HomeMy WebLinkAboutRES 82-309 R E S 0 L U' T 1 0 N
WHEREAS, by resolution of the City Council (the
"Governing Body") of the City of Beaumont, Texas (the "City" ) ,
authorized and approved the creation of the Beaumont Industrial
Development Corporation (the "Corporation" ) as a nonprofit
industrial development corporation under the provisions of
the Development Corporation Act of 1979 , Article 5190 . 6 ,
Vernon ' s Annotated Texas Civil Statutes, as amended (the "Act" ) ;
and
WHEREAS, the Corporation is authorized by the Act to issue
bonds on behalf of the City for the purpose of paying all or a
part of the costs of a "project" as defined in the Act, and to
lease or sell the project or to loan the proceeds of the bonds
to finance all or part of the costs of a project; and
WHEREAS, the definition of "project" in the Act includes
the land, buildings, equipment, facilities and improvements
(one or more) found by the Board of Directors of the Corporation
to be required or suitable for the promotion of commercial
development and expansion and in furtherance of the public pur-
poses of the Act, or for use by commercial enterprises, all as
defined in the Rules of the Texas Industrial Commission (the
"Commission" ) , irrespective of whether in existence or required
to be acquired or constructed thereafter, if such project is
located in blighted or economically depressed areas; and
WHEREAS, on July 21, 1982, John Q. Hammons (User) made
written application to the Governing Body for establishment
of an eligible blighted area within the City and for approval
of a specific project to be constructed within such area con-
sisting of a Holiday Inn Hotel with approximately 250 rooms,
convention facilities for up to 1, 000 people, and related
improvements (the "Project") ; and
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WHEREAS, the Governing Body of the City has,by separate
Resolution (the "EBA Resolution" ) adopted on this date after
required notice and public hearing, established an eligible
blighted area as identified in such Resolution in compliance
with the requirements of the Act and the Rules; and
WHEREAS, Section 107. 2 (b) (9) of the Rules provides that
after final acceptance of the resolution establishing the
eligible blighted area, the Commission will approve projects
for commercial uses in and adjacent to the eligible blighted
area only after the applicant demonstrates to the satisfac-
tion of the Commission that, among other things, the City
has, after posting notice and holding a public hearing, ap-
proved the proposed project, has made the determinations
and findings required by the Rules, and has found that the
proposed project to be financed will contribute significantly
to the fulfillment of the redevelopment objectives of the
City for the blighted or economically depressed area and is
in furtherance of the public purposes of the Act; and
WHEREAS, the City, on August 4 , 1982, posted notice
of a public hearing with respect to the proposed Project
at the City Hall and has also given notice thereof as required
by the Open Meetings Law, Article 6252-17, Vernon ' s Annotated
Texas Civil Statutes, as amended, and, pursuant to such notice,
has on this date held a public hearing for the purpose of
considering the approval of the proposed Project; and
WHEREAS, Section 25 (f) of the Act provides that no
issue of bonds shall be delivered by the Corporation without
a resolution of the Governing Body adopted specifically approv-
ing the . resolution of the Corporation providing for the issuance
of such bonds; and
WHEREAS, the proposed resolution of the Corporation with
respect to such project and the proposed agreement to issue
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bonds between the Corporation and the User has been presented
to the Governing Body;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF BEAUMONT, THAT:
Section 1. The Governing Body hereby finds and determines
that the Project proposed by User"conforms with the overall
objectives, authorizations, and limitations specified in the
EBA Resolution as required by such Resolution and the Rules.
Section 2 . The Governing Body finds that the proposed
Project to be financed for commercial use will significantly
contribute to the fulfillment of the overall redevelopment
objectives of the City for such eligible blighted area, that
it is in furtherance of the public purposes of the Act, that
it is located within the designated blighted area established
in the EBA Resolution, and that it conforms to the project
approval standards specified in the Rules and in the EBA
Resolution .
Section 3. The City hereby approves such Project, having
made the determinations and findings required by the EBA
Resolution, the Rules, and the Act.
Section 4 . The Resolution of the Corporation and agree-
ment to issue bonds, substantially in the form attached hereto,
which the User proposes to present to the Corporation, pursuant
to which, if adopted, approved and executed, the Corporation
will agree subject to the conditions stated therein to
authorize and issue its Industrial Development Revenue Bonds
in the aggregate principal amount now estimated not to exceed
$10, 000,000, to provide funds to defray all or part of the cost
of the acquisition and construction of the Project, are hereby
approved as required by Section 25 (f) of the Act.
