Res 1982-010 - Laserfiche WebLink

Home Browse Search

Document No. 5.1 72 RESOLUTION NO. llR RESOLUTION OF THE CITY COUNCIL APPROVING THE ISSUANCE OF BONDS BY THE CITY OF SAN ~jARCOS INDUSTRIAL DEVELOPHENT CORPORATION TO FINANCE A PROJECT FOR ~ffiNSOR CORPORATION \mEREAS, by resolution the City Council (the llGoverning Bodyll) of City of San ~jarcos (the "Unit"), authorized and approved the creation of the City of San ~jarcos Industrial Development Corporation (the llCorpora- tionll) as a nonprofit industrial development corporation under the provisions of the Development Corporation Act of 1979, Article 5190.6, Vernon t s Annotated Texas Civil Statutes, as amended (the "Actll); and WHEREAS, by resolution adopted on Harch 6, 1981, the Board of Directors of the Corporation approved a ~jemorandlli'1l of Agreement between the Corporation and Hensor Corporation, which Hemorandum of Agreement authorized the issuance of industrial development revenue bonds by the Corporation to finance the cost of facilities to accomplish the specific public purpose for which the Corporation was created; and WHEREAS, in accordance with the terms of the Hemorandum of Agree- ment, the Corporation now desires to provide for the issuance and sale of its Industrial Development Revenue Bonds, Series 1982 (Hens or Corpo- ration Project) (the llBondsll), in the maximum aggregate principal amount of $1,500,000, by adopting a resolution substantially in the form at- tached hereto as Exhibit "All (the llResolutionll); and WHEREAS, it is understood that, pursuant to Sections 5 and 6 of Article II of the Texas Constitution, the City of San Marcos may not create any debt unless provision is made at the same time for payment of principal and interest and creation of a sinking fund, and that the City is not hereby creating a debt, and that all the Bonds shall be payable solely out of revenues derived from or in connection with the Loan Agreement (as defined icy the attached Exhibit "All); \mEREAS, the Act provides that the Governing Body must, by reso- lution adopted no more than sixty (60) days prior to the date of de- livery of the Bonds, specifically approve the resolution of the Corpo- ration providing for the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF SAN ~jARCOS, THAT: