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COMMISSIONERS' COURT
SPECIAL MEETING
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OCTOBER 8, 1980
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A special meeting of the Commissioners' Court of Brazos
County, Texas, was held in the Commissioners' Courtroom in
the Courthouse in Bryan, Brazos County, Texas, beginning at
10 00 A.M on Wednesday, October 8, 1980, with the following
members of the Court present
R. J Holmgreen, County Judge, presiding
Bill J Cooley, Commissioner of Precinct 1,
Walter Wilcox, Commissioner of Precinct 2,
H L. Cargill, Commissioner of Precinct 3,
W A. Stasny, Commissioner of Precinct 4,
Frank Boriskie, County Clerk
The following citizens and officials were in attendance
Tammy L Pardi
Phyllis G Presley
Jean Kisir
Bill Davie
Starr Moore
Anne Cherrington
M Paul Martin
Davis McGill
John Morris
William S Thornton
Debbie Ramsey
Ruth Becker
Mary Nichols
D J Lingenfeltor
John R Hughey
Dawn Ferguson
KAGC News
WTAW
KAMU
KAMU
KAMU
Fulbright & Jaworski
Fulbright & Jaworski
A G Edwards & Sons
The Eagle
Lawrence, Thornton, Payne & Watson
KBTX
Treasurer
Auditor
Underwood, Neuhaus & Co.
0 I Corporation
The Batalion
The first matter to come before the Court was a Resolution
approving an agreement by the Brazos County Industrial Develop-
ment Corporation to issue Brazos County Industrial Development
Corporation Industrial Development Revenue Bonds (0 I Cor-
poration Project) Series 1980 and the indenture providing for
the issuance of such bonds The Resolution was introduced for
the consideration of the Court and read in full. On motion
by Commissioner Cooley, seconded by Commissioner Cargill,
the Court unanimously voted to adopt the Resolution. A full
copy of such Resolution and Certificate are attached to and
made a part of these minutes.
The Court next considered an Order amending an Order
authorizing the issuance of $1,000,000 Brazos County, Texas
F
VOL.O.-PAGE,4:9
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A+.''j .`i 1, a 1� u.� r. .4 "! +, c. +c a 91-14
COMMISSIONERS' COURT MEETING - OCTOBER 8, 1980 CONTINUED r�
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limited tax Courthouse and building bonds, Series 1980 -A.
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The Order was introduced and read in full. On motion by
Commissioner Cooley, seconded by Commissioner Cargill, the F r'
Court unanimously voted to adopt the Order, a copy of which !
is attached to and made a part of these minutes.
The County Judge announced that the proposed Budget for
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Brazos County had been completed and asked that a public
hearing date be set, whereupon the Court set Tuesday, October
21, 1980, at 10 00 A.M as the date and hour for the public
hearing and ordered the following notices be published in
the manner prescribed by law
"NOTICE OF PUBLIC HEARING ON
FEDERAL REVENUE SHARING PLANNED USE"
Notice is hereby given that the Brazos County Commissioners'
Court will hold a public hearing on Tuesday, October 21, 1980,
at 10 00 A M in the Brazos County Courthouse in Bryan, Texas,
for the purpose of discussing the planned use of Revenue
Sharing Funds in the amount of $115,000.00 All expenditures
of General Revenue Sharing Funds allocated to Brazos County
are to be used in compliance with existing laws relating to
i' the expenditures of these funds Planned use of Revenue
Sharing Funds are set forth in the Brazos County Budget for
the year 1981 on file in the office of the County Clerk
/
All citizens of Brazos County shall have the opportunity to
provide written and /or oral comments on the planned use of
funds and are hereby invited to participate in this hearing.
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R. J HOLMGREEN, COUNTY JUDGE
"NOTICE OF PUBLIC HEARING ON BRAZOS COUNTY BUDGET FOR 1981"
Public notice is hereby given that a public hearing will be
held in the Commissioners' Courtroom in the Courthouse in
Bryan, Brazos County, Texas on Tuesday, October 21, 1980,
at 10 00 A M for the purpose of discussing the 1981 Budget,
filed with the County Clerk on October 8, 1980, and now remain-
ing on file in the office of the County Clerk of said County,
all in accordance with law
Taxpayers and others interested are invited and urged to
acquaint them&elves with the said Budget during the time it
remains on file with the County Clerk before the hearing
At the conclusion of the hearing, final action will be taken
by the Commissioners' Court of Brazos County, Texas, for
the adoption of the Budget for 1980, as finally agreed upon. ;
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R.
J HOLMGREEN, COUNTY JUDGE
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There being no further business to come
before the Court,
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the
meeting was adjourned.
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CERTIFICATE FOR RESOLUTION APPROVING AN AGREEMENT
BY THE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
INDUSTRIAL DEVELOPMENT REVENUE BONDS (0. I. CORPORATION
PROJECT) SERIES 1980 AND THE INDENTURE PROVIDING FOR
THE ISSUANCE OF SUCH BONDS
We, the undersigned Commissioners Court (the
"Court ") of Brazos County, Texas (the "Unit "), hereby certify
as follows.
1. The Court convened in regular session on
October 8, 1980 (the "Meeting "), at the designated meeting
place, and the roll was called of the duly constituted
officers and members of the Court, to -wit
R J. Holmgreen, County Judge
Bill J Cooley, Commissioner, Precinct 1
Walter Wilcox, Commissioner, Precinct 2
H. L. Cargill, Commissioner, Precinct 3
W A Stasny, Commissioner, Precinct 4
and all of such persons were present, except the following
absentees • e, + �_.I
thus constituting a quorum Whereupon among other business
the following was transacted at the Meeting. a written:
RESOLUTION APPROVING AN AGREEMENT BY THE BRAZOS COUNTY
INDUSTRIAL DEVELOPMENT CORPORATION TO ISSUE BRAZOS
COUNTY INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL
DEVELOPMENT REVENUE BONDS (0 I CORPORATION PROJECT)
SERIES 1980 AND THE INDENTURE PROVIDING FOR
THE ISSUANCE OF SUCH BONDS
(the "Resolution ") was duly introduced for the consideration
of the Court and read in full It was then duly moved and
seconded that the Resolution be adopted, and, after due
discussion, said motion, carrying with it the adoption of
the Resolution, prevailed and carried by the following
votes
AYES• S
NOES. O
-2 A true, full, and correct copy of the Resolu-
tion adopted at the Meeting is attached to and follows this
Certificate; the Resolution has been duly recorded in the
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CERTIFICATE FOR RESOLUTION APPROVING AN AGREEMENT
BY THE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
INDUSTRIAL DEVELOPMENT REVENUE BONDS (0. I. CORPORATION
PROJECT) SERIES 1980 AND THE INDENTURE PROVIDING FOR
THE ISSUANCE OF SUCH BONDS
We, the undersigned Commissioners Court (the
"Court ") of Brazos County, Texas (the "Unit "), hereby certify
as follows.
1. The Court convened in regular session on
October 8, 1980 (the "Meeting "), at the designated meeting
place, and the roll was called of the duly constituted
officers and members of the Court, to -wit
R J. Holmgreen, County Judge
Bill J Cooley, Commissioner, Precinct 1
Walter Wilcox, Commissioner, Precinct 2
H. L. Cargill, Commissioner, Precinct 3
W A Stasny, Commissioner, Precinct 4
and all of such persons were present, except the following
absentees • e, + �_.I
thus constituting a quorum Whereupon among other business
the following was transacted at the Meeting. a written:
RESOLUTION APPROVING AN AGREEMENT BY THE BRAZOS COUNTY
INDUSTRIAL DEVELOPMENT CORPORATION TO ISSUE BRAZOS
COUNTY INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL
DEVELOPMENT REVENUE BONDS (0 I CORPORATION PROJECT)
SERIES 1980 AND THE INDENTURE PROVIDING FOR
THE ISSUANCE OF SUCH BONDS
(the "Resolution ") was duly introduced for the consideration
of the Court and read in full It was then duly moved and
seconded that the Resolution be adopted, and, after due
discussion, said motion, carrying with it the adoption of
the Resolution, prevailed and carried by the following
votes
AYES• S
NOES. O
-2 A true, full, and correct copy of the Resolu-
tion adopted at the Meeting is attached to and follows this
Certificate; the Resolution has been duly recorded in the
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Court's minutes of the Meeting; the above and foregoing
paragraph is a true, full, and correct excerpt from the
Court's minutes of the Meeting pertaining to the adoption of
the Resolution, the persons named in the above and foregoing
paragraph are the duly chosen, qualified, and acting officers
and members of the Court as indicated therein, each of the
officers and members of the Court was duly and sufficiently II
notified officially and personally, in advance, of the time,
place, and purpose of the Meeting, and that the Resolution '
would be introduced and considered for adoption at the Meet- r
ing and each of said officers and members consented, in �
advance, to the holding of the Meeting for such purpose; by
signing this Certificate the officers of the Court shall be
deemed to have signed the Resolution, and the Meeting was
open to the public, and public notice of the time, place,
and purpose of the Meeting was given, all as required by
Article 6252 -17, Vernon's Texas Civil Statutes, as amended.
SIGNED AND SEALED this 8 Qnit. /... Arlo
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County Clerk—, Brazos County, County Judge, CbRimissioners
Teas Court of Brazos County, Texas
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RESOLUTION APPROVING AN AGREEMENT BY
THE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
TO ISSUE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(0.I. CORPORATION PROJECT)
SERIES 1980
AND THE INDENTURE PROVIDING FOR THE ISSUANCE OF SUCH BONDS
WHEREAS, the Brazos County Industrial Development
Corporation (the "Corporation ") was created under the auspices
of the Brazos County Commissioners Court, and
WHEREAS, it is deemed necessary and advisable that
this Resolution be adopted,
THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS
COURT OF BRAZOS COUNTY, TEXAS THAT.
Section 1. The Resolution Taking Affirmative
Official Action Towards the Issuance of Bonds to Provide a
Project for Oceanography International Corporation [now O I.
- Corporation), adopted by the Corporation on May 8, 1980 (the
"Resolution "), a copy of which is attached hereto as Exhibit
"A" and made a part hereof for all purposes, is hereby
specifically approved, provided that this approval of the
Resolution is given in accordance with requirements of
Section 25(f) of the Development Corporation Act of 1979
(Article 5160.6, Vernon's Texas Civil Statutes) and shall
not affect the commitments of the Corporation thereunder or
the date or effectiveness of the affirmative official action
taken by the Corporation towards the issuance of the bonds
described therein, which action has been taken by, and is
effective upon, the adoption of the Resolution.
Section 2. The Loan Agreement, dated as of
October 1, 1980, by and between the Corporation and O.I.
Corporation (the "User ") in substantially the form and
substance attached hereto as Exhibit "B" and made a part
hereof for all purposes, is hereby approved, and bonds in
the principal amount of $1,300,000 may be issued pursuant
`thereto for the purpose of defraying the cost of acquiring,
constructing, reconstructing, improving, and expanding, as
the case may be, of the Project as defined and described
therein
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VOLE o PAIGE
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_ VOL,-0-PA4 E.
Section 3. The Resolution authorizing Brazos
County Industrial Development Corporation Industrial
Development Revenue Bonds (0. I. Corporation Project) Series
1980; a Loan Agreement, an Indenture of Trust, an Agency
Agreement, a Confidential Private Placement Memorandum; and
other matters and making certain findings in connection
therewith, adopted by the Corporation, a copy of which is
attached hereto as Exhibit "C" and made a part hereof for
all purposes providing for the issuance of "Brazos County
Industrial Development Corporation Industrial Development
Revenue Bonds (0.I Corporation Project) Series 198011, in
the original principal amount of $1,300,000, is hereby
specifically approved
Section 4. The County Judge and the other offi-
cers of the County are hereby authorized, jointly and
severally to execute and deliver such endorsements, instru-
ments, certificates, documents, or papers necessary and
u fj, advisable to carry out the intent and purposes of this
'I Resolution.
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RESOLUTION CONCERNING ISSUANCE OF BONDS
TO FINANCE A PROJECT FOR
0. I. CORPORATION
WHEREAS, the Commissioners Court of Brazos County
(the "Commissioners Court "), a political subdivision, govern-
mental agency, and body corporate and politic of the State
of Texas created as a conservation and reclamation district
(pursuant to Article 16, Section 59 of the Texas Constitution)
under Chapter 409, Acts of the 61st Legislature of the State
of Texas, Regular Session, 1969, as anended, has, pursuant
to the Development Corporation Act of 1979, Senate Bill 1275,
Acts of the 66th Legislature of the State of Texas, Regular
Session, 1979 (the "Act "), approved and created the Brazos
County Industrial Development Corporation, a nonprofit corpora-
,t
tion (the "Corporation "),
WHEREAS, the Corporation, on behalf of the Authority
is empowered to finance the cost of projects to promote and
develop commercial, industrial, manufacturing, medical, and
research enterprises to promote and encourage employment,
the public health, and the public welfare by the issuance of
obligations of the Corporation, which projects will be inside
the Authority's boundaries, including Brazos County, Texas.
WHEREAS, 0. I. Corporation (the "Company ") has
filed an application which is attached hereto as Exhibit "A"
and made a part hereof for all purposes (the "Application ")
requesting that the Corporation finance a project described
in Application (the "Project ") within the boundaries of the
Authority in Brazos County County, Texas, and further that
the Corporation adopt this Resolution with respect to the
acquisition, construction, and installation of the Project;
WHEREAS, the Company has advised the Corporation
that a contributing factor which would further induce the
Company to proceed with providing for the acquisition and
construction of the Project would be a commitment and agree-
ment by the Corporation to issue industrial development
revenue bonds pursuant to the Act (the "Bonds ") to finance
and pay for the Project;
WHEREAS, the Corporation has proposed to the Author-
ity that it will be further induced to proceed with providing
for the acquisition and construction of the Facilities if
the Authority will make such commitment and agreement and
adopt this Resolution, and
EXHUMT A
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RESOLUTION CONCERNING ISSUANCE OF BONDS
TO FINANCE A PROJECT FOR
0. I. CORPORATION
WHEREAS, the Commissioners Court of Brazos County
(the "Commissioners Court "), a political subdivision, govern-
mental agency, and body corporate and politic of the State
of Texas created as a conservation and reclamation district
(pursuant to Article 16, Section 59 of the Texas Constitution)
under Chapter 409, Acts of the 61st Legislature of the State
of Texas, Regular Session, 1969, as anended, has, pursuant
to the Development Corporation Act of 1979, Senate Bill 1275,
Acts of the 66th Legislature of the State of Texas, Regular
Session, 1979 (the "Act "), approved and created the Brazos
County Industrial Development Corporation, a nonprofit corpora-
,t
tion (the "Corporation "),
WHEREAS, the Corporation, on behalf of the Authority
is empowered to finance the cost of projects to promote and
develop commercial, industrial, manufacturing, medical, and
research enterprises to promote and encourage employment,
the public health, and the public welfare by the issuance of
obligations of the Corporation, which projects will be inside
the Authority's boundaries, including Brazos County, Texas.
