Res 1999-030 - Laserfiche WebLink

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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1: The City Council hereby approves the Bond Resolution, a copy of which is attached hereto as Exhibit B, and the issuance, sale and delivery of the Bonds pursuant thereto. SECTION 2: The Bonds, which are issued: (a) In the maximum aggregate face amount of $3,000,000, and (b) To finance the acquisition, construction, equipment, and improvement of the Project (as defined in the Bond Resolution), which will be located at Clovis Barker Drive, San Marcos, Texas and will be initially owned, operated, and managed by TB Wood's Incorporated (the Borrower) are hereby approved pursuant to Section 147(f) of the Code and the Mayor is authorized to execute a certificate evidencing compliance with Section 147(t) of the Code based upon the public hearing held on January 25, 1999. SECTION 3: The approval herein given is in accordance with the provisions of Section 25(t) of the Act, and is not to be construed as any undertaking by the Unit, and the Bonds shall never constitute an indebtedness or pledge of the Unit, or the State of Texas, within the meaning of any constitutional or statutory provision, and the holder of the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the Issuer, the Unit, or the State of Texas except those revenues assigned and pledged by the Bond Resolution. SECTION 4: The programs and expenditures authorized and contemplated by the Bond Resolution are hereby in all respects approved. SECTION 5:: The City Council consents to the recommendation of the Board of Directors of the Issuer that the Annual Continuing Fees to be assessed the Borrower upon delivery of the Bonds be waived. SECTION 6: The Mayor, City Manager, and the City Secretary hereby are authorized jointly and severally to execute and deliver all documents necessary to effectuate the purposes of the Bond Resolution including, but not limited to, seeking the approval of the (i) Texas Attorney General, (ii) Texas Department of Economic Development, and (iii) Texas Bond Review Board relating to the Bonds. SECTION 7: The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a part of the judgment and findings of the City Council. SECTION 8: All ordinances and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict, and the provisions of this Resolution shall be and remain controlling as to the matters resolved herein. 552477.2 -2-