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<br />145 <br /> <br />RESOLUTION NO. 1999-30R <br /> <br />A RESOLUTION APPROVING THE RESOLUTION ADOPTED BY THE CITY <br />OF SAN MARCOS INDUSTRIAL DEVELOP:MENT CORPORATION <br />RELATING TO THE ISSUANCE, SALE AND DELIVERY OF ITS <br />ADJUSTABLE RATE DEMAND INDUSTRIAL DEVELOP:MENT REVENUE <br />BONDS (TB WOOD'S INCORPORATED PROJECT) SERIES 1999 IN THE <br />PRINCIPAL AMOUNT OF $3,000,000 TO FINANCE A PROJECT FOR THE <br />BENEFIT OF TB WOOD'S INCORPORATED; AND OTHER MATTERS IN <br />CONNECTION THEREWITH <br /> <br />WHEREAS, the City of San Marcos, Texas (the Unit) has authorized and approved the creation and <br />articles of incorporation of the City of San Marcos Industrial Development Corporation (the Issuer) <br />in accordance with the Development Corporation Act of 1979, as amended, Texas Revised Civil <br />Statutes Annotated Article 5190.6 (the Act); and <br /> <br />WHEREAS, pursuant to Section 147(t) of the Internal Revenue Code of 1986, as amended (the <br />Code), the Issuer, or an authorized representative of the Issuer, has conducted a public hearing <br />following reasonable public notice with respect to the captioned bonds (the Bonds) and the captioned <br />project and has submitted to the Unit certified minute entries containing the proceedings from such <br />hearing which proceedings are attached hereto as Exhibit A; and <br /> <br />WHEREAS, in order to satisfy the requirements of Section 147(t) of the Code, it is necessary for the <br />Unit, or the Mayor of the Unit, to approve the Bonds after the public hearing has been held; and <br /> <br />WHEREAS, Section 25(t) of the Act requires that the governing body of the Unit approve the <br />resolution of the Issuer (the Bond Resolution) providing for the issuance of the Bonds, no more than <br />60 days prior to the delivery of the Bonds; and <br /> <br />WHEREAS, the Issuer submits to the Unit the Bond Resolution for its approval pursuant to 147(t) <br />of the Code and the Act; and <br /> <br />WHEREAS, to comply with the provisions of the Act and the bylaws of the Issuer, the Unit desires <br />to approve the Bond Resolution; and <br /> <br />WHEREAS, the Issuer submits to the Unit the recommendation that the Annual Continuing Fees <br />relating to the issuance of the Bonds as set forth in the Local Regulations for Receiving and <br />Approving Applications for Financial Participation in Development Projects be waived; and <br /> <br />WHEREAS, it is deemed necessary and advisable that this Resolution be adopted; now, therefore: <br /> <br />552477.2 <br />