WHEREAS, 0. I. Corporation (the "Company ") has
filed an application which is attached hereto as Exhibit "A"
and made a part hereof for all purposes (the "Application ")
requesting that the Corporation finance a project described
in Application (the "Project ") within the boundaries of the
Authority in Brazos County County, Texas, and further that
the Corporation adopt this Resolution with respect to the
acquisition, construction, and installation of the Project;
WHEREAS, the Company has advised the Corporation
that a contributing factor which would further induce the
Company to proceed with providing for the acquisition and
construction of the Project would be a commitment and agree-
ment by the Corporation to issue industrial development
revenue bonds pursuant to the Act (the "Bonds ") to finance
and pay for the Project;
WHEREAS, the Corporation has proposed to the Author-
ity that it will be further induced to proceed with providing
for the acquisition and construction of the Facilities if
the Authority will make such commitment and agreement and
adopt this Resolution, and
EXHUMT A
,
VOL 0 PAGE 4:9
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f �� t, tr Sq.1r +` r r, , 1 .ar• }5^ At 'Y 'I} C i{ '' .r _r �•s+ r •r y,�.«�^'11 7 {„ "` it _-+ -'7�4 sf 7 �7t 'dt �; a� t' ?rr + {L I t t 1 , r 1
r:•fr."r•-,t r. .. ;,,t 1 .4 4 'Sr r 4 c'rtk .r_��p1�ii 7atil3 ' '-`` •, �' tgi.'1• x'r^+''t1•Yr •'l '`.1^ r :.' Lr.,•ry*'r c {''t"�V R Z�T�+ 1tt� t rR'kM� -•ril i }• iii......11l
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WHEREAS, in view of rising construction costs and
the necessity of compliance with administrative regulations,
it is considered essential that construction of the Project
be completed at the earliest practicable date but, at the r'
same time, the Company wishes to begin construction of the
a Project after satisfactory assurances from the Corporation `
that the proceeds of the sale of the Bonds, or other obliga-
tions, of the Corporation in an amount necessary to pay the
costs of the Project will be made available to finance the l
Project,
WHEREAS, the Corporation finds, intends, and declares
that this Resolution shall constituter its official binding
commitment, subject to the terms hereof, to issue Bonds, or
other obligations, pursuant to the Act in an amount prescribed
by the Company now contemplated to be up to $1,300,000 (but
not to exceed $10,000,000 in any event) and to expend the
proceeds thereof to acquire, construct, and install the
Project and to pay all expenses and costs of the Corporation
in connection with the issuance of the Bonds; and
WHEREAS, the Corporation finds, considers, and de-
clares that the issuance and sale of the Bonds in the amount
and for the purpose hereinabove set forth will be appropriate
and consistent with the objectives of the Act, and that the
adoption of this Resolution is and constitutes and is intended
as (i) an inducement to the Corporation to proceed with
providing for the acquisition and construction of the Project
and (ii) the taking of affirmative official action by the
Corporation, acting by and through its Board of Directors,
towards the issuance of the Bonds within the meaning of
federal income tax law with respect to interest on the Bonds
to finance certain Facilities to be financed by the issuance
of exempt small issue bonds or exempt facilities, including
Treas. Reg. §1.103- 8(a)(5);
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION THAT:
Section 1. Subject to the terms hereof, the Cor-
poration agrees that it will:
(a) Issue the Bonds, and if the Company
and the Corporation agree, other evidences of
indebtedness providing temporary financing of
the Project which will be issued after the date
hereof and be refunded by the Bonds pursuant to
the Act, or any other Texas legislation hereto-
fore or hereafter enacted which may provide a
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suitable method of financing in addition to or
in substitution for the Act.
(b) Cooperate with the Company with respect
to the issuance of the Bonds, and, if arrangements
therefor satisfactory to the Company and the
Corporation can be made, the Corporation will
take such action and authorize the execution of
such documents and will take such further action
as may be necessary or advisable for the authori-
zation, execution, and delivery of any contracts
or agreements deemed necessary or desirable by
the Company or the Corporation kn connection
with the issuance of the Bonds (collectively,
the "Contracts "), providing among other things
for payment of the principal of, interest on,
redemption premiums, paying agents' charges, and
Trustee's fees, if any, on the Bonds, payment of
fees and charges of the Corporation or the Authority;
acquisition, construction, and improvement of
the Project; payment of fines and penalties; and
use, operation, and maintenance of the Project
(and the execution of any appropriate and necessary
guaranty agreements), all as shall be authorized,
required, or permitted by law and as shall be
mutually satisfactory to the Corporation, the
Authority, and the Company.
(c) If the proceeds from the sale of the
Bonds are insufficient, take such actions and
execute such documents as may be necessary to
permit the issuance from time to time in the
future of additional bonds on terms which shall
be set forth therein, whether on+a parity with
other series of bonds or otherwise, for the
purpose of paying the costs of completing the
acquisition, construction, and installation of
the Project, as requested by the Company and
within then applicable limitations
(d) Take or cause to be taken such other
actions as may be required to implement the
aforesaid undertakings or as it may deem appro-
priate in pursuance thereof.
1
The Bonds shall specifically provide that neither
the State -of Texas, the Authority, nor any political corpora-
tion, subdivision, or agency of the State of Texas shall be
obligated to pay the same or the interest thereon and that
-3-
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suitable method of financing in addition to or
in substitution for the Act.
(b) Cooperate with the Company with respect
to the issuance of the Bonds, and, if arrangements
therefor satisfactory to the Company and the
Corporation can be made, the Corporation will
take such action and authorize the execution of
such documents and will take such further action
as may be necessary or advisable for the authori-
zation, execution, and delivery of any contracts
or agreements deemed necessary or desirable by
the Company or the Corporation kn connection
with the issuance of the Bonds (collectively,
the "Contracts "), providing among other things
for payment of the principal of, interest on,
redemption premiums, paying agents' charges, and
Trustee's fees, if any, on the Bonds, payment of
fees and charges of the Corporation or the Authority;
acquisition, construction, and improvement of
the Project; payment of fines and penalties; and
use, operation, and maintenance of the Project
(and the execution of any appropriate and necessary
guaranty agreements), all as shall be authorized,
required, or permitted by law and as shall be
mutually satisfactory to the Corporation, the
Authority, and the Company.
(c) If the proceeds from the sale of the
Bonds are insufficient, take such actions and
execute such documents as may be necessary to
permit the issuance from time to time in the
future of additional bonds on terms which shall
be set forth therein, whether on+a parity with
other series of bonds or otherwise, for the
purpose of paying the costs of completing the
acquisition, construction, and installation of
the Project, as requested by the Company and
within then applicable limitations
(d) Take or cause to be taken such other
actions as may be required to implement the
aforesaid undertakings or as it may deem appro-
priate in pursuance thereof.
1
The Bonds shall specifically provide that neither
the State -of Texas, the Authority, nor any political corpora-
tion, subdivision, or agency of the State of Texas shall be
obligated to pay the same or the interest thereon and that
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suitable method of financing in addition to or
in substitution for the Act.
(b) Cooperate with the Company with respect
to the issuance of the Bonds, and, if arrangements
therefor satisfactory to the Company and the
Corporation can be made, the Corporation will
take such action and authorize the execution of
such documents and will take such further action
as may be necessary or advisable for the authori-
zation, execution, and delivery of any contracts
or agreements deemed necessary or desirable by
the Company or the Corporation kn connection
with the issuance of the Bonds (collectively,
the "Contracts "), providing among other things
for payment of the principal of, interest on,
redemption premiums, paying agents' charges, and
Trustee's fees, if any, on the Bonds, payment of
fees and charges of the Corporation or the Authority;
acquisition, construction, and improvement of
the Project; payment of fines and penalties; and
use, operation, and maintenance of the Project
(and the execution of any appropriate and necessary
guaranty agreements), all as shall be authorized,
required, or permitted by law and as shall be
mutually satisfactory to the Corporation, the
Authority, and the Company.
(c) If the proceeds from the sale of the
Bonds are insufficient, take such actions and
execute such documents as may be necessary to
permit the issuance from time to time in the
future of additional bonds on terms which shall
be set forth therein, whether on+a parity with
other series of bonds or otherwise, for the
purpose of paying the costs of completing the
acquisition, construction, and installation of
the Project, as requested by the Company and
within then applicable limitations
(d) Take or cause to be taken such other
actions as may be required to implement the
aforesaid undertakings or as it may deem appro-
priate in pursuance thereof.
1
The Bonds shall specifically provide that neither
the State -of Texas, the Authority, nor any political corpora-
tion, subdivision, or agency of the State of Texas shall be
obligated to pay the same or the interest thereon and that
-3-
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VOL. .PAGES '
t
neither the faith and credit nor the taxing power of the
State of Texas, the Authority, or any political corporation, 4r
subdivision, or agency thereof is pledged to the payment of
the principal of, premium, if any, or interest on the Bonds.
r
Section 2. It is understood by the Corporation
and the Authority, and the Company has represented to the
Corporation, that in consideration of this Resolution and by
filing the Application, and subject to the terms and condi-
tions hereof, the Company has agreed that:
h
(a) Prior to or contemporaneously with the
sale of the Bonds in one or more series or issues
from time to time as the Corporation and the
Company shall hereafter agree to in writing, the
Company will enter into the Contracts with the
Corporation under the terms of which the Company I�
will obligate itself to pay to the Corporation
(or to a Trustee, as the case may be) sums suf-
ficient in the aggregate to pay the principal
of, interest on, redemption premiums, paying
agents' fees, and Trustee's fees, if any, on the
Bonds, as and when the same become due and pay-
able, with such contract to contain the provisions
described in Section 1 hereof and such other
provisions as may be required or permitted by
law and to be mutually acceptable to the Corp-
oration and the Company.
(b) The Company will (1) pay all Project
costs which are not or cannot be paid or re-
imbursed from the proceeds of the Bonds and
(2) at all times, indemnify and hold harmless
the Corporation against all losses, costs,
r damages, expenses, and liabilities of whatsoever
" nature (including but not limited to attorneys' `
fees, litigation and court costs, amounts paid I
in settlement, and amounts paid to discharge
judgments) directly or indirectly resulting `
from, arising out of or related to the issuance,
xg offering, sale, or delivery of the Bonds, or the
design, construction, installation, operation,
=� use, occupancy, maintenance, or ownership of the
Project.
r
is Section 3. It is understood by the Corporation
that all commitments of the Corporation and the Company with
respect to the Project and the Bonds are subject to the
condition that the Bonds shall have been issued no later
, a
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than December 31, 1982, or such other date as shall be mutually
satisfactory to the Corporation and the Company.
