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<br />'------ <br /> <br />125 <br /> <br />RESOLUTION NO. 28R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS APPROVING THE ISSUANCE <br />OF BONDS BY THE CITY OF SAN MARCOS INDUSTRIAL <br />DEVELOPMENT CORPORATION; <br /> <br />I <br /> <br />WHEREAS, by resolution adopted on July 30, 1979, the <br />City Council (the "Governing Body") of the City of San <br />Marcos, Texas (the "Unit"), authorized and approved the <br />creation of the City of San Marcos Industrial Development <br />Corporation (the "Corporation") as an industtial develop- <br />ment corporation under the provisions of the Development <br />Corporation Act of 1979, Article 5190.6, Vernon's Annotated <br />Texas Civil Statutes (the "Act"), and approved an Agreement <br />to Issue Bonds between the Corporation and Stewart & Steven- <br />son Realty Corporation ("Realty"), which agreement authorized <br />the issuance of industrial development revenue bonds by the <br />Corporation to finance facilities to accomplish the specific <br />public purpose for which the Corporation was created and <br />which Agreement was approved by resolution of the Corporation <br />on July 31, 1979; and <br /> <br />WHEREAS, by resolution adopted on February 19, 1980, the <br />the Board of Directors of the Corporation approved a First <br />Amendment to Agreement To Issue Bonds, which First Amendment <br />was approved by the Governing Body of the Unit by resolution <br />adopted on February 25, 1980; and <br /> <br />I <br /> <br />WHEREAS, in accordance with the terms of the Agreement <br />to Issue Bonds, as amended, the Corporation now desires to <br />sell and provide for the issuance and sale of its S8,500.000 <br />City of San Marcos Industrial Development Corporation, Indus- <br />trial Development Revenue Bonds, Series 1980 (Stewart & Steven- <br />son Services, Inc., Project) (the "Bonds"), by adopting a <br />resolution substantially in the form attached hereto as Exhibit <br />"A" (the "Proposed Resolution"); and <br /> <br />WHEREAS, the Act states that the Governing Body must <br />by written resolutcLon adopted no more than sixty (60) days <br />prior to the date of the sale of the Bonds, specifically <br />approve the resolut~on of the Corporation providing for the <br />issuance of the Bonds; and <br /> <br />WHEREAS, it is understood that, pursuant to sections 5 <br />and 6 of Article 11 of the Texas Constitution, the City of San <br />Marcos may not create any debt unless provison is made at the <br />same time for payment of interest and creation of a sinking <br />fund, and that said City is not hereby creating a debt, and that <br />all the Bonds, coupons and redemption premium if an~ shall be <br />payable solely out of revenues derived- from or <br />in connection with the Loan Agreement; now therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, THAT: <br /> <br />The Resolution of the Corporation providing for the sale <br />and issuance of the Bonds, in the form attached hereto as Exhibit <br />"A", is hereby approved. <br /> <br />I <br /> <br />PASSED, APPROVED AND ADOPTED this 21st day of AplTil <br />1980. <br /> <br />, I <br /> <br />'\ () ,.,d) <br />~ (}yYa~ <br /> <br />. )John A. Hansen <br />V Mayor <br /> <br />ATTEST: ~ . <br />7' <br />i/!t2h~ /?'Jh~-cL <br />Doriss Hambrick <br />City Secretary <br />