04-12-1984 Industrial Development Corporation Board of Directors Meeting minutes

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4 Section 2: The User may commence with the acquisition and construction of the Project, which Project will be in furtherance of the public purposes of the Issuer and the Unit as aforesaid, and the User will provide, or cause to be provided, at its expense, the necessary interim financing to expedite the commencement of the acquisition and construction of the Project. On or prior to the issuance of the Bonds, the User will enter into a purchase, lease or loan agreement on an installment payment basis (herein called the "Agreement") with the Issuer under which the Issuer will sell or lease the Project to the User or make a loan to the User for the purposes of providing temporary or permanent financing of all or part of the costs of the Project and the User will make installment payments sufficient to pay the principal of, premium, and interest, if any, on such series of Bonds. The Bonds shall never consti- tute an indebtedness or pledge of the faith and credit of the State of Texas (the "State"), of the Unit or of any other political corporation, subdivision or agency of the State within the meaning of any State constitutional or stat- utory provision, and the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other funds of the Unit, and shall be payable from the funds of the Issuer derived from or in con- nection with the sale or lease of the Project or the loan of the proceeds of the Bonds. Section 3: Upon final approval of the Project by the Unit and upon receipt of a ruling from the Internal Revenue Service (or the opinion of nationally recognized bond counsel) that interest paid on the bonds is exempt from federal income taxation, the Issuer hereby agrees to issue, pursuant to the terms of the Act, the Bonds, or from time to time the portion thereof as may be the subject of such a ruling or opinion as aforesaid, in an appropriate principal amount not exceeding that which is the subject of a ruling or opinion as aforesaid, maturing in such amount and times, bearing interest at the rates, payable on the dates and having such optional and mandatory redemp- tion features and prices as are approved in writing by the User. The Issuer will deliver the Bonds to the purchaser designated by the User and will coop- erate to°the fullest extent in facilitating delivery of the Bonds. Section 4: The Bonds may be issued either at one time or in several series from time to time as the User shall request in writing; provided, how- ever, that the Bonds will be issued in an aggregate principal amount as will not exceed the amount which is the subject of a ruling or rulings or opinion or opinions as aforesaid. A request in writing for issuance of one or more series of Bonds shall not affect the obligation hereunder of the Issuer to issue the remaining Bonds as written requests therefor are received. The proceeds of the Bonds or portions thereof whether or not issued in a series, shall not be invested so as to constitute the Bonds or a portion thereof as arbitrage bonds within the meaning of Section 103(c) of the Code and applicable regulations promulgated pursuant thereto. Section 5: The costs of the Project (hereinafter the "Project Costs") may include any cost of acquiring, constructing, reconstructing, improving and expanding the Project. Without limiting the generality of the foregoing, the -2-