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1998R02- INTERLOCAL COORPORATIVE AGREEMENT RESOLUTION 98-R-2 RESOLUTION BY THE BOARD OF DIRECTORS OF THE CITY OF SCHERTZ ECONOMIC DEVELOPMENT CORPORATION AUTHORIZING AN INTERLOCAL COOPERATIVE AGREEMENT BETWEEN THE CORPORATION AND THE CITY OF SCHERTZ, TEXAS; AND OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, the City of Schertz, Texas (the City) is authorized pursuant to the provisions of Section 4B, as amended, Texas Revised Civil Statutes Annotated Article 5190.6 (the Act) to create a nonprofit industrial development corporation (the Corporation); WHEREAS, the City Council (the Council) of the City on June 3, 1997 authorized the calling of an election authorizing the levy of a one-half (1/2) of one percent (1%) additional sales and use tax (the Sales Tax) within the City in accordance with the provisions of the Act; WHEREAS, the majority of the citizens of the City approved the levy of the Sales Tax at an election held on August 9, 1997; WHEREAS, the Council pursuant to an ordinance adopted on February 3, 1998 approved the creation of the Corporation in accordance with the provisions of Chapter 321, as amended, Texas Tax Code and the Act; WHEREAS, the Council pursuant to an ordinance adopted on February 3, 1998 authorized the levy of the Sales Tax; WHEREAS, the City was advised by its financial advisors, Southwest Securities, Inc., that certain of the projects identified at the aforementioned election (the "Projects") could be financed at a lower interest cost by the City through the issuance of general obligation bonds (the 1998 Bonds); WHEREAS, the City received the proceeds of the 1998 Bonds on January 21, 1998; WHEREAS, reducing the costs relating to the Projects will benefit the Corporation and the City; WHEREAS, the agreement attached hereto as Exhibit A is hereby approved by the Board to provide for the transfer of funds, being a portion of the Sales Tax, by the Corporation to the City to pay the debt service requirements on the 1998 Bonds and to maintain and operate the Projects; WHEREAS, the Board hereby finds and determines the adoption of this resolution and the execution of the agreement are in the best interests of the citizens of the Corporation; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF SCHERTZ ECONOMIC DEVELOPMENT CORPORATION THAT: 0322932 SECTION 1. The agreement attached hereto as Exhibit A is incorporated by reference to this Resolution for all purposes. SECTION 2. The President and the Secretary of the Corporation are hereby authorized to execute and seal the agreement. SECTION 3. The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a part of the judgment and findings of the Board. SECTION 4. All orders and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict, and the provisions of this Resolution shall be and remain controlling as to the matters resolved herein. SECTION 5. This Resolution shall be construed and enforced in accordance with the laws of the State of Texas and the United States of America. SECTION 6. If any provision of this Resolution or the application thereof to any person or circumstance shall be held to be invalid, the remainder of this Resolution and the application of such provision to other persons and circumstances shall nevertheless be valid, and the Board hereby declares that this Resolution would have been enacted without such invalid provision. SECTION 7. It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by Chapter 551, as amended, Texas Government Code. SECTION 8. This Resolution shall be in force and effect from and after the date of its adoption, and it is so resolved. [The remainder of this page intentionally left blank.] 0322932 . PASSED AND APPROVED, this the 19th day of February, 1998. CITY OF SCHERTZ ECONOMIC DEVELOPME~T CORPORATION ATTEST: (CORPORATION SEAL) 0322932 "