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I I I BYLAWS OF CITY OF SAN MARCOS INDUSTRIAL DEVELOPMENT CORPORATION ARTICLE I POWERS AND PURPOSES Section l. Financing of Industrial Development Projects. In order to implement the purposes for which the Corporation was formed as set forth in the Articles of Incorporation, the Corporation shall issue obligations to finance all or part of the cost of one or more commercial, industrial or manufacturing projects to promote and develop commercial, industrial and manufacturing enterprises to promote and encourage employment and the public welfare, pursuant to the provisions of the Development Corporation Act of 1979, Senate Bill 1275, 66th Texas Legislature, Regular Session (the "Act"). Section 2. Conditions Precedent to Issuance of Obli- gations. The Corporation shall not issue any obligations unless: 1) The city Council (the "Governing Body") of the City of San Marcos (the "Unit") has approved by written resolution any agreement to issue obligations adopted by the Corporation, which agreement and resolution shall set out the amount and purpose of the obligations. No issue of obligations, including refunding bonds, shall be sold and delivered by the Corporation without a written resolution of the Governing Body adopted no more than sixty (60) days prior to the date of sale of the obligations specifically approving the resolution of the Corporation providing for the issuance of the obligations; and 2) The Texas Industrial Commission, or the executive director thereof, has approved the contents of any lease, sale or loan agreement made by the Corporation under the Act in connection with the issuance of obli- gations by affirmatively finding that the lessee, purchaser or borrower has the business experience, financial resources and responsibility to provide reasonable assurance that all obligations and interest thereon to be paid from or by reason of such agreement will be paid as the same become due.