Res 1982-031 - Laserfiche WebLink

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Exhibit A RESOLUTION OF CITY OF SAN :lARCOS I.\Dl'STRIAL DEVELOP:1E.\T CORPORATION AUTHORIZI.\G ISSUANCE OF BONDS AND APPROVING DOCUMENTS WHEREAS, the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the 'IAct"), autho- rizes and empowers the City of San 1'larcos Industrial Development Corpo- rat:ion (t:he "Corporation") to issue revenue bonds on behalf of the City of San :larcos, Texas (the "Unit"), to finance and refinance t:he cost of projects comprising land, buildings, equipment, facilities and improve- ments, found by the Board of Directors of the Corporation (the 1l30ardll) to be required or suitable for the promotion of manufacturing develop- ment 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 adopted a resolution on January 12, 1981 autho- rizing the issuance of its $9,000,000 Industrial Development: Revenue Bonds, Series 1980 (Butler Nanufacturing Company Project) (the 1l0riginal Bondsll) to provide for the financing of the cost of a project (the "Project'l) within the meaning of the Act for Butler 1'lanufacturing Company, a Delaware corporation (the IlUser"); and WHEREAS, for purposes of refinancing the costs of the Project by providing for the payment of the Original Bonds, the Corporation now desires (i) to authorize the issuance of its Industrial Development Revenue Refunding Bonds, Series 1982 (Butler Nanufacturing Company Proj ect) (the "Bonds "), in the maximum aggregate principal amount of $9,000,000, pursuant to the terms and provisions of a trust indenture, (ii) to provide for the sale of the Bonds to the purchaser described herein, (Hi) to provide for the payment of the principal of and premium, if any, and interest on the Bonds with revenues derived from the loan of proceeds of the sale of the Bonds to the User and (iv) to take and authorize certain other actions in connection \vith the fore- going; and WHEREAS, the Board has been presented with and has examined pro- posed forms of a trust indenture, a loan agreement, a collateral assign- ment and security agreement, an escrow agreement, an agreement and consent to project mortgage and adjusting the interest rate borne by certain bonds and a letter of representation, and the Board fiI1<:s that the form and substance of such documents are satis factory and the recitals and findings contained therein are true, correct 2nd complete and hereby adopts and incorporates by reference such recitals and find- ings 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 A:t to authorize the execution and delivery of such documents; and