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3 RESOLUTION 1988-111 A RFSOT,UTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN APPLICATION FOR A GRANT OF $160,000.00 FROM THE TEXAS DEPARTMENT OF COMMERCE TEXAS CAPITAL FUND FOR THE PURPOSE OF PROVIDING A BUSINESS EXPANSION LOAN TO ENVIRONMENTAL PROJECTION SYSTEMS, INC., AGREEING TO COMPLY WITH ALL ASSURANCES EXECUTED IN CONNECTION WITH THE APPLICATION, AUTHORIZING THE CITY MANAGER TO EXECUTE SAID GRANT APPLICATION AND ACT ON BEHALF OF SAID CITY AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of San Marcos is interested in promoting economic development within the City; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. That the terms and conditions of an application for a grant of $160,000.00 from the Texas Department of Commerce Texas Capital Fund for the purpose of providing a $140,000.00 business expansion loan to Environmental Projection Systems, Inc. and providing $20,000.00 for the general administration of said loan, a copy of said grant application being attached to this resolution as Exhibit A and made a part hereof, are hereby approved. PART 2. That the City Council of the City of San Marcos has reviewed and hereby agrees to comply with all assurances executed in connection with said application and, if awarded, the grant. PART 3. That the City Manager Larry D. Gilley is authorized and directed to execute said grant application on behalf of said City and to act on said City's behalf in all matters pertaining to said application and, if awarded, the grant. PART 4. That this Resolution shall be in full force and effect from and after its passage. ADOPTED this 17 i Attest: / rr" f 1Jnis K. W8m ack City Secretary day of FF/1 0 tober , 19 88 Kathy M Morris Mayor