1982-12-01 Regular Meeting - Laserfiche WebLink

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• purpose of the Corporation and of the Act to authorize the execution and delivery of such documents; and WHEREAS, the Board has examined the proposed form of a deed of trust, security agreement, assignment of rents and financing statement from the User to Edward H. LaMair as mortgage trustee, for the benefit of the Corporation, and the Board finds the form and substance of such document is satisfactory; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION, THAT: 1. The Corporation hereby authorizes and directs the issuance of the Bonds in the maximum aggregate principal amount of $2,500,000, in accordance with a trust indenture substantially in the form of the Trust Indenture, dated as of November 1, 1982 (the "Indenture"), by and between the Corporation and Cullen Center Bank & Trust, as trustee (the "Trustee"), which was presented to the Board, the form, terms and provisions of such Indenture and the Bonds being hereby authorized and approved, and the President and any Vice. President of the Corporation are hereby severally authorized and directed to execute and deliver such Indenture and the Bonds on behalf of the Corporation, and the Secretary of the Corporation is hereby authorized to attest and affix the Corpora- . tion's seal thereto, with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by such execution thereof. 2. The loan of the proceeds of the sale of the Bonds by the Corporation to the User in order to provide financing of the costs of acquiring and constructing the Project shall be effected pursuant to the terms and provisions of a loan agreement substantially in the form of the Loan Agreement, dated as of November 1, 1982 (the "Loan Agreement"), by and between the Corporation and the User, which was presented to the Board, the form, terms and provisions of such Loan Agreement being hereby authorized and approved, and the President and any Vice President of the Corporation are hereby severally authorized and directed to execute and deliver such Loan Agreement on behalf of the Corporation, and the Secretary of the Corporation is hereby authorized to attest and affix the Corporation's seal thereto, with such changes therein as the officers executing the same may approve, such approval to be conclusive- ly evidenced by such execution thereof. 3. As a condition to the actions authorized in Paragraphs 1 and 2 of this resolution, the User shall have executed a deed of trust, security agreement, assignment of rents and financing statement substantially in the form of the Deed of Trust, Security Agreement, • -2-