Section 4. The adoption of this Resolution, as
requested in the Application, shall be deemed to constitute
the acceptance of the Company's proposal that it be further
induced to proceed with providing the Project and the Appli-
cation and this Resolution shall constitute an agreement
between the Corporation and the Company effective on the
date that this Resolution is adopted, and this Resolution is
affirmative of official action taken by the Corporation
towards the issuance of the Bonds.
I
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than December 31, 1982, or such other date as shall be mutually
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between the Corporation and the Company effective on the
date that this Resolution is adopted, and this Resolution is
affirmative of official action taken by the Corporation
towards the issuance of the Bonds.
I
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BRAZOS COUNTY INDUSTRIAL DEVELOPt1ENT-tMPORATZON
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APPLICATION FOR FINANCING
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The purpose of this application is to present to the Brazos
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County Industrial Development Authority (the "Corporation ")
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a reasonably comprehensive outline of the project ( "Project ")
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for which financing is being requested. Fill in all the
blanks, using "None" or "Not Applicable" where necessary.
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exhibits. The completed application, with supporting docu-
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'ments, is to be submitted with two copies to the BRAZOS
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COUNTY INDUSTRIAL DEVELOPMENT CORPORATION,
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Bryan, Texas 77801, Attention:
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' with a copy to tor. M. P. Martin, Fulbright & Jaworski,
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800 Bank of the Southwest Building, Houston, Texas 77002.
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1. General Information
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a. Legal name and address of Applicant.
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Oceanography International Corporation
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512 West Loop, P. 0. Box 2480
College Station, Texas 77841
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b. State of incorporation.
Oklahoma
C. Person to whoa questions and correspondence
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should be directed.
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John R. Hughey
d. Nacre and address of counsel for Applicant
(this does not mean bond counsel).
John R. Hughey or 'a
Thomas Kenan
1023 Fidelity Bank Bldg.
Okla. City, Okla. 731Q2
EXHIBIT A ,
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e. If Applicant meets the criteria for defini-
tion as a "small business concern" estab-
lished by the Small Business Adm3.nistration,
please provide details in a separate attach -
ment to this Application. Applicant qualifies, See
audited financial statements.
2. Descri t� ion of Project
a. Amount of financing applied for:
$ 1,329,797
{ b. Total cost of Project:
$1,494,497
.
c. To the extent known at this time, attach a
detailed schedule of the sum total of all
reasonable or necessary costs incidental to
the acquisition and /or construction of the
Project, including the cost of studies and
surveys, plans, specifications, archi-
tectural and engineering services, and
other necessary and incidental expenses.
Summary of Estimated Cost of the Project:
Schedule I
Id. Construction timing:
1. Estimated date of commencement : as soon as
Letter of Inducement is received
2. Estimated date of completion:
12 months after commencement
• 3. Estimated date Project will'be placed
in operation: 12 months after commencement
e. Location of Project:
• Brazos County, corner of South Graham Road
and Wellborn Road
See Schedule 11 site plan
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VOL j2 PAGE .
f. Indicate the present legal owner of the
site of the Project and the relationship
between the present legal owner and the
Applicant; and whether or not land is to be
included in the Project.
Applicant owns site. 7.5 acres of site to be included
In proj -ect. -
g. Provide a detailed description of the
Project to be financed.
See detailed specifications, Schedule 111.
h. Name of consulting engineer and architect,
and address. (If the Project was not
designed by a licensed engineer, submit the
criteria and methods used to accomplish the
design.)
t Engineer Architect
William H. Kellet, Jr. Rodney C. Hill, AIA
Con ,sulting Engineer 115 Lee Ave S.
1000 Esther Blvd. College Station, Tx. 77840
Bryan, Texas 778Q1
i. Estimate the number of new jobs to be
created by the Project.
160
3. Financial Arrancenents
a. Name and address of the financial institu-
tion (bank, investment banking fXrm, etc.),
if determined, which may be interested in
purchasing the bonds if and when such bonds
May he approved for sale. (It is the
tesponsibility of the Applicant to arrange
for the marketing of the bonds if the
financing is approved, with the Corporation's
concurrence.)
Mr. Dan Lingenfeltor
Underwood, Neuhaus Z Co., Inc,
724 Travis
Houston, Texas 77002
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b. If Applicant has applied to any other
source for financing with respect to the
Project, please give details. '
NONE
C, If the Applicant has credit rating, please
state the rating and agency.
NONE
d. Explain how the Project will be financed if
all or a portion of the amount of the
financing applied for herein is denied.
From applicant's cash on deposit In local banks!
4. Financial Statements - See Schedule lIl
a. Attach the following audited financial
statements or other information for the
preceding two years;
1. Balance Sheet,
2. Profit and Loss Statement, and
3. Statement of changes in financial
position
OR
1. Annual Report to Stockholders, and
2. Report on Form 10 -K to the Securities
and Exchange Commission.
b. Detail any changes subsequent to the date
of the most recent financial statements
"which may have a naterial effect on the
Applicant's financial position.
-4-- '
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b. If Applicant has applied to any other
source for financing with respect to the
Project, please give details. '
NONE
C, If the Applicant has credit rating, please
state the rating and agency.
NONE
d. Explain how the Project will be financed if
all or a portion of the amount of the
financing applied for herein is denied.
From applicant's cash on deposit In local banks!
4. Financial Statements - See Schedule lIl
a. Attach the following audited financial
statements or other information for the
preceding two years;
1. Balance Sheet,
2. Profit and Loss Statement, and
3. Statement of changes in financial
position
OR
1. Annual Report to Stockholders, and
2. Report on Form 10 -K to the Securities
and Exchange Commission.
b. Detail any changes subsequent to the date
of the most recent financial statements
"which may have a naterial effect on the
Applicant's financial position.
-4-- '
VoL.Q-PAGE (a
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S. Agreements of A22licant VOA, O PAGE
Applicant will (a) pay all project costs which are
not or cannot be paid or reimbursed from the pro-.
ceeds of bonds or other evidences of indebtedness
' issued to provide funds to finance the Project and
(b) at all times, indemnify and hold harmless the
Corporation against all losses, costs, danages,
expenses,-and liabilities of whatsoever nature
(including but not limited to attorneys' fees,
litigation and court costs, amounts paid in settle -
nent, and amounts paid to discharge judgments)
directly or indirectly resulting from, arising
out of or related to the issuance, offering, sale,
or delivery of the bonds or other evidences of
indebtedness issued to provide funds to finance '
the Project, or the design, construction, instal -
lation, operation, use, occupancy, maintenance,
or ownership of the Project.
6. Fees
a. Enclose a check in the amount of $1,000.00 '
with this Application. (Applicant acknow-
ledges that such amount is not refundable
whether or not this Application is approved
or the financing of the Project is ever
accomplished.)
b. Applicant understands that additional amounts
will be due and payable to the Corporation in
accordance with the Corporation's policies:
c. The Corporation has engaged the services of
Fulbright & Jaworski as co -bond counsel. The
Applicant may choose other bond counsel; how-
ever, in such event, a fee of $8,000.00 will
be payable to Fulbright & Jaworski for such
counsel's review of materials on behalf of
the Corporation. In no event may bond counsel
whose principal office is not located in the
State of Texas be approved by the Corporation.
L
The undersigned verifies that he is duly authorized
to submit the foregoing application on behalf of the Applicant .
and that such Application was submitted on the 2 day of
Ma__ v_— , 19 80
t•
l# "APPLICAMT"
r By
John R. Hughey, President
��. OCEANOGRAPHY INTERNATIONAL CORPORA710N
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SCHEDULE I
_ SCHEDULE OF ESTIMATED
COST OF PROJECT
SITE
Cost of 45 -acre site $157,300
Road Paving 7,000
Site Total 516
STRUCTURE
Contract Amount $1,1185,199
Design Fees 269080
Engineering Fees 16,586
Bid Publication S Fees 1,932
Financing Application 101000
Furniture 6 rixtures 1220000
Architectural S Engineering Supervision 266000
Utility Connections 8,000
Miscellaneous Expenses 101,000
Structure Total j1a3?9,Z9z
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VOL.2..P'AGE -6-0-1
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SCHEDULE I
_ SCHEDULE OF ESTIMATED
COST OF PROJECT
SITE
Cost of 45 -acre site $157,300
Road Paving 7,000
Site Total 516
STRUCTURE
Contract Amount $1,1185,199
Design Fees 269080
Engineering Fees 16,586
Bid Publication S Fees 1,932
Financing Application 101000
Furniture 6 rixtures 1220000
Architectural S Engineering Supervision 266000
Utility Connections 8,000
Miscellaneous Expenses 101,000
Structure Total j1a3?9,Z9z
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i LOAN AGREEMENT
I!
