Res 1982-031 - Laserfiche WebLink

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WHEREAS, the Board has also been presented with and has examined the proposed form of a guarantee agreement pursuant to which the User will irrevocably and unconditionally guarantee t:he 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 agreement, and t:he Board finds the form and substance of such document is satis=actory, and that the agreements of the Cser contained -:~:er2in ~ons-:i-:ULe ,;::. mat:erial inducemen~ to the Corporation to iss~:e snd sell ~he Bon~s a::d ill reli- ance upon such agreement of the User, the Board is ;~illing to adopt this resolution and authorize the actions to be taken hereby; and \\HEREAS, the Board has also been presented ,.;ith and has examined the proposed form of a deed of trust, security agreement, assignment of rents and financing statement from the User to Curtis R. Ha,.;ley, as mortgage trustee, for the benefit of the Corporation, and t:he Board finds the form and substance of such document is satisfactory; NO\{, THEREFORE, BE IT RESOLVED BY THE BOARD OJ DIRECTORS OF THE CITY OF SAN :lARCOS INDl'STRIAL DEVELOF:'fENT CORPORATION THAT: 1. The Corporation hereby authorizes and directs the issuance of the Bonds in the maximum aggregate principal amount of S9,000, 00, in accordance with a trust indenture substantially in the form of the Trust Indenture, dated as of June 1, 1982 (the IlIndenture"), by and bet,veen the Corporation and RepublicBank Dallas, National Association, as trustee (the "Trustee"), which was present:ed to the Board, the form, terms and provisions of such Indenture and the Bonds ceing hereby autho- rized and approved, and the Pres ident and the Vice Pres ident 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 and the Assistant Secretary of the Corporation are hereby severally authorized to attest and affix the Corporation's seal thereto, with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by such execution thereof. 2. The loan of the proceeds of the sale of the Bonds by the Corporation to the User in order to provide for the payment, when due, of the principal of and interest on the Original Bonds shall be effected pursuant to the terms and provisions of a loan agreement substantially in the form of the Loan Agreement, dated as of June 1, 1982 (the "Agreement"), by and betw'een the Cor;:K'':"ation and the User, which was presented to the Board, t:he form, terms and provisions of such Agreement being hereby authorized and approved. and th8 President and the Vice President of the Corporation aru hereby severally authorized and directed to execute and deliver such Agreement on behalf of the Corporation, and the Secretary and the Assistant Secretary of the Corporation are hereby severally author_zed to attest and affix the -2-