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134 RESOLUTION NO. 1982- 19R R UTION WITH RESPECT TO THE ISSUANCE OF BONDS TO FINANCE A PROJECT FOR THE KROGER COMPANY IN THE CITY OF SAN MARCOS, TEXAS WHER , the City of San Marcos Industrial Development Corporation (the "Coy'poration") is a non-pl^ofit industrial development corporation ~u~y established by an ordinance of this Council acting pursuant to the provlslons of the Development Co ration Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, as (the "Act"); WHER , 1n pursuance of the purposes for which said Corporation was created, the Co ration has heretofore adopted a Resolution, attached hereto as Exhibit A, authorizing the execution of an Agreement in the form attached as ibit A thereto, between the Corporation and The Kroger Co., an Ohio corporation (the "Company"), by which the Corporation agrees to authorize and issue revenue bonds of the Corporation in the aggregate amount now estimated not to exceed $10,000,000, and the in the aggregate amount now estimated not to exceed $10,000,000, and the Company agrees to commence and continue, or cause to be commenced or continued, the acquisition, by purchase and construction, and equipping of a Project, further described in an Exhibit to the Agreement (the "Project"), which Project will be located within the boundaries of the City of San Marcos; and WHEREAS, it is understood that pursuant to Sections 5 and 6 of Article II of the Texas Constitution, the City of San Marcos may not create any debt unless provision is made at the same time for payment of priniciple and interest and creation of a sinking fund, and that the City is not hereby creating a debt, and that all the Bonds herein authorized shall be payable solely out of revenues derived from or in connection with the financing agree- ment, as defined in Exhibit 1 hereto; and WHEREAS, the Act requires that said Resolution of the Corporation be approved by a written resolution of this Council; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Marcos, Texas: Section 1. That the Resolution of the City of San Marcos Industrial Development Corporation, captioned "Resolution" is hereby approved in accordance with Section 25(f) of the Act. Section 2. That the City of San fvlarcos Industrial Development Corporation is hereby authorized to issue and sell its industrial development revenue bonds in an amount not to exceed $10,000,000 for the purpose of financing the acquisition, by purchase and construction, and equipping of a Project within the boundaries of the City of San Marcos, to be owned and operated by The Kroger Co., Section 3. It is hereby found and determined that all formal actions of this Council concerning and relating to the adoption of this Resolution were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements.