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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 Agreement is in furtherance
of the public purposes of the Act, including
the industrial development of Georgetown,
Texas to promote and encourage employment and
the public welfare.
Section 2. Approval of Plan of Financing of the
Project. The issuer hereby finds and determines that opportunity
For-alltaxpayers, 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 a plan of financing of the Project,
as described above, and 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
BondsYhe Iseuer to hereby authorized to issue and serT
T-1-1-0-509000 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 Bond.
The Bond ehall be issued as a single bond in fvt ly
registered form. Principal of the Bond is payable on December 1,
(maturity). Interest on the Bond is payable , commencing
at a fixed or seariable interest rate, as provided in the ^f
Bond included in the Bond Purchase Aareement-. The fiord aha:' be
subject to such Me-datory end optional oreoayments, shall be
payable in suc'� place er ni aces» and shall be dated and she.',.l be
issued in such a mangy?er, subject to. such, provisions, coverante
and agreements, as are specified in the ao.,d Purchase Agreeir.snt,
as executed.
The Bond shall be issued pursuant to and in full
compliance with the Constitution and laws of the State of Texas,
12�
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 shall be payable solely from the revenues and
receipts derived from the Agreement. Neither the State of Texas,
the Unit, nor any political corporation, subdivision or any
agency of the State of Tex.as shall be obligated to pay the Bond
or the interest or premium, if any, thereon, and neither the
faith or credit nor the taxing power of the State of Texas, the
Unit, or any other political corporation, subdivision or agency
thereof is pledged to the payment of the principal of, interest
and premiums, if any, on the Bond. The Bond is a limited
obligation of the Issuer payable solely out of the revenues and
receipts derived by the Issuer pursuant to the Agreement Note,
and the Issuer's rights under the Agreement (except for certain
of the Issuer's rights to indemnification, to attorneys' fees and
to reimbursement for expenses) and under the Note are pledged and
assigned to the Bank pursuant to the Assignment, as executed, and
such revenues and receipts and the Note shall not be pledged or
hypothecated in any manner except as provided in the Assignment
as executed.
Section 4. Authorization of A regiment. The Issuer is
hereby authorized—to enter into the Agreement# in substantially
the form presented to this meeting and marked Exhibit A, under
which the Issuer shall loan the proceeds of theo� neo The User
to be used to defray certain costs of the Project (including all
costs incurred by the Issuer in connection with the issuance and
sale of the Bond) all upon the terms and conditions as set forth
in said form of Agreement, submitted to and reviewed by the Board
of directors of the Issuer on the date hereof, with such changes
from.the-form of Agreement presented to this meeting not in-
consistent with this Resolution as shall be approved by the
officers of the Issuer executing the Agreement, such officers'
signatures thereon being conclusive evidence of their approval
thereof.
Section 5. �Approval of Note. The Note to be delivered
by the Company to evidence its �obligation under the Agreement to
pay amounts sufficient to pay the principal'of, premium, if any,
and interest on the Bond is hereby approved substantially in the
form set forth in the Agreement presented to this meeting with
such changes from the form of Note presented to this meeting not
inconsistent witn this Resolution as shall be approved by the
officers of the Issuer executing the Agreement, such officers'
signatures thereon being conclusive evidence of their approval
thereof.
Section 6. Authorization of Asaignmenta. The Issuer
is hereby 5511757teed Eo enter into the ssignmenF, in stihstan-
tially the form presented to this meoting and marked Exhibit 9,
under which the Issuer shall pledge and assign