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I I I RESOLUTION NO. 1980-53P 94 ,1 A RESOLUTION approvillg and accepting an II A P P 1 i C 3. t io n for Fin an cia 1 Par tic i pat ion" submitt~d by Gulf Business forms, Inc. in relation to an industrial development projecr; making a commitment to finance the costs of such project; and approving and authorizing the execution of a Memoran- dum of Agreement in connection therewith. llliEREAS, Gulf Business Forms, Inc. (hereinafter referred to as the "Company") has submitted to the City of San Marcos Industrial Development Corporation (hereinafter called the "Corporation") ,d1 "Application for Financial Participation," t08ether with certain ?ther docu~ents.seeking financial assistance from the Corporation In connectlon wlth the acquisition and construction of facilities to be operated and mainta{ned by the Company (hereinafter referred to as the "Project") and used or useful in its trade or business to wit: The manufa~turing of business forms including the nece~sar~ carbons for utilization in such forms J WHEREAS, the Board of Directors of the Corporation hereby finds and determines that the Comp,.[lY has complied with the pre- li~inary filing requirements prescribed in the Corporation's "Local Regulations for Receiving and Approving Ap'plications for Financial Participation in Development Projects I (the "Regulations": and any requirements which have not been met are, by the adoption hereof, waived, and the Company has demonstrated with reasonable certainty that (i) the Project sought to be financed by the Cor- poration qUu'ifies and meets the requirements of the Development Corporation Act of 1979 and will accomplish the specific public purposes of the Corporation and (ii) all governmental approvals with respect to the Project and the issuance of obligations by the CorporaLion, including those requirements specified in the Regula- tion, will be obtained; and \ffiEREAS. the Board of Directors of the Corooration further finds and det~rmines that a commitment should be" given to the Company to issue the bonds of the Corporation in such aggregate principal amount llLcessary to finance and pay the costs of acqui- sition and construction of the Project (now estimated to be $1/ _tJ{)O/ 00 D ); therefore, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF SAN ~RCOS r:1DUSTR IAL DEVELOPt-lENT CORPORATION: SECTION 1: That the "Application for Financial Participatior: submitted by the Company is hereby approved and accepted and the Corporation shall be and is hereby committed and agrees in accord- ance with the provisions of the Development Corporation Act of 197~ (the "Act") as follows: