HomeMy WebLinkAbout0125_124in the aggregate principal amount of $4509000 (the "Gond")to
finance all or a, portion of the cost of the Project and to pay
expenses incidental to the issuance of the Bond; and
WHEREAS, the Board of Directors of the Issuer further
finds and determines that it is necessary and desirable that the
Issuer (a) enter into a Loan Agreement dated as of December 1,
1983 (the "Agreement") with -the User under which the Issuer will
loan the proceeds of the Bond to the User and the User will
acquire, construct and equip, or be reimbursed for the acquisi-
tion, construction and equipping of the Project and pursuant to
which the User will deliver its Promissory Note (the "Note") to
Citizens State Bank of Georgetown, Texas (the "Bank"), as
depositary in order to evidence its obligation under the Agree-
ment to pay amounts sufficient to pay the principal of, premium,
if any, and interest on the Bond, (b) enter into an Assignment
(except for certain of the Issuer's rights to indemnification, to
attorney's fees and to reimburse for expenses) and the Note will
be assigned to the Bank as security for the Bond, and (c) enter
Into a Bond Purchase Agreement dated as of December 1, 1983 (the
"Bond Purchase Agreement") with the Bank and the User pursuant to
which, under certain terms and conditions, the Issuer will sell
and the Bank will purchase the Bond; and
WHEREAS, 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 corner of 5th and Main in Georgetown, Texas, and
used in the User's business, such as financing to be through the
issuance of the Bond of the Issuer in an aggregate principal
a,dount of 54509000, was held on , 1983 by the Board
of Directors of the Issuer pursuant to puT1Tc notice published on
the day of , 1983 in -the Williamson County Sun, a
newspaper of general c rculation 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, HE I1 RESOLVED BY THE HOARD OF
DIRECTORS UF THE GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION:
Section 1. Findings of the Board. Hasid upon repre-
sentations inaderto theBoard by theCo�mpany, the Hoard heroby
finds that:
A. the Project Is required or suitable for the
Industrial development of Georgetown, Texes, irrespective of
whether the facilities constituting the Project are in existence
or are required to be acquired at constructed after the making of
these findings by the Board; and