By and Between
BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
f"A
O.I. CORPORATION
Dated as of October 1, 1980
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TABLE OF CONTENTS
L
Page No.
PREAMBLE
ARTICLE I - DEFINITIONS
i
Section 1.1. Definitions . . . . . . . . . . . . . . . 2
Section 1.2. Construction of Terms . . . . . . . . . . 7
ARTICLE II - REPRESENTATIONS AND WARRANTIES
( '
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Section 2 1. Issuer's Representations,
Warranties and Findings . . . . . . . . .
Section 2.2. User's Representations and
Warranties . . . . . . . • •
ARTICLE III - THE PROJECT
Section 3.1.
Section 3.2.
Section 3.3.
Section 3 4.
Section 3 5
Section 3 6
Section 3 7
Section 3 8
Section 3.9.
Approvals and Permits . . . . . . • . . .
Agreement to Acquire, Construct,
Reconstruct, Improve, and Expand
Changes in Plans and Specifi-
cations . . . . . • • .
Inspection of the Project . . . . . . . .
Establishment of Completion
Date
Maintenance and Operation of-
Pr03 ect • . . . . .
Insurance on the Project . . . . . . .
Disbursements from Project
Fund . . 0 • • •
User Required to Pay in Event
Project Fund Insufficient . . . . . . . .
ARTICLE IV - THE BONDS
Section 4 1 Consideration for the Bonds . . . . . . .
Section 4 2. Issuance of Bonds . . . . . . . . . . . .
Section 4 3 Certain Approvals . . . .
Section 4 4 Redemption of Bonds •
ARTICLE V - LOAN AND PROVISIONS FOR PAYMENT
Section 5.1. Loan .
Section 5.2. Payments of Loan Payments . • .
7
9
10
11
11
12
12
13
13
13
13
1
14
14
15
15
15
15
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ARTICLE VII - EVENTS OF DEFAULT AND REMEDIES
Section 7 1. Events of Default Defined . . . . .
Section 7.2 Remedies Upon Events of Default . . . . .
Section 7.3. No Remedy Exclusive . . . . . . . . . . .
Section 7.4. No Additional Waiver Implied
byOne Waiver . . . . . . . . . . . . . .
Section 7.5 Remedial Rights Assigned to
Trustee . . . . . . . Yr . Yr . .
ARTICLE VIII - MISCELLANEOUS
Section 8.1.
Section 8 2.
Section 8.3.
Section 8 4.
Section 8.5.
Section 8.6.
Section 8.7.
Section 8 8.
Section 8.9.
Section 8.10.
Term of Agreement . . . . . . . . . . . .
Notices . . . . . . . . . . . . . . .
Binding Effect . . . . . . . . . . . . .
Severability . . . . . .
Amounts Remaining in Bond Fund
or Project Fund . . . . . .
Amendments, Changes, and
Modifications . . . . . . . . . . . .
Execution in Counterparts . . . . . . . .
Captions . . . . . . . . . . .
No Pecuniary• Liability of
Issuer . . . . .
Payments �Due on Holidays . . . . . . . .
ii ,
16
16
17
17
17
18
18
19
20
20
20
20
20
21
21
22
22
23
24
25
25
25
26
26
27
27
27
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5.3.
Prepayments of Loan Payments . .
. . . .
Section
5.4.
Payment of Trustee and Paying
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Agent . . . . . . . . . . . . . .
. . . .
Section
5.5.
Loan Payments Assigned . . . . .
. . . .
Section
5.6.
Obligations of User Uncondi-
L�r, I tlr'�4 t'.
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ARTICLE
VI -
SPL"IAL COVENANTS
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Section
6.1.
No Liability of Issuer . . . . .
. . . .
Section
6.2.
Financial Reports . . . . . . . .
. . . .
Section
6.3.
Existence of the User . . . . . .
. . . .
Section
6.4.
Assignment . . . . .• . . . . .
. . . .
Section
6.5.
Further Assurances andCorrec-
7 i
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ti.ve Instruments . . . . . . .
. . . .
Section
6.6.
Tax Exempt Status of the Bonds
• I
Section
6 7.
Issuer Representative . . . . . .
. .
Section
6.8.
User Representative . . . . . . .
. . . .
Section
6.9.
No- Arbitrage Covenant . . . . . .
. .
Section
6.10.
Limitation on Capital
1
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Expenditures • .
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Section
6.11.
Release and Indemnification . . .
. .
Section
6 12.
Notice of Final Determination . .
. . . .
Section
6.13
Financial Covenants of the User .
. . . .
ARTICLE VII - EVENTS OF DEFAULT AND REMEDIES
Section 7 1. Events of Default Defined . . . . .
Section 7.2 Remedies Upon Events of Default . . . . .
Section 7.3. No Remedy Exclusive . . . . . . . . . . .
Section 7.4. No Additional Waiver Implied
byOne Waiver . . . . . . . . . . . . . .
Section 7.5 Remedial Rights Assigned to
Trustee . . . . . . . Yr . Yr . .
ARTICLE VIII - MISCELLANEOUS
Section 8.1.
Section 8 2.
Section 8.3.
Section 8 4.
Section 8.5.
Section 8.6.
Section 8.7.
Section 8 8.
Section 8.9.
Section 8.10.
Term of Agreement . . . . . . . . . . . .
Notices . . . . . . . . . . . . . . .
Binding Effect . . . . . . . . . . . . .
Severability . . . . . .
Amounts Remaining in Bond Fund
or Project Fund . . . . . .
Amendments, Changes, and
Modifications . . . . . . . . . . . .
Execution in Counterparts . . . . . . . .
Captions . . . . . . . . . . .
No Pecuniary• Liability of
Issuer . . . . .
Payments �Due on Holidays . . . . . . . .
ii ,
16
16
17
17
17
18
18
19
20
20
20
20
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25
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SIGNATURES AND
EXHIBIT A
EXHIBIT B
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Payment of Issuer Expenses . . . . . , .
Status of Parties' Relationship .
Governing Law . . . . . . . . . . . . . .
ACKNOWLEDGMENTS . . . . . . . . . . . . .
Description of Project Facilities.
Legal Description of Project Site.
1
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} LOAN AGREEMENT
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This Loan Agreement, dated as of October 1, 1980
(the "Agreement "), by and between the BRAZOS COUNTY INDUS-
TRIAL DEVELOPMENT CORPORATION, together with any successor
to its duties and functions (the "Issuer "), and 0. I.
CORPORATION, a corporation organized and existing under the
laws of the State of Oklahoma and authorized to transact
business in the State of Texas (formerly Oceanography Inter-
national Corporation) (the "User "),
W I THE S S E T H THAT:
WHEREAS, Brazos County, Texas (the "County "), a
duly organized and existing county and political subdivision
of the State of Texas, has, pursuant to the Development
Corporation Act of 1979, Article 5190.6, Vernon's Texas
Civil Statutes (the "Act "), approved and created the Issuer
as a nonstock, nonprofit industrial development corporation;
WHEREAS, the Issuer is a constituted authority and
instrumentality (within the meaning of those terms in the
regulations of the treasury and the rulings of the Internal
Revenue Service prescribed and promulgated pursuant to sec-
tion 103 of the Internal Revenue Code of 1954, as amended);
WHEREAS, the Issuer, on behalf of the County is
empowered to finance the cost of projects to promote and
develop commercial, industrial, and manufacturing, enter -
prises to promote and encourage employment, the public
health, and the public welfare by the issuance of obliga-
tions of the Issuer, which projects will be inside the
County's boundaries,
WHEREAS, the User has requested the Issuer to
finance the cost of a project as further described herein
within the boundaries of the County,
WHEREAS, based upon representations by the User,
the Board of Directors of the Issuer has found and deter-
mined (i.) that the Issuer's financing the cost of acquiring,
constructing, reconstructing, improving, or expanding, as
the case may be, the project as defined herein, or causing
such project to be acquired, constructed, reconstructed,
improved, or expanded in the manner provided in the Act and
this Agreement, will constitute the carrying out of a vital
public purpose, which will benefit and protect the health,
safety, right to gainful employment, and general welfare of
the people of this State, (ii) the financing of such project
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purpose of the promotion and development of new and expanded
industrial and manufacturing enterprises to promote and
the
`
WHEREAS, such bonds are to be issued under and
assigned to them in this Article I whenever
pursuant to and are secured by an Indenture of Trust by and
i
between the Issuer and City National Bank of Bryan, Bryan,
tt�
Texas, as trustee thereunder, and
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NOW, THEREFORE, FOR AND IN CONSIDERATION OF THE
'
PREMISES AND THE MUTUAL COVENANTS AND AGREEMENTS HEREINAFTER
4I
1��
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FOLLOWS
Article 5190 6, Vernon's Texas Civil Statutes.