Section 5. This Resolution is adopted for the purpose
of satisfying the conditions and requirements of the Act, the
Rules, and EBA Resolution with respect to this Project. This
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Resolution is also adopted for the purpose of satisfying the
conditions and requirements of Section 103 of the Internal
Revenue Code of 19541 as amended, and the regulations promul-
gated thereunder, and any requirements for a public hearing
and approval by an elected official or legislature which
may be imposed by applicable law prior to the issuance of
the bonds, and for the benefit of the Corporation, the City,
and the owners or holders from time to time of the obligations
of the Corporation and all other interested persons.
Section 6 . The Mayor of the City is hereby directed
to provide a certified copy of this Resolution to the Executive
Director of the Commission to confirm the findings made and
approvals granted by the City with respect to this Project.
Section 7. The Governing Body has considered evidence
of the posting of notice of this meeting and hearing and
officially finds, determines, recites and declares that a
sufficient written notice of the date, hour and place of this
meeting and hearing and of the subject of this Resolution
was posted on the bulletin board at a place convenient to
the public in the City Hall for at -least 72 hours preceding
the scheduled time of such meeting and hearing; such place
of posting was readily accessible to the general public at
all times from such time of posting until the scheduled time
of such meeting -and hearing; and such meeting and hearing were
opened to the public as required by law at all times during
which this Resolution and the subject matter thereof were dis-
cussed, considered and formally acted upon, all as required
by the Open Meetings Law, Article 6252-17, Vernon' s Annotated
Texas Civil Statutes, as amended, and the Act.
PASSED AND APPROVED this o?,4 � day of 1982.
�J Jf �JA— f
t
Mayor -
RESOLUTION PRESCRIBING THE FORM AND SUBSTANCE OF AN
AGREEMENT TO ISSUE BONDS; AUTHORIZING THE EXECUTION
OF SUCH AGREEMENT;AND CONTAINING OTHER PROVISIONS
RELATING TO THE SUBJECT
WHEREAS , Beaumont Industrial Development Corporation
(the "Corporation") is authorized by the Development
Corporation Act of 1979 , Article 5190 . 6 , Vernon ' s Annotated
Texas Civil Statutes (the "Act") , to issue revenue bonds for
the purpose of paying all or part of the cost of a
commercial , industrial or manufacturing "project , " as
defined in the Act , and to sell or lease the project to
others or loan the proceeds of the bonds to others to
finance all or part of the cost of the project ; and
WHEREAS , the Corporation now desires to authorize ,
issue and sell its tax exempt industrial development revenue
bonds , to the extent authorized by law, to provide funds to
defray all or part of the cost of acquiring and constructing
certain commercial , industrial or manufacturing facilities
to be constructed by John 0. Hammons (the "User") , but the
Corporation anticipates that construction of such facilities
will commence prior to the sale and delivery of such bonds ;
and
WHEREAS , the User and the Corporation desire that the
Corporation adopt a bond resolution with respect to the
bonds or take some other similar official action toward the
issuance of such bonds prior to the commencement of
construction or acquisition of such facilities ; and
WHEREAS , the City of Beaumont , Texas (the "Unit") , has
authorized and approved creation of the Corporation to act
on its behalf to further certain public purposes of the Unit
and has approved or will approve the attached Agreement to
Issue Bonds between the Corporation and the User;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF BEAUMONT INDUSTRIAL DEVELOPMENT CORPORATION,
THAT:
Section 1 : The Corporation hereby authorizes and
agrees t at it will issue and sell its industrial
development revenue bonds (the "Bonds") from time to time in
one or more series pursuant to the provisions of Texas law
in a principal amount sufficient to pay all or part of the
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cost of acquiring .and constructing the project described in
Exhibit "A" to the Agreement to Issue Bonds attached hereto
(the "Project") , together with all costs of authorization,
sale and issuance of the Bonds . The Bonds will be issued
and sold as more fully provided in the Agreement to Issue
Bonds in an aggregate principal amount (excluding bonds
issued to refund any of the Bonds) now estimated to be not
more than $10 , 000 . 00 .
Section 2 : The proceeds of the Bonds will be used
to acquire , construct , improve , maintain, equip and furnish
the Project or will be loaned to the User to pay all or part
of the costs of acquiring , constructing , improving ,
maintaining, equipping and furnishing the Project.
Section 3 : The Corporation will enter into a lease ,
sale or loan agreement with the User providing for the lease
or sale of the Project to the User or for the financing of
all or part of the cost of the Project , as more fully
described in the Agreement to Issue Bonds .
Section 4 : The Board of Directors of the
Corporation (the "Board of Directors") hereby finds ,
determines and declares that (i) the Project is required and
suitable for the promotion of commercial and industrial
development and expansion, the promotion of employment and
for use by commercial , manufacturing or industrial
enterprises , (ii) the User has the business experience ,
financial resources and responsibility to provide reasonable
assurance that the Bonds and the interest thereon to be paid
from, or by reason of, payments made by the User under the
lease, sale or loan agreement will be paid as the same
become due , and (iii) the Project is in furtherance of the
public purpose of the promotion and development of new and
expanded commercial , industrial and manufacturing
enterprises to promote and encourage employment and the
public welfare .
Section 5 : The Agreement to Issue Bonds by and
between the Corporation and the User in substance and in
form substantially as shown in the attachment hereto is
hereby approved and the President and Secretary of the
Corporation are hereby authorized to execute and attest such
Agreement to Issue Bonds for and on behalf of the
Corporation.
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Section 6 : This Resolution, together with the
Agreement to Issue Bonds attached hereto , shall be deemed
and construed as a resolution authorizing the issuance of
the aforesaid Bonds or some other similar official action
the toward the issuance of the Bonds within the meaning of
26 C.F. R. Section 1. 103-8 (a) (5) .
PASSED AND APPROVED this day of ,
1982 .
Directors
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AGREEMENT TO ISSUE BONDS
THIS AGREEMENT TO ISSUE BONDS , entered into as of the
day of August , 1982 , by and between Beaumont
Industrial Development Corporation (the "Corporation") ,
created pursuant to the authority of the Development
Corporation Act of 1979 , Article 5190 . 6 , Vernon' s Annotated
Texas Civil Statutes (the "Act") , and John Q. Hammons (the
"User") , for the purpose of carrying out the public purpose
set forth in the Act , including the promotion and
development of commercial , industrial and manufacturing
enterprises to promote and encourage employment and the
public welfare;
W I T N E S S E T H:
WHEREAS , the Mayor and the City Council of the City of
Beaumont, Texas (the "Governing Body" and the "Unit" ,
respectively) , have authorized and approved the creation of
the Corporation to act on behalf of the Unit for the public
purpose of furthering on behalf of the Unit the promotion
and development of commercial , industrial and manufacturing
enterprises which promote and encourage employment and the
public welfare; and
WHEREAS , the Corporation is authorized by the Act to
acquire, construct , improve , maintain, equip and furnish and
to lease or sell "projects , " as such term is defined in the
Act , or to make loans for the purpose of providing financing
for all or part of the costs of a project , and the
Corporation is further authorized to issue its bonds for the
purpose of paying all or part of the costs of a project; and
WHEREAS , the User desires to acquire and construct a
facility, more particularly described in Exhibit "A"
attached hereto , within the Unit (the "Project") , which
Project is suitable for the promotion of commercial and
industrial development and expansion, the promotion of
employment in the Unit and for use by commercial ,
manufacturing or industrial enterprises ; and
WHEREAS , pursuant to the Act , the Corporation is
authorized to issue the bonds hereinafter described, which
bonds shall never constitute an indebtedness or pledge of
the faith and credit of the State of Texas (the "State") , of
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the Unit , or of any other political corporation, subdivision
or agency of the State within the meaning of any State
constitutional or statutory provision, shall never be paid
in whole or in part out of any funds raised or to be raised
by taxation or out of any other funds of the Unit, and shall
never be paid in whole or in part out of any funds of the
Corporation except those derived from or in connection with
the sale or lease of the Project or the loan of funds to
finance the Project; and
WHEREAS , to promote and encourage employment and the
public welfare , the Corporation is agreeable to issuing , at
the request of the User , one or more series of the
Corporation ' s industrial development revenue bonds (the
"Bonds" ) for the purpose of paying all or part of the cost
of constructing and acquiring the Project , or for the
purpose of loaning the proceeds to the User in order to
provide temporary or permanent financing of all or part of
the cost of constructing and acquiring the Project, and the
Corporation and the User deem it desirable and proper that
this Agreement to Issue Bonds constitute a formal record of
such agreement and understanding in order that the User may
proceed with or provide for the acquisition and construction
of the Project ; and
WHEREAS , the User has evidenced a desire to cooperate
