HomeMy WebLinkAbout0114_0112RESOLUTION WITH RESPECT TO
A PUBLIC HEARING AND AUTHORIZING GEORGETOWN
INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT
REVENUE BONDS (TEXAS BENCHMARK INNS PROJECT), SERIES 1984;
A FIRST AMENDATORY LOAN AGREEMENT; A FIRST SUPPLEMENTAL TRUST
INDENTURE; AN ACKN04.7LEDGMENT Or EXTENSION OF GUARANTY
AGREEMENT; A MrMORANDUM OF FIRST SUPPLEMENTAL TRUST INDENTURE;
ACCEPTANCE OF A FIRST SUPPLEMENTAL DEED OF TRUST AND
SECURITY AGREEMENT; AND OTHER MATTERS IN CONNECTION -THEREWITH
WHEREAS, the Georgetown Industrial Development
Corporation (the "Issuer"), on behalf of the City of Georgetown,
Texas (the "Unit"), is empowered to finance the cost of projects
to promote and develop industrial and manufacturing enterprises
to promote and encourage employment and the public welfare by the
issuance of obligations of the Issuer, which projects will be
inside the Unit's boundaries;
WHEREAS, Texas Benchmark Inns, a Texas joint venture
(the "User"), has requested the Issuer to finance the cost of
acquiring approximately 2.23 acres of land and constructing and
equipping a 50,000 square foot motel facility (the "Project");
WHEREAS, on September 27, 1983, the Issuer adopted a
"Resolution with Respect to the Issuance of Bonds" (the "Initial
Resolution");
WHEREAS, the Issuer has heretofore issued and delivered
its $2,500,000 Industrial Development Revenue Bonds (Texas
Benchmark Inns Project), Series 1983 (the "Series 1983 Bonds"),
pursuant to the terms of a Trust Indenture dated as of
December 1, 1983, by and between the Issuer and Allied Bank of
Texas, as Trustee (the "Original Indenture"), and has loaned the
proceeds thereof to the Company pursuant to the terms of a Loan
Agreement dated as of December 1, 1983 by and between the Issuer
and the Company (the "Original Agreement"), in order to finance
the acquisition, construction and installation of the Project (as
defined in the Original Agreement); and
'WHEREAS, the Original Indenture provides for the
issuance of Additional Bonds (as defined in the Original Inden-
ture) for the purpose of completing the Project; and
WHEREAS, in order to finance the completion of the
Project, the Issuer proposes to issue bonds styled, "Georgetown
Industrial Development Corporation Industrial Development Revenue
Bonds (Texas Benchmark Inns Project), Series 1984" (the "Bonds");