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128 RESOLUTION NO. 1982-18R RESOLUTION OF THE CITY COUNCIL APPROVING THE ISSUANCE OF BONDS BY THE CITY OF SAN 11ARCOS INDUSTRIAL DEVELOPMENT CORPORATION TO FINANCE A PROJECT FOR THEP~ON r~NUFACTURING COMPA}IT HHEREAS, by resolution the City Council (the "Governing Body") of the City of San Harcos (the "Unit"), authorized and approved the creation of the City of San Marcos Industrial Development Corporation (the "Corporation") as a nonprofit industrial development corporation under the provisions of the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"); and WHEREAS, the Board of Directors of the Corporation approved a Memorandum of Agreement, dated June 19, 1980, between the Corporation and Thermon Hanufacturing Company, \vhich Memorandum 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 vJHEREAS, in accordance \vith the terms of the Memorandum of Agreement, the Corporation now desires to provide for the issuance and sale of its Industrial Development Revenue Bonds, Series 1982 (Thermon Hanufacturing Company Project) (the "Bonds"), in the maximum aggregate principal amount of $2,350,000, by adopting a resolution substantially in the form attached hereto as Exhibit "A" (the "Resolution"); and ~~EREAS, it is understood that, pursuant to Sections 5 and 6 of Article II of the Texas Constitution, the City of San Harcos 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 in the attached Exhibit "A"). HHEREAS, the Act provides that the Governing Body must, by resolution adopted no more than sixty (60) days prior to the date of delivery of the Bonds, specifically approve the resolution of the Corporation providing for the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, THAT: The Resolution of the Corporation providing for the sale and issuance of the Bonds, substantially in the form attached hereto as Exhibit "A", is hereby approved. PASSED AND APPROVED this 5th day of April, 1982.