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is suitable for the promotion of commercial or industrial
development and expansion, the promotion of employment, or
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for use by commercial, manufacturing, or industrial enter-
s
prises, (iii) the User has the business experience, finan-
cial resources, and responsibility to provide reasonable as-
surance that all bonds and interest thereon to be paid from
`;
or by reason of payments made by the User under this Agree-
ment will be paid as the same become due, and (iv) such
'j
project to be financed is in furtherance of the public
purpose of the promotion and development of new and expanded
industrial and manufacturing enterprises to promote and
the
encourage employment and the public welfare;
x
WHEREAS, in furtherance of the purposes of the
Act, and as a part of the Issuer's plan of financing for the
+�
project as defined herein, the Issuer proposes to issue,
?�
sell, and deliver bonds in the principal amount of $1,300,000
which will be designated "Brazos County Industrial Develop-
ment Corporation Industrial Development Revenue Bonds (0.I.
'
Corporation Project) Series 1980," the proceeds of which
will be used to finance the cost of such project, including
Section 1 1. Definitions In addition to
the acquisition, construction, reconstruction, improvement,
- or expansion, as the case may be, of such project, together
with costs incident to the authorization, sale, and issuance
the
of such bonds,
WHEREAS, such bonds are to be issued under and
assigned to them in this Article I whenever
pursuant to and are secured by an Indenture of Trust by and
i
between the Issuer and City National Bank of Bryan, Bryan,
tt�
Texas, as trustee thereunder, and
t
,
WHEREAS, the governing body of the County has
approved this Agreement by written resolution as required by
the Act
:_
N
NOW, THEREFORE, FOR AND IN CONSIDERATION OF THE
'
PREMISES AND THE MUTUAL COVENANTS AND AGREEMENTS HEREINAFTER
-,
r
CONTAINED, THE PARTIES HERETO AGREE EACH WITH THE OTHER, AS
FOLLOWS
'+
ARTICLE I. DEFINITIONS.
'
Section 1 1. Definitions In addition to
other
terms defined herein, the foIlowing terms shall have
the
meanings
assigned to them in this Article I whenever
they
are used
in this Agreement
,
"Act" - The Development Corporation Act of
1979,
Article 5190 6, Vernon's Texas Civil Statutes.
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4
"Additional Bonds" - One or more series of addi.
,t
f�i`
tional bonds, including refunding bonds, of the Issuer,
other than the Series 1980 Bonds, which may be issued pur-
suant to the Indenture.
{t"
"Agreement" - This Loan Agreement and any amend-
ments and supplements hereto.
"Bond Fund" - The fund created by Section 4.02 of
the Indenture.
' t'
"Bondi" - The Series 1980 J3onds of the Issuer and
s`
any Additional Bonds issued pursuant to the Indenture.
'
"Code" - The Internal Revenue Code of 1954, as
amended.
"Commission" -The Texas Industrial Commission,
together with any successor to its duties and functions.
`�'t
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"Completion Date" - The date of completion of the
acquisition, construction, reconstruction, improvement, or;�rt�'
expansion, as the case may be, of the Project, as that date
shall be certified as provided in Section 3.6 of this Agree-
ment.
"County" - Brazos County, Texas, a duly organized
and existing county and political subdivision of the State
of Texas.
1 ;1
"Escrow Fund" - The fund created by Section 4.11
of the Indenture.
y
,
"Determination of Taxability" - Any determination,
decision, or decree by the Commissioner of Internal Revenue,
or any District Director of Internal Revenue or any court of
competent jurisdiction, or an opinion obtained by the User
,ll�iJ
of counsel qualified in such matters and acceptable to the
Trustee, that the interest payable on the Bonds is includ-
able in the gross income (as defined in section 61 of the
Code) of a holder of the Bonds (other than a holder who is
as substantial user of the Project or related person as
described in section 103(b) of the Code) as a result of the
occurrence of a Taxable Event (hereinafter defined) A
t11
Determination of Taxability shall be deemed to have occurred
('
on the first to occur of the following`
(a) on that date when the User files any
statement, supplemental statement, or other tax
I
-3-
1
'I
1
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11
144 1
1
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schedule, return, or document which discloses
y�
that a Taxable Event shall have occurred,
(b) on that date when the User, the Is-
!
suer, or the Trustee shall be advised by the
j4�,
1Jnv w �Nr...r��.� �k �(_ r
Commissioner of Internal Revenue or any District
T r�,A
Director of Internal Revenue that, based upon
t�t,:sd.'fl,.i�ai.
(1) filings of the User, (ii) any review or
� f1
)
audit of the User, or (iii) upon any ground
�l
whatsoever, a Taxable Event shall have occurred,
,f
or
s
it i
(c) on that date when the User shall
receive notice from the Issuer, the Trustee, or
r r
the holder any Bond that it or he has been
j4 � i�,
t, t -
►
has assessed as includable in the gross income
y
, Y 5
, ,
a ,� t1..�. •�a � � w�•.rJR •
.� SSL V -N 1 I �r �t S
the Commissioner or any District Director of
Internal Revenue that the interest on any of the
Bonds is includable in the gross income (as
ILI
defined in section 61 of the Code) of any holder
hof
any Bond due to the occurrence of a Taxable
Event,
i
provided, however, that with respect to clauses (b) and (c)
is
above, a Determination of Taxability shall not be deemed to
have occurred (y) unless the User shall have been given
written notice thereof and afforded the opportunity to con -
!
test the same, either directly or through a holder of any
Bond, and (z) so long as the User is contesting in good
faith and by appropriate proceedings, either directly or
through a Bondholder, the allegation of an occurrence of a
the
t"
Taxable Event, but in no event more than two years after
iw
1
"1
• r
tively
+` �i_
"Force Majeure" - Any cause or event not reason-
't
r
Jt..t.r `.J,+r...: .S!>V� - .....,
- -- —
— ..• -....* �- ,. .._ Rr��wc
r
orders of any kind of the government of the United States or
=
of the State of Texas or any of their departments, agencies
or officials, or civil or military authorities, insurrec-
tions, civil disturbances, epidemics, plague, famine, land-
„
slides, lightning, earthquakes, fire, hurricanes, tornadoes,
storms, typhoons, cyclones, waterspouts, volcanic eruptions;
i
.r
�
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qi{
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e
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144 1
1
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schedule, return, or document which discloses
y�
that a Taxable Event shall have occurred,
(b) on that date when the User, the Is-
!
suer, or the Trustee shall be advised by the
j4�,
1Jnv w �Nr...r��.� �k �(_ r
Commissioner of Internal Revenue or any District
T r�,A
Director of Internal Revenue that, based upon
—l:kJ,
y �i rr ',y1 L j'1 r SLlF it`` i {' tlf } +h ♦J'' ir�w `. t t 4, \ 4U' y[)d L
�LL ti� -11 'rt
tt
(1) filings of the User, (ii) any review or
� f1
)
audit of the User, or (iii) upon any ground
�l
whatsoever, a Taxable Event shall have occurred,
,f
or
s
it i
(c) on that date when the User shall
receive notice from the Issuer, the Trustee, or
the holder any Bond that it or he has been
advised- (i) that the Internal Revenue Service
has assessed as includable in the gross income
of any Bondholder any interest on his Bonds due
to the occurrence of a Taxable Event, or (ii) by
the Commissioner or any District Director of
Internal Revenue that the interest on any of the
Bonds is includable in the gross income (as
ILI
defined in section 61 of the Code) of any holder
hof
any Bond due to the occurrence of a Taxable
Event,
i
provided, however, that with respect to clauses (b) and (c)
is
above, a Determination of Taxability shall not be deemed to
have occurred (y) unless the User shall have been given
written notice thereof and afforded the opportunity to con -
!
test the same, either directly or through a holder of any
Bond, and (z) so long as the User is contesting in good
faith and by appropriate proceedings, either directly or
through a Bondholder, the allegation of an occurrence of a
the
t"
Taxable Event, but in no event more than two years after
iw
advice or notice described under clauses (b).and (c) respec-
tively
"Force Majeure" - Any cause or event not reason-
't
ably within the control of the User, including without
limitation the following acts of God, strikes, lockouts,
s-
or other industrial disturbances, acts of public enemies,
<il
orders of any kind of the government of the United States or
=
of the State of Texas or any of their departments, agencies
or officials, or civil or military authorities, insurrec-
tions, civil disturbances, epidemics, plague, famine, land-
„
slides, lightning, earthquakes, fire, hurricanes, tornadoes,
storms, typhoons, cyclones, waterspouts, volcanic eruptions;
-4-
VOL. °-PAGE
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5,
floods; washouts; droughts, arrests, restraints of govern-
ment and people; explosions; breakage or accident to ma-
chinery and transmission lines or pipes; or partial or
entire failure of utility services.
