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<br />I <br /> <br />I <br /> <br />I <br /> <br />114 , <br /> <br />RESOLUTION NO. 1978-76-R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SAN MARCOS, TEXAS, ENDORSING THE <br />CONCEPT OF INCORPORATION OF A LOCAL NON- <br />PROFIT CORPORATION FOR THE PURPOSE OF <br />STIMULATING INDUSTRIAL DEVELOPMENT IN <br />SAN MARCOS, EXPRESSING THE INTENT TO <br />APPROVE THE INCORPORATION OF SUCH A <br />CORPORATION, EXPRESSING THE INTENT TO <br />APPROVE ISSUANCE OF REVENUE BONDS BY THE <br />CORPORATION TO CONSTRUCT MANUFACTURING <br />FACILITIES WITHIN THE CITY AND EXPRESSING <br />THE INTENTS TO AID THE CORPORATION IN <br />COMPLYING WITH OTHER REQUIREMENTS OF THE <br />INTERNAL REVENUE SERVICES SO AS TO OBTAIN <br />TAX-EXEMPT STATUS FOR THE BONDS <br /> <br />WHEREAS, the City Council of the City of San Marcos <br />wishes to encourage the development of manufacturing facilities <br />in San Marcos; and <br /> <br />I"-- <br />OJ <br /><D <br /><( <br /><( <br /><( <br /> <br />WHEREAS, the City Council desires to provide tax-exempt <br />financing for industrial concerns interested in locating <br />within the City; and <br /> <br />WHEREAS, the Internal Revenue Ruling 1963-2n makes it <br />possible for a local non-profit development corporation to <br />issue tax-exempt revenue bonds for the purpose of encouraging <br />industrial development; now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS: <br /> <br />Part 1. That the City Council of the City of San Marcos <br />intends to create a local non-profit corporation which will <br />engage in essentially public activities of benefit to the City <br />and have as its purpose the stimulation of industrial develop- <br />ment in San Marcos. <br /> <br />Part 2. That the City Council of the City of San Marcos <br />intends to approve the incorporation of a non-profit corporation <br />having as its purpose the encouragement of industrial development <br />in.San Marcos. <br /> <br />Part 3. That the City Council of the City of San Marcos <br />intends to approve the issuance of revenue bonds by such a <br />non-profit corporation to construct manufacturing facilities <br />within the City. <br /> <br />Part 4. That the City Council of the City of San Marcos <br />intends to obtain full legal title to any property acquired <br />by the corporation when the indebtedness is retired. <br /> <br />Part S. That this Resolution shall become effective <br />immediately from and after its passage. <br /> <br />ADOPTED this the ~ day of /')tkJ~~ <br /> <br />, 19;'8. <br /> <br />ATTEST: <br /> <br />~a~r <br /> <br />jDa.~i~~t <br /> <br />OrlSS am rlc, lty ecre ary <br /> <br />APPROVE: <br /> <br />&gg~ <br /> <br />Charles E. Evans, City Attorney <br />