HomeMy WebLinkAbout0117_116WHEREAS, pursuant to the provisions of the Tax Equity and Fiscal Responsibility
Act of 1982, a public hearing on the proposed plan of financing of the Project
located or to be located at the S. W. Corner of R.R. 2243 and I.H. 35 Georgetwon,
Texas, and used in the User's motel business, such as financing to be through
the issuance of the Bond of the Issuer in an aggregate principal amount of
$1,050,000, was held on , 1983 by the Board of Directors
of the Issuer pursuant to public notice published on the day of ,
1983 in the Williamson County Sun, a newspaper of general circulation in the City
of Georgetown, Texas; and
WHEREAS, the Board of Directors desires to make a record by this Resolution
that the proposed plan of financing of the Project is approved;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTOS OF THE GEORGETOWN
INDUSTRIAL DEVELOPMENT CNRPORATION:
Section 1. Findings of the Board. Based upon representations made to the
Board by the Company, the Board hereby finds that:
A. The Project is required or suitable for the industrial development of
Georgetown, Texas, irrespective of whether the facilities constituting the
Project are in existence or are required to be acquired or constructed after
the making of these findings by the Board; and
B. Additionally:
(i) The acquisition, construction and equipping of the Project
will result in jobs being saved and new jobs being created thereby
resulting in a higher level of employment within the Unit; and
(ii) The Project sought to be financed pursuant to the Agree-
ment is in furtherance of the public purposes of the Act, including
the industrial development of Georgetown Texas to promote and
encourage employment ana the public welfare.
Section 2. Approval of Plan of Financing of the Project. The issuer
hereby finds and determines that opportunity for all taxpayers, residents and other
interested persons to express their views for or against said plan or financing,
and to submit communication in writing, was provided at the public hearing held
on , 1983, referred to above. The Issuer does hereby approve
the plan of financing of the Project, as described above, ana the Issuer does hereby
declare that this Resolution constitutes the public approval of said plan of
financing required by Section 103 (k) of the Internal Revenue Code of 1954, as
amended.
Section 3. Authorization of and Security for the Bonds. The Issuer is
hereby authorized to issue and sell $1,05.:),000 aggregate principal amount of
the Bond to the Bank as provided in the Bond Purchase Agreement, as executed,
at a purchase price of 100% of the principal amount thereof for the purpose
of providing funds to pay all or a portion of the cost of the Project (as
defined in the Agreement). Receipt by the Bank as depositary of payment for
the Bond shall constitute payment to the Issuer of the purchase price for
the Bonds.
The Bond shall be issued as a single bond in fully registered form.
Principal of the Bond is payable on December 1, (maturity. Interest
on the Bond is payable, commencing at a fixed or variable interest rate, as
provided in the form of Bond included in the Bond Purchase Agreement. The
Bond shall be subject to such mandatory and optional prepayments, shall be
payable in such place or places and shall be dated and shall be issued in
such a manner, subject to such provisions, covenants and agreements, as are
specified in the Bond Purchase Agreement, as execuced.
The Bond shall be issued pursuant to and in full compliance with the
Constitution and laws of the State of Texas, and under the provisions of the
Act. The Bond, including interest and premiums if any, thereon, shall not
be deemed to constitute a debt of the State of Texas, of the Unit, or of any
other political corporation, subdivision or agency of the State of Texas, but