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RESOLUTION OF CITY OF SAN MARCOS INDUSTRIAL DEVELOPHENT CORPORATION AUTHORIZING ISSUANCE OF BONDS AND APPROVING DOCUl1ENTS WHEREAS, the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"), authorizes and empowers the City of San Marcos Industrial Development Corporation (the "Corporation") to issue revenue bonds on behalf of the City of San Harcos (the "Unit"), to finance the cost of projects comprising land, buildings, equipment, facilities and improvements, found by the Board of Directors of the Corporation (the "Board") to be required or suitable for the promotion of manufacturing development and expansion and for the industrial development and expansion of industrial facilities and in furtherance of the public purposes of the Act; and WHEREAS, the Board approved a certain Memorandum of Agreement between the Corporation and Thermon Manufacturing Company, a Texas corporation (the '''User''), was executed and delivered, whereby the Corporation agreed to provide for the financing of the cost of the User's proj ect (the "proj ect") \vhich \Vas initially described in Exhibit "A" to said Hemorandum of Agreement and is more fully described in Exhibits A and B to the Loan Agreement between the Corporation and the User referenced below, in accordance with the provisions of the Act; and HHEREAS, for purposes of financing the cost of the Project, the Corporation now desires (i) to authorize the issuance of its Industrial Development Revenue Bonds, Series 1982 (Thermon Hanufacturing Company Project) (the "Bonds"), in the maximum aggregate principal amount of $2,350,000, pursuant to the terms and provisions of a trust indenture, (ii) to provide for the sale of the Bonds to the purchaser described herein, (iii) to provide for the payment of the principal of and pre- mium, if any, and interest on the Bonds with revenues derived from the loan of proceeds of the sale of the Bonds (except for any amount representing accrued interest on the Bonds) to the User to finance the costs of the Project pursuant to the terms and provisions of a loan agreement and (iv) to take and authorize certain other actions in con- nection with the foregoing; and WHEREAS, on April 5, 1982, the governing body of the Unit will adopt a written resolution specifically approving this resolution of the Corporation providing for the issuance of the Bonds; and WHEREAS, the Board has been presented \vi th and has proposed forms of a trust indenture, a loan agreement, a examined collateral