1983R19- BONDS FOR NORTH LOOP PROPERTIES, INC.
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RESOLUTION APPROVING AGREEMENT BY
SCHERTZ INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BONDS FOR
NORTH LOOP PROPERTIES, INC.
WHEREAS, the Board of Directors (the "Board") of
Schertz Industrial Development Corporation has, by a
Resolution Concerning Issuance of Bonds to Finance a Project
for North Loop Properties, Inc. adopted November 1, 1983
(the "Resolution"), agreed and declared its intent to issue
its limited obligation revenue bonds pursuant to the terms
of the Development Corporation Act of 1979, Article 5190.6,
Vernon's Texas Civil Statutes, as amended (the "Act") and
such other statutes as may provide authority therefor, to
finance the costs of the project and in the amount set forth
in the Resolution for the benefit of North Loop Properties,
Inc., a corporation; and
WHEREAS, the City Council of the City of Schertz,
Texas (the "Unit") finds and declares that the action of the
Board approving the Resolution should be approved and is in
the best interests of the inhabitants of the Unit for the
reasons therein set forth;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF SCHERTZ, TEXAS,
Section 1: The Resolution, as adopted by the
Board, agreeing and declaring an intent to issue limited
obligation revenue bonds for the purposes and in the amount
set forth in the Resolution is hereby approved.
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Section 2: This Resolution is adopted for the
purpose of satisfying the conditions and requirements of the
Act and Section 103 of the Internal Revenue Code of 1954, as
amended, and the regulations promulgated thereunder.
PASSED, ADOPTED AND APPROVED on the 1st day of
November, 1983.
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ATTEST:
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Ci Secretary
(SEAL OF CITY)
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