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<br />I <br /> <br />I <br /> <br />I <br /> <br />59 <br /> <br />RESOLUTION NO. 1980-13R <br /> <br />RESOLUTION APPROVING THAT CERTAIN FIRST <br />AMENDMENT TO AGREEMENT TO ISSUE BONDS <br />BY AND BETWEEN <br />CITY OF SAN MARCOS INDUSTRIAL DEVELOPMENT CORPORATION <br />AND STEWART & STEVENSON REALTY CORPORATION <br />OTHER PROVISIONS RELATING TO THE SUBJECT <br /> <br />WHEREAS, the City of San Marcos (the "Unit"), a politi- <br />cal subdivision, has approved and authorized the creation of <br />the City of San Marcos Industrial Development Corporation <br />(the "Corporation") as a Texas nonprofit corporation, pursu- <br />ant to the provisions of Article 5190.6, Vernon's Annotated <br />Texas civil Statutes (the "Act"), to act on behalf of the <br />Uni t to promote and develop commercial, industrial and <br />manufacturing enterprises to promote and encourage employ- <br />ment and the public welfare; and <br /> <br />WHEREAS, the Corporation is authorized by the Act to <br />issue industrial development revenue bonds on behalf of the <br />Unit for the purpose of paying all or part of the cost of a <br />commercial, industrial or manufacturing "project", as defined <br />in the Act, and to sell or lease the project or to lend the <br />proceeds of the bonds to finance all or part of the costs of <br />the project; and <br /> <br />WHEREAS, the Corporation has entered into an Agreement <br />to Issue Bonds with Stewart & Stevenson Realty Corporation <br />("Realty"), pursuant to which the Corporation agreed, subject <br />to certain conditions, to issue its tax exempt industrial <br />development revenue bonds in the aggregate principal amount <br />(excluding bonds issued to refund any of the Bonds) esti- <br />mated not to exceed $10,000,000, to provide funds to defray <br />all or part of the cost of acquiring and constructing certain <br />industrial and manufacturing facilities to be constructed by <br />or to be leased or sold to the User; and <br /> <br />WHEREAS, pursuant to the requirements of the Act, the <br />City Council (the "Governing Body") of the Unit approved the <br />Agreement to Issue Bonds adopted by the Corporation, by <br />written resolution of July 31, 1979; and <br /> <br />WHEREAS, the Corporation has adopted a resolution <br />approving that certain First Amendment to Agreement to Issue <br />Bonds; and . <br /> <br />WHEREAS, the Governing Body has reviewed the form and <br />substance of the First Amendment to Agreement to Issue Bonds <br />between the Corporation and the User and intends, by adoption <br />