with the Corporation in the acquisition and construction of
the Project and for the Corporation to authorize and issue
the Bonds in the aggregate principal amount now estimated to
be $10 , 000 , 000 (but in no event to exceed $10 , 000 , 000) , to
provide the funds to defray all or part of the cost of the
acquisition and construction of the Project ; and
WHEREAS , the Corporation and the User contemplate that
the Project will be sold on an installment payment basis or
leased to the User or that proceeds of the Bonds will be
loaned to the User in order to provide temporary or
permanent financing of all or part of the costs of the
Project and that the installment purchase , rental or loan
payments therefor will be sufficient to pay the principal of
and any premium and interest on the Bonds ; and
WHEREAS , it is the desire of the Corporation that the
acquisition and construction of the Project occur at the
earliest possible time so as to promote and encourage
employment and the public welfare within the Unit; and
WHEREAS , it is intended that this Agreement to Issue
Bonds shall constitute "some other similar official action"
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toward the issuance of the Bonds within the meaning of
Section 1 . 103-8 (a) (5) of the Treasury regulations issued
pursuant to Section 103 (b) of the Internal Revenue Code of
1954 , as amended (the "Code") ;
NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration and of the mutual
benefits , covenants and agreements herein expressed, the
Corporation and the User agree as follows :
1 . The User shall commence with the acquisition and
construction of the Project , which Project will be in
furtherance of the public purposes of the Corporation 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 (the
"Project Agreement") with the Corporation under which the
Corporation will sell or lease the Project to the User or
make a loan to the User for the purpose of providing
temporary or permanent financing of all or part of the costs
of the Project and the User will make installment purchase ,
rental or loan payments sufficient to pay the principal of
and any premium and interest on such series of Bonds . The
Bonds shall never constitute an indebtedness or pledge of
the faith and credit of the State , the Unit , or any other
political corporation, subdivision or agency of the State
within the meaning of any State constitutional or statutory
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 Corporation derived from or in connection with
the sale or lease of the Project or the loan of the proceeds
of the Bonds ..
2. On receipt of a ruling from the Internal Revenue
Service (or the opinion of bond counsel acceptable to the
Corporation) that interest paid on the Bonds is exempt from
federal income taxation, the Corporation 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 redemption
features and prices as are approved in writing by the User.
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The Corporation will deliver e Bonds he fullest
designated by the User and w ill cooperate to t
extent in facilitating delivery of the Bonds .
3 . The Corporation and the User agree that 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, however, that the parties agree 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 Corporation to
issue the remaining Bonds as written requests therefor are
received. It is further agreed that the proceeds of the
Bonds or portions thereof, whether or not issued in a
series , shall not be invested so as to have the Bonds or a
portion thereof constitute arbitrage bonds within the
meaning of Section 103 (c) of the Code and applicable
regulations promulgated pursuant thereto.
4 . The payment of the principal of and any premium
and interest on the Bonds shall be made solely from moneys
realized from the sale or lease of the Project or from
moneys realized from the loan of the proceeds of the Bonds
to finance all or part of the costs of the Project.
5 . The costs of the Project (the "Project Costs") may
include any cost of acquiring, constructing, reconstructing,
improving . or expanding the Project . Without limiting the
generality of the foregoing, the Project Costs shall
specifically include the cost of the acquisition of all
land, rights-of-way, property rights , easements and
interests , the cost of all machinery_ and equipment ,
financing charges , interest prior to and during construction
and for one year after completion of construction whether or
not capitalized, necessary reserve funds , costs of estimates
and of engineering and legal services , plans ,
specifications , surveys , estimates of cost and revenue ,
other expenses necessary or incident to determining the
feasibility and practicability of acquiring, constructing,
reconstructing, improving and expanding the Project ,
administrative expenses and such other expenses as may be
necessary or incident to the acquisition, construction,
reconstruction, improvement and expansion of the Project , ,
the placing of the Project in operation and all incidental
expenses , costs and charges relating to the Project not
enumerated above . The parties agree , upon request , to
provide or to cause to be provided to each other any data or
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information which may be reasonably required to verify any
of the Project Costs enumerated in this paragraph. The User
agrees that he will be responsible for and pay any Project
Costs incurred prior to issuance of the Bonds and will pay
all Project Costs which are not or cannot be paid or
reimbursed from the proceeds of the Bonds .
