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HomeMy WebLinkAbout0094_9393 (iv) The Project will contribute significantly to the fulfillment of the redevelopment objectives of the Unit for the blighted or economically depressed area. Section 2. The Board hereby approves the Agreement in substantilly the form and substance presented to the Board, and the President or any Vice Presi-4 dent is hereby authorized and directed, for and on behalf of the Issuer, to date, sign, and otherwise execute the Agreement, and the Secretary or any Assistant Secretary of the Board is authorized and drected for and on behalf of the Issuer to attest the Agreement, and such officers are hereby authorized to deliver the Agreement. Upon execution by the parties thereto and delivery thereof, the Agreement shall be binding upon the Issuer in accordance with the terms and provisions thereof. Section 3. The Bonds in the aggregate principal amount of $2,500,000 are authorized to be issued for the purpose of paying the cost of acquiring, constructing, reconstructing, improving, or expanding, as the case may be, the project. The Board hereby approves the Indenture in substantially the form and substance presented to the Board and the President or any Vice President is authorized and directed for and on behalf of the Issuer to date, sign, and otherwise execute the Indenture and the Secretary or any Assistance Secretary is hereby authorized to attest the Indenture and such officers are hereby authorized to deliver the Indenture. The details of the Bonds shall be as set forth in the Indenture. Section 4. The Board hereby approves the Guaranty Agreement in sub- stantially the form and substance presented to the Board. Section 5. The Board hereby approves the Memorandum, in substantially the form and substance presented to the Board, and the President or any Vice President is hereby authorized and directed, for and on behalf of the Issuer, to date, sign, and otherwise execute the Memorandum, and the Secretary or any Assistant Secretary of the Board is authorized and directed for and on behalf of the Issuer to date, sign or otherwise execute the Memorandum on behalf of the Issuer and such officers are hereby authorized to deliver the Memorandum. Section 6. The President and the Secretary are hereby each authorized and directed to execute the Bonds, or have their facsimile signatures placed upon the Bonds, and each is hereby authorized and directed to deliver the Bonds, and the seal of the Issuer is hereby authorized and directed to be affixed or placed in facsimile on the Bonds. Section 7. Allied Bank of Texas, Houston, Texas is hereby appointed as Trustee under the Indenture thereby serving as Registrar and Paying Agent under the terms of the Indenture. Section 8. The sale of the Bonds to Allied Bank Town & Country is hereby approved. Section 9. The President, any Vice President, or the Secretary or any Assistance Secretary of the Issuer is hereby authorized to execute and deliver to the Trustee the written order of the Issuer of the authentication and delivery of the Bonds by the Trustee in accordance with the Indenture. Section 10. All action (note inconsistent with provision of this Resolution) heretofore taken by the Board and officers of the Issuer directed toward the financing of the Project and the issuance of the Bonds be and the same hereby is ratified, approved, and confirmed. Section 11. The officers of the Issuer shall take all action in con- formity with the Act, if necessary, or reasonably required to effectuate the issuance of the Bonds and take all action necessary or desirable in conformity with the Act to finance the Project and for carrying out, giving effect to, and consummating the transactions contemplated by the Bonds, the Initial Resolution, this Resolution, the Agreement, the Indenture, the Buaranty Agree- ment, the Memorandum, and the Mortgage including without limitation, the execution and delivery of any closing documents in connection with the issuance of the Bonds. Section 12. After any of the Bonds are issued, this Resolution shall be and remain irrepealable until the Bonds or interest thereon shall have been fully paid or provisions for payment made pursuant to the Indenture.