funds raised or to be <br />raised by taxation or any other funds of the Unit, and <br />shall never be paid in whole or in part out of any funds of <br />the Authority except those derived from or in connection <br />with the sale or lease of the Project or the loan of funds <br />to finance the Project; and <br /> <br />WHEREAS, to promote and encourage employment and the <br />public welfare, the Corporation agrees to issue at the <br />request of the User, one or more series of the Corpora- <br />tion's industrial development revenue bonds (the "Bonds") <br />for the purpose of paying all or part of the costs of con- <br />structing and acquiring the Project, or for the purpose of <br />loaning the proceeds to the User in order to provide <br />temporary or permanent financing of all or part of the <br />costs of constructing and acquiring the Project,.and the <br />Corporation and the User deem it desirable and proper that <br />this Agreement constitute a formal record of such agreement <br />and understanding in order that the User may proceed with <br />or provide for the acquisition and construction of the Pro- <br />ject; and . <br /> <br />WHEREAS, the User has evidenced a desire to cooperate <br />with the Corporation in the acquisition and construction of <br />the Project and for the Corporation to authorize and issue <br />the Bonds in the aggregate principal amount now estimated <br />not to exceed $10,000,000 to provide the funds to defray all <br />or part of the costs of the acquisition and construction of <br />the Project; and <br /> <br />WHEREAS, the Corporation and the User contemplate that <br />the Project will be sold on an installment payment basis or <br />leased to the User or that proceeds of the Bonds will be <br />loaned to the User in order to provide temporary or perma- <br />nent financing of all or part of the cost of the Project <br />and that the installment purchase, rental or loan payments <br />therefor will be sufficient to pay the principal of and any <br />premium or interest on the Bonds; and <br /> <br />WHEREAS, it is the desire of the Corporation that the <br />acquisition and construction of the Project occur at the <br />earliest possible time. so as to promote and encourage <br />employment and the public welfare within the Unit; and <br /> <br />- 2- <br />