"Indenture" - The Indenture of Trust dated as of
October 1, 1980, between the Issuer and City National Bank
of Bryan, Bryan, Texas, as Trustee, pursuant to which the
Bonds are authorized to be issued, including any indenture
supplemental thereto.
"Issuer" - The Brazos Cou4ty Industrial Develop-
ment Corporation, a nonstock, nonprofit industrial devel-
opment corporation and a constituted authority and an in-
strumentality (within the meaning of those terms in the
regulations of the treasury and the rulings of the Internal
Revenue Service prescribed and promulgated pursuant to
section 103 of the Code), created pursuant to the Act
r "Issuer Representative" - The person or persons
' designated from time to time to act on behalf of the Issuer
by written certificate furnished to the User and the Trustee
containing the specimen signature of such person or persons
and signed on behalf of the Issuer by the President of the
Issuer The Issuer Representative may be an employee of the
Issuer _
{
"Loan Payments" - Those payments required to be
paid by the User pursuant to Section 5.2 hereof.
"Plans and Specifications" - The plans and speci-
fications for the Project, as the same may be amended from
time to time as provided in Section 3.3, on file at the of-
fice of the User and available at all times to inspection by
the Issuer
"Premium" or "premium"- Any amounts in addition to
principal and interest on Bonds required to be paid (a) in
the event of the exercise of an option to pay the principal
of any Bonds prior to maturity as permitted thereby and
(b) as a compensatory payment if any Determination of Tax-
ability requires a mandatory redemption of any Bonds
Site "Project" - The Project Facilities and the Project
"Project Costs" - To the extent authorized by the
Code, the Regulations and the Act, all costs incurred by the
' Issuer or the User with respect to the acquisition, construc-
tion, reconstruction, improvement, or expansion, as the case
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acquisition, construction, reconstruction, improvement, or
expansion, as the case may be, of the Project, whether paid
or incurred prior to or after the date of this Agreement,
including the cost of the acquisition of all land, rights -of-
way, property rights, easements, and interests, 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, engineering and legal services, plans, specifications,
surveys, and estimates of cost and of revenue; other expenses
necessary or incident to determining the feasibility and
practicability of acquiring, constructing, reconstructing,
improving, and expanding the Project; administrative expense,
the Issuer,s charges and expenses in connection with issuance
of the Bonds, and such other expense as may be necessary or
incident to the acquisition, construction, reconstruction,
improvement, and expansion thereof, the placing of the same
in operation, and the financing or refinancing of the Project,
including the refunding of any outstanding obligations,
mortgages, or advances issued, made or given by any person
for any of the aforementioned costs. Provided, however,
that the Project Costs shall not include theoretical costs,
but only costs directly attributable to, and specifically
identified as being with respect to, the acquisition, con-
struction, reconstruction, improvement, expansion, and
financing of the Project.
"Project Facilities" - The building, equipment,
facilities, and improvements listed in Exhibit A hereto
which is incorporated by reference herein
"Project Fund" - The fund created by Section 4.06
of the Indenture.
"Project Site" - Those certain parcels of land
owned by the User, located in Brazos County, Texas, as
described in Exhibit B hereto which is incorporated by
reference herein.
"Regulations" - The Income Tax Regulations promul-
gated pursuant to the Code.
"Series 1980 Bonds" - That issue of "Brazos County
Industrial Development Corporation Industrial Development
Revenue Bonds (0 I. Corporation Project) Series 1980," in
the principal amount of $1,300,000, issued pursuant to
Section 2:02 of the Indenture
"Taxable Event" - Any of the following: I
(1) the application of the proceeds of the
Bonds in such manner that the Bonds become
-6-
VOL„O PAGE 62L2
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,
acquisition, construction, reconstruction, improvement, or
expansion, as the case may be, of the Project, whether paid
or incurred prior to or after the date of this Agreement,
including the cost of the acquisition of all land, rights -of-
way, property rights, easements, and interests, 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, engineering and legal services, plans, specifications,
surveys, and estimates of cost and of revenue; other expenses
necessary or incident to determining the feasibility and
practicability of acquiring, constructing, reconstructing,
improving, and expanding the Project; administrative expense,
the Issuer,s charges and expenses in connection with issuance
of the Bonds, and such other expense as may be necessary or
incident to the acquisition, construction, reconstruction,
improvement, and expansion thereof, the placing of the same
in operation, and the financing or refinancing of the Project,
including the refunding of any outstanding obligations,
mortgages, or advances issued, made or given by any person
for any of the aforementioned costs. Provided, however,
that the Project Costs shall not include theoretical costs,
but only costs directly attributable to, and specifically
identified as being with respect to, the acquisition, con-
struction, reconstruction, improvement, expansion, and
financing of the Project.
"Project Facilities" - The building, equipment,
facilities, and improvements listed in Exhibit A hereto
which is incorporated by reference herein
"Project Fund" - The fund created by Section 4.06
of the Indenture.
"Project Site" - Those certain parcels of land
owned by the User, located in Brazos County, Texas, as
described in Exhibit B hereto which is incorporated by
reference herein.
"Regulations" - The Income Tax Regulations promul-
gated pursuant to the Code.
"Series 1980 Bonds" - That issue of "Brazos County
Industrial Development Corporation Industrial Development
Revenue Bonds (0 I. Corporation Project) Series 1980," in
the principal amount of $1,300,000, issued pursuant to
Section 2:02 of the Indenture
"Taxable Event" - Any of the following: I
(1) the application of the proceeds of the
Bonds in such manner that the Bonds become
-6-
VOL„O PAGE 62L2
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/ j `• �.. -1 1 � � �Y 'f' ") f a.t ++t r. N�`1,�. iltl +lam . .� V '' ,w t r ,fi �,n �r , i u.� ".14...t4ii�tlr
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VOL ...0 PAGER&
"arbitrage bonds" within the meaning of sec-
tion 103(c) of the Code, and with the result
that interest on the Bonds is or becomes in-
cludable in the gross income (as defined in
section 61 of the Code) of one or more holders
of the Bonds, or
(ii) the application of the proceeds of the
Bonds in such manner, or the occurrence or non-
occurrence of any event (excluding specifically,
however, the enactment of any federal legisla-
tion after the date of this Agreement), whether
within or without the control of the User, with
the result that, under the Code and the Income
Tax Regulations, the interest on the Bonds is or
becomes includable in the gross income (as
defined in section 61 of the Code) of a holder
of the Bonds (other than a holder who is a
substantial user of the Project or a related
person as described in section 103(b) of the
Code)
"Trustee" - The Trustee at the time serving as
such under the Indenture.
"User" - 0 I Corporation, an Oklahoma corporation
authorized to transact business in the State of Texas, and
its successors and assigns, including any surviving, result-
ing, or transferee corporation as permitted in this Agreement.
"User Representative" - The person or persons
designated from time to time to act on behalf of the User by
written certificate furnished to the Issuer and Trustee con-
taining the specimen signature of such person or persons and
signed on behalf of the User by the president or any vice
president of the User The User Representative may be an
employee of the User.
Section 1 2 Construction of Terms. If appro-
priate, in this Agreement words of e singular number shall
be considered to include the plural, words of the plural
shall be considered to include the singular, and words of
the masculine, feminine, or neuter gender shall be consid-
ered to include the other genders
ARTICLE II. REPRESENTATIONS AND WARRANTIES
Section 2.1. Issuer's,Representations, Warranties,
and Findings The Issuer represents, warrants, and finds
t at
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those terms in the regulations of the treasury
c..
