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RESOLUTION APPROVING
GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION
DEVELOPMENT REVENUE BOND
(DAVID EDELMAN MOTELS LTD., II, GEORGETOWN, TEXAS, PROJECT)
SERIES 1983 FOLLOWING A PUBLIC HEARING
WHEREAS, Georgetown Industrial Development Corporation (the "Issuer")
was created by the City Council (the "Governing Body") of Georgetown, Texas,
(the "Unit") pursuant to the provisions of the Development Corporation Act
Article 5190.6, Vernon's Texas Civil Statutes, as ammended (the "Act");
WHEREAS, on December 12, 1983, the President of the Corporation held a
public hearing with respect to the Bonds and the Project following publica-
tion of notice in compliance with section 103(k) of the Internal Revenue
Code of 1954, as amended (the "Code");
WHEREAS, section 103(k) of the Code requires that the "applicable
elected representative" approve the Bonds of the Issuer;
WHEREAS, the Governing Body is the elected legislative body of the
Unit and, therefore, the "applicable elected representative";
WHEREAS, the Governing Body on December 13, 1983, after posting
notice and conducting a public hearing, adopted a Resolution approving
the Georgetown Industrial Development Corporation Development Revenue Bond
(David Edelman Motels, Ltd, II, Georgetown, Texas Project) Series 1983;
WHEREAS, certain findings are required concerning the proposed Project
being financed by said Bond, as required for approval by the Texas Economic
Development Commission;
WHEREAS, after posting notice and conducting a public hearing, the
Governing Body hereby finds as follows:
1. The proposed David Edelman Motels, Ltd., II, Georgetown, Texas
Project conforms with any limitations specified in the previous Resolution
of the Governing Body concerning the establishment of an eligible blighted
area consisting of the geographical area in which the Project is located.
2. The proposed Project is located within the eligible blighted area
designated in said Resolution;
3. The proposed Project will contribute significantly to the fulfill-
ment of the redevelopment objectives of the City of Georgetown for the
blighted area and is in furtherance of the public purposes of the Act to
wit: it will increase employment opportunities, will significantly increase
the tax base of property located in the designated area, and will promote
commerce within the Unit.
4. The proposed Project conforms to the General and Commercial Project
Approval Standards specified in the Rules of the Texas Economic Commission
relating to Industrial Development Bonds.
WHEREAS, based upon the above findings, it is deemed necessary and
advisable that. this resolution be adopted;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF GEORGETOWN, TEXAS that:
Section 1. Pursuant to section 103 (k) of the Code, that the issue of
"Georgetown Industrial Development Corporation Industrial Development Revenue
Bond (David Edelman Motels, Ltd., II, Georgetown, Texas Project) Series 1983",
in an original principal amount not exceeding $1,050,000 is hereby specifically
approved.
Section 2. The approval herein given is not be construed as any under-
taking by the Unit, and the Bonds shall never constitute an indebtedness or