Res 1995-064 - Laserfiche WebLink

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. - - 7'1 I A RESOLUTION authorizing the issuance of "City of San Marcos Industrial Development Corporation Adjustable Rate Demand Industrial Development Revenue Bonds, Series 1995 (Butler Manufacturing Company Project)"; a Loan Agreement; a Trust Indenture; and a Bond Purchase Agreement and other matters in connection therewith WHEREAS, pursuant to the Development Corporation Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, as amended (the "Act"), the City of San Marcos Industrial Development Corporation (the "Corporation"), 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 and to promote and encourage employment and the public welfare by the issuance of obligations of the Corporation which projects will be inside the Unit's boundaries; WHEREAS, Butler Manufacturing Company, a Delaware corporation (the "Borrower"), has requested the Corporation to loan the proceeds received from the sale of bonds to the Borrower to finance the costs of acquiring, improving, constructing and equipping of a manufacturing facility for the manufacturing of prefabricated buildings and other similar products (the "Project"); WHEREAS, on September 8, 1994, the Corporation adopted a "Resolution Concerning Issuance of Bonds to Finance a Project for Butler Manufacturing Company" (the "Initial Resolution"); . WHEREAS, in furtherance of the Act, and as part of the Corporation's plan of fmancing for the Project, the Borrower desires that the Corporation issue its revenue bonds in the aggregate principal amount of $6,250,000 styled "City of San Marcos Industrial Development Corporation Adjustable Rate.Demand Industrial Development Revenue Bonds, Series 1995 (Butler Manufacturing Company Project)" (the "Bonds"), the proceeds of which will be used to finance the costs of acquiring, improving, constructing and equipping of a manufacturing facility for the manufacturing of prefabricated buildings and other similar products; WHEREAS, pursuant to section 147(f) o~the Internal Revenue Code of 1986, as amended (the "Code"), a public hearing, following published notice thereof, was held by the Corporation on March 14, 1995; and WHEREAS, there have been presented to the Corporation proposed forms of each of the following: (1) Loan Agreement, dated as of April 1, 1995 (the "Loan Agreement"), between the Corporation and the Borrower, including a promissory note from the Borrower to the Corporation in the principal amount of the Bonds (the "Note"); 0l41221 -1-