6. The User agrees that he will at all times
indemnify, defend and hold harmless the Corporation , the
Board of Directors of the Corporation, the Unit , the Mayor
and City Council of the City of Beaumont , Texas , and any of
the officers , directors , employees , agents , servants and any
other party acting for or on behalf of the Corporation or
the Unit (such parties being hereinafter referred to as the
"Indemnified Parties") against any and all losses , costs ,
damages , expenses and liabilities (collectively the
"Losses") o- whatsoever nature (including, but not limited
to, attorneys ` fees , litigation and court costs , amounts
paid in settlement and amounts paid to discharge judgments)
directly or indirectly resulting from, arising out of or
relating to one or more Claims (as hereinafter defined) ,
even if such Losses or Claims , or both, directly or
indirectly result from, arise out of or relate to , or are
asserted to have resulted from, arisen out of or be related
to, in whole or in part , one or more negligent acts or
omissions of the Indemnified Parties in connection with the
issuance of the Bonds or in connection with the Project.
The term "Claims" as used herein shall mean all claims ,
lawsuits , causes of action and other legal actions and
proceedings of whatsoever nature , including but not limited
to claims , lawsuits , causes of action and other legal
actions and proceedings , involving bodily or personal injury
or death of any person or damage to any property (including
but not limited to persons employed by the Corporation, the
Unit, the User or any other person and all property owned or
claimed by the Corporation , the Unit , the User , any
affiliate of the User or any other person) or involving
damages relating to the issuance, offering , sale or delivery
of the Bonds brought against any Indemnified Party or to
which any Indemnified Party is a party, even if groundless ,
false or fraudulent , that directly or indirectly result
from, arise out of or relate to the issuance, offering, sale
or delivery of the Bonds or the design, construction,
installation, operation, use , condition, occupancy,
maintenance or ownership of the Project or any part thereof.
The obligations of the User shall apply to all Losses or
Claims, or both, that result from, arise out of or are
related to any event , occurrence , condition or relationship
prior to termination of this Agreement to Issue Bonds ,
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whether such Losses or Claims , or both, are asserted prior
to termination of this Agreement to Issue Bonds or
thereafter. None of the Indemnified Parties shall be liable
to the User for , and the User hereby releases each of them
from all liability to the User for , all injuries , damages or
destruction of all or any part or parts of any property
owned or claimed by the User that directly or indirectly
result from, arise out of or relate to the design,
construction, operation, use , condition, occupancy ,
maintenance or ownership of the Project or any part thereof,
even if such injuries , damages or destruction directly or
indirectly result from, arise out of or relate to , in whole
or in part , one or more negligent acts or omissions of the
Indemnified Parties in connection with the issuance of the
Bonds or in connection with the Project . Each Indemnified
Party , as appropriate, shall reimburse the User for payments
made by the User to the extent of any proceeds , net of all
expenses of collection, actually received by them from any
insurance with respect to the Loss sustained. Each
Indemnified Party, as appropriate , shall have the duty to
claim any such insurance proceeds and the Indemnified Party ,
as appropriate, shall assign its respective rights to such
proceeds , to the extent of such required reimbursement , to
the User. In case any action shall be brought , or to the
knowledge of any Indemnified Party threatened, against any
of them in respect of which indemnity may be sought against
the User , the Indemnified Party shall promptly notify the
User in writing and the User shall have the right to assume
the investigation and defense thereof , including the
employment of counsel approved by the Indemnified Party and
the payment of all expenses . The Indemnified Party shall
have the right to employ separate counsel in any such action
and to participate in the investigation and defense thereof,
and the fees and expenses of such counsel shall be paid by
the User as and when incurred by the Indemnified Party;
provided that the User shall not , in connection with any one
action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same
general allegations or circumstances , be liable for the
reasonable fees and expenses of more than one separate firm
of attorneys for the Indemnified Party, which firm shall be
designated in writing by said Indemnified Party. The-
Indemnified Party , as a condition of such indemnity, shall
use its best efforts to cooperate with the User in the
defense of any such action or claim. The User shall not be
liable for any settlement of any such action without his
consent, but if any such action is settled with the consent
of the User or if there shall be entered final judgment for
the plaintiff in such action, the User agrees to indemnify
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and hold harmless the Indemnified Party from and
against The any
Loss by reason of such settle judgment.
provisions of this paragraph shall survive the expiration or
termination of this Agreement to Issue Bonds .
