Res 1982-010 - Laserfiche WebLink

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the Board finds that the form and substance of such documents are satis- factory and the recitals and findings contained therein are true, correct and complete and hereby adopts and incorporates by reference such recitals and findings as if set forth in full in this resolution, and finds that it is in the best interest of the public and the Corpora- tion and assists in carrying out the public purpose of the Corporation and of the Act to authorize the execution and delivery of such docu- ments; and ~~REAS, the Board has also been presented with and has examined the proposed form of a guarantee agreement pursuant to which the Guarantors will irrevocably and unconditionally guarantee the prompt payment of 51% of the principal of and premium, if any, and interest on the Bonds to the extent set forth in said guarantee agreement, and the Board finds the form and substance of such document is satisfactory, and that the agreements of the Guarantors contained therein constitute a material inducement to the Corporation to issue and sell the Bonds and in reliance upon such agreement of the Guarantors, the Board is willing to adopt this resolution and authorize the actions to be taken hereby; and WHEREAS, the Board has also been presented with and has examined the proposed form of a deed of trust, security agreement, assignment of rents and financing statement from the User to First City National Bank of Austin, as mortgage trustee, for the benefit of the Corporation, and the Board finds the form and substance of such document is satisfactory; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF SAN MARCOS INDUSTRIAL DEVELOPHEt\"'T CORPORATION THAT: 1. The Corporation hereby authorizes and directs the issuance of the Bonds in the maximum aggregate principal amount of $1,500,000, in accordance with a trust indenture substantially in the form of the Trust Indenture, dated as of February 1, 1982 (the 11 Indenture"), by and be- tween the Corporation and First City National Bank of Austin, as trustee (the 'lTrustee"), which was presented to the Board, the form, terms and provisions of such Indenture and the Bonds being hereby authorized and approved, and the President and the Vice President of the Corporation are hereby severally authorized and directed to execute and deliver such Indenture and the Bonds on behalf of the Corporation, and the Secretary of the Corporation is hereby authorized to attest and affix the Corpo- ration1s seal thereto, with such changes therein as the officers exe- cuting the same may approve, such approval to be conclusively evidenced by such execution thereof. 2. The loan of the proceeds of the sale of the Bonds by the Corpo=ation to the User in order to provide financing of the costs of acquiring and constructing the Project shall be effected pursuant to the -2-