Laserfiche WebLink
<br /> . :JLJIf <br /> Section 1: This Resolution is adopted for the purpose of satisfying the <br /> conditions and requirements of Section 221.0S0 of the Act. <br /> Section 2: The City of San Marcos, Texas, acting by and through its City <br /> Council, officially finds, determines, and declares that it is in the public interest and to <br /> the benefit of the residents of the City and the citizens of the State of Texas that the <br /> Issuer issue its limited obligation revenue bonds (the "Bonds") and loan the proceeds <br /> thereof to the Borrower to refinance certain outstanding obligations of the Borrower <br /> relating to a health facility now known as the Hays Nursing Center which is located <br /> at 1900 Medical Parkway, San Marcos, Texas 78666, a 120-bed facility providing skilled <br /> , nursing care as well as less acute services with space for physical, occupational and <br /> ! speech therapy and to reimburse the Borrower for its prior payment of the cost of <br /> ! acquiring, constructing, renovating a,nd equipping such health care facilities and paying <br /> i <br /> ; <br /> a portion of the cost of issuance of the Bonds, which financing is hereby found to be <br /> required, necessary, and convenient for health care, research, and education within this <br /> State. <br /> Section 3: The City of San Marcos, Texas acting by and through its City <br /> Council, hereby consents to the issuance of the Bonds in the maximum aggregate <br /> principal amount not to exceed $4,200,000 by the Issuer, upon such terms as the Issuer:. <br /> deems appropriate and approves. <br /> , <br /> Section 4: This approval is not to be construed as an undertaking by the City,. <br /> and the Bonds shall never constitute an indebtedness or pledge of the City within the <br /> meaning of any constitutional or statutory provision, and the ownèrs of the Bonds shall <br /> never be paid in whole or in part out of any funds raised or to be raised by taxation or <br /> any other revenues of the City. <br /> Section 5: The Mayor and City Secretary of the City and each City Council <br /> member are hereby authorized, jointly and severally, to execute and deliver such <br /> endorsements, instruments, certificates, documents, or papers necessary and advisable <br /> to carry out the intent 'and purposes of this Resolution. <br /> - Section 6: This Resolution shall take effect immediately from and after its <br /> adoption. <br /> PASSED AND APPROVED December 16 ,1996. <br /> CITY OF SAN MARCOS, TEXAS <br /> _. EJ~~.~ <br /> <br /> ATTEST: <br /> cJ: ~4 ;JI~ J <br /> l' <br /> [SEAL] <br /> =27.5 -2- <br />