Res 1982-018 - Laserfiche WebLink

Home Browse Search

assignment and security agreement and a letter of representation, and the Board finds that the form and substance of such documents are satisfactory 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 Corporation and assists in carrying out the public purpose of the Corporation and of the Act to authorize the execution and delivery of such documents; and WHEREAS, the Board has also been presented with and has examined the proposed form of guarantee agreements, pursuant to which Curlee }lanufacturing Co., Inc., Eneron, Inc., Indeco Products, Inc., Thermon International Sales Corporation, Thermon International Sales Corporation II and Thermon Australia Pty. Limited, subsidiaries of the User, and Thermon Industrial Development Corporation, Thermon Canada, Ltd. and Hanufacturera Thermon de Hexica, S. A., affiliates of the User, (the "Guarantors") \vill irrevocably and unconditionally guarantee the full and prompt payment of the principal of and premium, if any, and interest on the Bonds to the extent set forth in said guarantee agreements, 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 Peterson Foster, 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 DEVELOPNENT CORPORATION THAT: 1. The Corporation hereby authorizes and directs the issuance of the Bonds in the maximum aggregate principal amount of $2,350,000, in accordance with a trust indenture substantially in the form of the Trust Indenture, dated as of April 1, 1982 (the "Indenture"), by and between the Corporation and The American National Bank of Austin, as trustee (the "Trustee"), vJhich ,vas 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 -2-