HomeMy WebLinkAbout0111_110(ii) The Project will contribute to the economic growth or stability of
the Unity by (a) increasing or stabilizing employment opportunity;
(b) significantly increasing or stabilizing the property tax base;
and (c) promoting commerce within the Unit and the State of Texas;
(iii) The Project sought to be financed pursuant to the Agreement is in
furtherance of the public purposes of the Act; and
(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 approve the Agreement 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 Agreement, and the Secretary or any
Assistant Secretary of the Board is authorized and directed 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, construct-
ing 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 Assistant 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 substantially
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
Assistant 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 (not inconsistent with provisions of this,. Resolution)
heretofore taken by the Board and officers of the Issuer directed toward the financ-
ing 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 conformity
with the Act, if necessary, or reasonably required to effectuate the issuance of