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become inoperative or fail by reasons of the unconstitutionality
or invalidity of any section, subsection, sentence, clause,
phrase, or provision of this Ordinance.
By motion duly made, same do then pass with the affirmative
vote of all the Council Members present.
PASSED on this the 13 day'of March 1984 on first reading as an
emergency matter. The nature of the emergency is that the
passage of this ordinance is necessary in order to better enable
said City to regulate construction so as to avoid, flooding,
drainage and related problems.
Attest:
PAT CA LFRO, CITY SECRE'T'ARY
JOHJ C. DOERFLE , MAYOR
3c&)
A RESOLUTION by the Board of Directors of the Georgetown
Industrial Development Corporation relating to the issuance
of Georgetown Industrial Development Corporation Industrial
Development Revenue Bonds (The Old Lodge Building Partnership
Project) Series 1984 in the aggregate principal amount of
$95,000; authorizing the issuance of said bonds and making
provision for the payment and security thereof; approving
and authorizing the execution of a Loan Agreement, an
Assianment and Security Agreement, a Bond Purchase Contract
and a Depository Agreement in connection therewith; and
resolving other matters incident and related to the issuance,
sale, delivery and security of said bonds.
WHEREAS, under and pursuanc to authority conferred by the Development Corp-
oration Act of 1979 as amended (Article 5190.6, V.A.T.C.S - the "Act"), the
Georgetown Industrial Development Corporation (the "Corporation") entered into a
certain Agreement to Issue Bonds, dated March 30, 1984, with the Old Lodge Building
Partnership (the "User"), a Texas general partnership for the financing of a "project
as defined in the Act, to be located within the boundaries of the City of Georgetown,
Texas, and to be used for commercial office and retail space.
WHEREAS, the Corporation and the User have agreed and determined that the total
amount of financing to be provided by the Corporation in relation to said "project"
is $95,000; such financing to be accomplished by the issuance and sale of the Corpora-
tion's revenue bonds and the loan of the proceeds of such revenue bonds to the User,
all as more fully set forth and provided in the Loan Agreement between the Corporation
and the User, dated as of March 30, 1984 (the "Agreement") hereinafter identified;
and
WHEREAS, the Board of Directors of the Corporation hereby finds, determines
and declares that:
(a) the "project" is required or suitable for the promotion of industrial
and commercial development and expansion and the promotion of employment,
(b) the "project" to be financed will enhance and contribute to the Unit
by increasing and stablizing employment opportunities, increasing and
stablizing the property tax base and promoting commerce, and
(c) the Project is in the furthurance of the public purpose of the promotion
and development of new and expanded industrial and commercial enterprises to
provide and encourage employemtn and the public welfare;
AND WHEREAS, the revenue bonds authorized to be issued by this resolution
shall be sold to the First National Bank if Georgetown, pursuant to a com-
mitment to purchase the same; now, therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF GEORGETOWN INDUSTRIAL DEVELOPMENT
DORPORATION:
Section 1: The following words and terms shall have the meanings assigned to
them below in this Resolution, unless the context otherwise indicated another
or different meaning of intent:
"Act" shall mean the Development Corporation Act of 1979 codified as Article
5190.6, Vernon's Annotated Texas Civil Statutes, as amended.
"Agreement" means the Loan Agreement, dated as of March 30, 1984 by and
between the Corporation and the User, as from time to time amended or supplemented.
"Agreement to Issue Bonds" shall mena the Agreement to Issue Bonds, dated as
of March 30, 1984, by and between the Corporation and the User.
"Assignment" means the Assignment and Security Agreemtn, dated as of March 30,
1984 by and between the Corporation and the Bank.