Res 1999-030 - Laserfiche WebLink

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FINAL A RESOLUTION AUTHORIZING THE ISSUANCE OF $3,000,000 "CITY OF SAN MARCOS INDUSTRIAL DEVELOPMENT CORPORATION ADJUSTABLE RATE DEMAND INDUSTRIAL DEVELOP:MENT REVENUE BONDS (TB WOOD'S INCORPORATED PROJECT) SERIES 1999"; AUTHORIZING THE EXECUTION OF A LOAN AGREE:MENT, A TRUST INDENTURE, AND A PLACE:MENT AGREE:MENT; AUTHORIZING THE DISTRIBUTION OF A PRIVATE PLACE:MENT :MEMORANDUM; AND OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, pursuant to the Development Corporation Act of 1979, Texas Revised Civil Statutes Annotated Article 5190.6, as amended (the Act), the City of San Marcos Industrial Development Corporation (the Issuer), on behalf of the City of San Marcos, Texas (the Unit), is empowered to finance the cost of projects to promote the development and expansion of manufacturing and industrial facilities to promote and encourage employment and the public welfare by the issuance of obligations ofthe Issuer which projects will be inside the Unit's boundaries; WHEREAS, T B Wood's Incorporated, a Pennsylvania corporation (the Borrower), has requested the Issuer to loan the proceeds received from the sale of bonds to the Borrower to finance the costs of acquiring, improving, constructing, reconstructing, renovating, and equipping of a manufacturing and assembly plant facility for the manufacture flexible couplings, clutches, and gear couplings for the Borrower's assembly plant and manufacturing facility to be located at Clovis Barker Drive, San Marcos, Texas (the "Project"); WHEREAS, the Borrower has requested that the Issuer finance the Project through the issuance of revenue bonds; WHEREAS, on July Z 1, 1998, the Issuer adopted a "Resolution Concerning Issuance of Bonds to Finance a Project for t B Wood's Incorporated"; WHEREAS, in furtherance of the Act, and as part of the Issuer's plan of financing for the Project, the Borrower desires that the Issuer issue its revenue bonds in the aggregate principal amount of $3,000,000 styled "City of San Marcos Industrial Development Corporation Adjustable Rate Demand Industrial Development Revenue Bonds (T B Wood's Incorporated Project) Series 1999" (the Bonds) the proceeds of which will be used to finance the costs of the Project; WHEREAS, pursuant to. Section 147(t) of the Internal Revenue Code of 1986, as amended (the Code), a public hearing, following published notice thereof, was held by the authorized representative of the Issuer on January25, 1999; and WHEREAS,. there have been presented to the Issuer, or will be presented to the authorized representative of the Issuer, proposed forms of each of the following: 543516.1