12-07-1983 Regular Meeting of La Porte City Council

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• U WHEREAS, there have been presented to the Issuer proposed forms of each of the following: 1. Loan Agreement, dated as of October 1,-1983, (the "Agreement"), between the Issuer and the User; 2. Indenture of Trust, dated as of October 1, 1983, (the "Indenture"), between the Issuer and Allied Bank of Texas, as Trustee (the "Trustee"). 3. Corporate Guarantee Agreement, dated as of October 1, 1983, (the "Corporate Guarantee Agreement"), from Reveille Corporation, a Texas corporation (the "Corporate Guarantor"), to the Trustee and the Issuer; 4. Personal Guarantee Agreement, dated as of October 1, 1983, (the "Personal Guarantee Agreement"), from Dan C. Cheek, Tom C. Guss, and Jay R. Kellough (.the "Personal Guarantors") (the Corporate Guarantor and the Personal Guarantors, collectively, the "Guarantors") to the Trustee and the Issuer. 5. Deed of Trust and Security Agreement, dated as of October 1, 1983, (the "Mortgage") from the User to James H. Albert, as mortgage trustee (the "Mortgage Trustee"); 5. A Memorandum of Indenture of Trust, dated as of October 1, 1983 (the "Memorandum"), executed by the Issuer and the Trustee; 7. Indemnity Letter, dated December 1, 1983 (the "Indemnity Letter") to the Issuer and Allied Pasadena National Bank, as purchaser (the "Purchaser"), from the User and the Guarantors; THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LA PORTS INDUSTRIAL DEVELOPMENT CORPORATION THAT: Section 1. Based solely upon the representations made to the Board of Directors (the "Board") and to the Texas Economic Development Commission by the User, it appears and the Board hereby finds that: A. The Project is required or suitable for the promotion of commercial development and expansion; and B. Additionally: (i) the Project will have an impact on the employment within the Unit in that jobs will be saved and new jobs will be created thereby stabilizing and increasing employment opportunity. - 2 -