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52 RESOLUTION NO. 1982=31R RESOLUTION OF THE CITY COUNCIL APPROVING THE ISSU- ANCE OF BONDS BY THE CITY OF SAN 1'lARCOS INDUSTRIAL DEVELOP1'lENT CORPORATION TO FINANCE A PROJECT FOR BUTLER 1'lANUFACTURING CGrlPANY \mEREAS, by resolution the City Council (the "Governing Body") of the City of San Harcos, Texas (the IlUnit"), authorized and approved the creation of the City of San Harcos 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 1 s Annotated Texas Civil Statutes, as amended (the 'fActll); and WHEREAS, by resolution adopted on January 12, 1981, the Governing Body approved a resolution of the Corporation authorizing the issuance of its $9,000,000 Industrial Development Revenue Bonds, Series 1980 (Butler r1anufacturing Company Project) (the 1l0riginal Bondsll); and WHEREAS, the Corporation now desires to provide for the issuance and sale of its Industrial Development Revenue Refunding Bonds, Series 1982 (Butler rlanufacturing Company Project) (the IlBondsll), in the maxi- mum aggregate principal amount of $9,000,000, for the purpose of provid- ing for the payment of the Original Bonds by adopting a resolution substantially in the form attached hereto as Exhibit IlAIl (the IlResolutionll); and w~EREAS, it is understood that, pursuant to Sections 5 and 6 of Article II of the Texas Constitution, the Unit 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 Unit is not hereby creating a debt, and that all the Bonds shall be payable solely out of revenues derived from or in connection ,vith the Loan Agreement (as defined in Exhibit IlAIl); and WHEREAS, the Act provides that the Governing Body must, by resolu- tion 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 r1ARCOS, TEXAS, THAT: The Resolution of the Corporation providing for the sale and issu- ance of the Bonds, substantially in the form attached hereto as Exhibit "A", is hereby approved. PASSED AND APPROVED this 14th day of June, 1982.