7. The User agrees to pay as part of the Project
Costs any cost of the Corporation which is payable under any
management agreement with the Unit or is otherwise
incidental to administration of the Bonds , including but not
limited to any annual charges computed at rates per annum
which are agreeable to the User and are not in excess of the
maximum allowed by law on the principal amount of the
outstanding Bonds of each series issued pursuant to this
Agreement to Issue Bonds , said annual charge to be due and
payable on each anniversary date of the Bonds . Provided,
however, that the fee payable pursuant to this Section 7
may, at the option of the User, be made in a single payment
from the proceeds of each series of Bonds in an amount equal
to the total of all such annual charges (computed upon the
assumption that Bonds of such series will mature , unless
redeemed pursuant to any mandatory sinking fund redemption
requirements , on the dates and in the amounts set forth in
the resolution(s) or indenture (s) of trust authorizing
issuance of the series of Bonds) discounted to present value
at discount rate (s) equal to the interest rate (s) on such
outstanding Bonds . Provided, further , that said fee shall
be in addition to all other amounts payable by the
Corporation for costs incurred by the Corporation incident
to administration of the Bonds pursuant to such Management
Agreement.
8. If within three (3) years from the date hereof (or
such later date as shall be mutually satisfactory to the
Corporation and the User) the Corporation and the User shall
not have agreed to mutually acceptable terms for the Bonds
and the sale and delivery thereof and mutually acceptable
terms and conditions of the Project Agreement , the User
agrees that it will pay the Corporation for all unpaid
Project Costs which the Corporation shall have incurred and
this Agreement to Issue Bonds shall thereupon terminate. In
the event that the User elects , prior to any such
termination, not to proceed with the issuance of the Bonds
for any reason, he shall so notify the Corporation in
writing and shall promptly pay to the Corporation all
Project Costs incurred by the Corporation prior to such
notification, and if payment is so made, the User' s
obligations under paragraph S above shall terminate from and
after the date of such notification.
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EXHIBIT "A .
is a Holiday Inn Hotel to be located on the
The Protect the intersection of Interstate The
northeast corner of Texas .
Highway 10 South and Waldon Road story tower , including a
y loun e , and
Hotel shall consist of an eight restaurant , g
Holidome , convention center , Project will include the
approximately 250 guest rooms . J
tower and other buildings , related. improvements and
tow curbs , walks ,
utilities , site preparaton,
fixtures , professional fees , financing costs ,
landscaping and paving, Project Costs
land costs , and other capital
related taxes , ched Agreement to Issue Bonds .
as described in the atta
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9 . The User may, without the consent of the
Corporation , transfer or assign this Agreement to Issue
Bonds or transfer or assign any or all of its rights and
delegate any or all of his duties hereunder to any entities
owned in whole or in part by him currently existing or
hereafter created, but no such transfer , assignment or
delegation shall , without the written consent and approval
of the Corporation,- relieve the User of his liability for
payment of Project Costs under paragraphs 5 , 7 and 8 hereof
or indemnification under paragraph 6 hereof.
10 . This Agreement to Issue Bonds and the accompanying
authorizing resolution shall be deemed and construed as a
resolution authorizing the issuance of the Bonds and other
similar official action of the Corporation, acting by and
through its Board of Directors , toward the issuance of the
Bonds as herein contemplated.
IN WITNESS WHEREOF, Beaumont Industrial Development
Corporation acting pursuant to a resolution of its Board of
Directors , has caused this Agreement to Issue Bonds to be
executed and attested by its duly authorized officers and
John Q. Hammons has executed this Agreement to Issue Bonds
as of the date and year first above written.
BEAUMONT INDUSTRIAL
ATTEST: DEVELOPMENT CORPORATION
By:
Secretary President
John Q. Hammons
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