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prescribed and promulgated pursuant to sec-
tion 103 of the Code) and, pursuant to the Act,
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contemplated hereby, and to carry out its obli-
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gations hereunder
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(b) The Project is required or suitable
•1
for the promotion of commerce or industrial
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development and expansion, the promotion of
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(c) The User has the business experience,
, v - �
financial resources, and responsibility to pro-
5
vide reasonable assurance that all bonds and
interest thereon to be paid from or by reason of
's
payments made by the User under this Agreement
will be paid as the same become due.
jj
i't x
(d) The Project is in furtherance of the
the and development
public purpose of promotion
z
of new and expanded industrial and manufacturing
,F
enterprises to promote and encourage employment
and the public welfare.
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(a) The Issuer is a constituted authority
c f
and an instrumentality (within the meaning of
O
those terms in the regulations of the treasury
,tlki,
,
and the rulings of the Internal Revenue Service
f
prescribed and promulgated pursuant to sec-
tion 103 of the Code) and, pursuant to the Act,
the Issuer has the power to issue the Bonds, to
enter into this Agreement and the transactions
}
contemplated hereby, and to carry out its obli-
gations hereunder
�j
preserve and keep in full force and effect its
(b) The Project is required or suitable
for the promotion of commerce or industrial
�3
development and expansion, the promotion of
kx
employment, or for the use of commercial, manu-
facturing, or industrial enterprises.
�+
and other engineering documents and information
6
(c) The User has the business experience,
�
financial resources, and responsibility to pro-
vide reasonable assurance that all bonds and
interest thereon to be paid from or by reason of
's
payments made by the User under this Agreement
will be paid as the same become due.
�j
(d) The Project is in furtherance of the
the and development
public purpose of promotion
z
of new and expanded industrial and manufacturing
,F
enterprises to promote and encourage employment
and the public welfare.
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VOL 0 PAGE Ul
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(e) The Issuer is not in default under or
c f
in violation of the Constitution or any of the
O
laws of the State of Texas relevant to the
,tlki,
,
issuance of the Bonds or the consummation of the
f
transactions contemplated hereby or in connec-
tion with such issuance, and has duly authorized
the issuance of the Series 1980 Bonds an$ the
execution and delivery of this Agreement The
}
Issuer agrees that it will do or cause to be
done in timely manner all things necessary to
f
preserve and keep in full force and effect its
existence, and to carry out the terms of this
Agreement and the terms of the Indenture
(f) The Issuer recognizes that the draw-
ings, designs, specifications, materials, lists
�+
and other engineering documents and information
contained in the Plans and Specifications are
proprietary to, and are the sole and exclusive
-8-
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VOL 0 PAGE Ul
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V0492 PACE 620
I
property of,` the User. The Issuer agrees to the
extent permitted by law to retain in confidence
and not to disclose to others or to use for the
benefit of others, without the prior written
consent of the User in each such instance, any
such drawings, designs, specifications, mate-
rials, lists and other engineering documents and
information contained in the Plans and Specifi-
cations or otherwise furnished to the Issuer.
i Section 2.2. User's Representations and Warran-
ties. The User hereby makes the following representations
and warranties, as the basis for the undertakings on the
part of the User herein contained.
(a) The User is a corporation duly incor-
porated, validly existing and in good standing
under the laws of the State of Oklahoma, is duly
qualified as a foreign corporation in good
standing under the laws of the State of Texas,
and is not in violation of any provisions of its
Articles of Incorporation, its By -Laws, or any
laws of the State of Texas relevant to the
transactions contemplated hereby or in connec-
tion with the issuance of the Series 1980 Bonds.
(b) The User has full corporate power and
authority to execute and deliver this Agreement,
and has, by proper corporate action, duly autho-
rized the execution and delivery of this Agree-
ment.
(c) Neither the execution and delivery of
this Agreement, the consummation of the transac-
tions contemplated hereby, nor the fulfillment
of or compliance with the terms and conditions
of this Agreement conflicts with or results in a
breach of the terms, conditions, or provisions
of any corporate restriction or any agreement or
instrument to which the User is now a party or
by which it is bound, or constitutes a default
under any of the foregoing, or results in the
creation or imposition of any prohibited lien,
charge, or encumbrance whatsoever upon any of
the property or assets of the User under the
terms of any instrument or agreement.
(d) The User intends to cause the Project -
to be operated as a "project" as defined in
Section 2(12) of the Act.
4
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(e) The advances to be made pursuant
hereto will not exceed the "cost" of the Pro7-
ect, as the term "cost" is defined in Section 2(4)
of the Act.
(f) The Project is required or suitable
for the promotion of commerce or industrial
development and expansion, the promotion of
employment, or for the use of commercial, manu-
facturing, or industrial enterprises.
(g) The User has the business experience,
financial resources, and responsibility to
provide reasonable assurance that all bonds and
interest thereon to be paid from or by reason of
payments made by the User under this Agreement
will be paid as the same become due.
(h) Within the meaning of the Code, (1) the
Series 1980 Bonds are the only debt obligations
of the Issuer or any other governmental unit
µ which has been issued with respect to any facili-
ties located in Brazos County, Texas (or any
facilities which are functionally integrated
with the Project but which are located elsewhere)
of which the principal user is the User, or any
related person to the User, (ii) the proceeds of
the Bonds will be used to provide land and /or
property of a character subject to the allowance
for depreciation under section 167 of the Code;
and (iii) no part of the Series 1980 Bonds
proceeds will be used, directly or indirectly,
to provide working capital to the User.
(1) The Project is in furtherance of the
public purpose of the promotion and development
of new and expanded industrial and manufacturing
enterprises to promote and encourage employment
and the public welfare.
ARTICLE III. THE PROJECT
Section 3.1. Approvals and Permits. The Issuer
and the User agree to use their best efforts to obtain the
necessary approval of this Agreement and the Bonds by the
Commission, as required by the Act, prior to the issuance of
the Bonds: The User agrees to obtain all other permits
necessary with respect to the acquisition, construction,
reconstruction, improvement, or expansion, as the case may
be, of the Project.
-10-
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(e) The advances to be made pursuant
hereto will not exceed the "cost" of the Pro7-
ect, as the term "cost" is defined in Section 2(4)
of the Act.
(f) The Project is required or suitable
for the promotion of commerce or industrial
development and expansion, the promotion of
employment, or for the use of commercial, manu-
facturing, or industrial enterprises.
(g) The User has the business experience,
financial resources, and responsibility to
provide reasonable assurance that all bonds and
interest thereon to be paid from or by reason of
payments made by the User under this Agreement
will be paid as the same become due.
(h) Within the meaning of the Code, (1) the
Series 1980 Bonds are the only debt obligations
of the Issuer or any other governmental unit
µ which has been issued with respect to any facili-
ties located in Brazos County, Texas (or any
facilities which are functionally integrated
with the Project but which are located elsewhere)
of which the principal user is the User, or any
related person to the User, (ii) the proceeds of
the Bonds will be used to provide land and /or
property of a character subject to the allowance
for depreciation under section 167 of the Code;
and (iii) no part of the Series 1980 Bonds
proceeds will be used, directly or indirectly,
to provide working capital to the User.
(1) The Project is in furtherance of the
public purpose of the promotion and development
of new and expanded industrial and manufacturing
enterprises to promote and encourage employment
and the public welfare.
ARTICLE III. THE PROJECT
Section 3.1. Approvals and Permits. The Issuer
and the User agree to use their best efforts to obtain the
necessary approval of this Agreement and the Bonds by the
Commission, as required by the Act, prior to the issuance of
the Bonds: The User agrees to obtain all other permits
necessary with respect to the acquisition, construction,
reconstruction, improvement, or expansion, as the case may
be, of the Project.
-10-
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1+ Section 3.2. Agreement to Acquire, Construct, Re-
d �G7• ~ 39./h �il,
'
will cause the acquisition, construction, reconstruction,
tbr'1�tr/ nr�. tr ♦•,�,,,
- i ! r , 1 P+ 1' r. r n - �
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rf ry^k"�,i;iayi'1tV`! , f �"t , 4r1 r � � »n r +i �r�i., t R �v' !r ;r ! f F ,� +j-j ♦ ly r 1 � q ; \ 1' ++° i t 1�t, 1
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1+ Section 3.2. Agreement to Acquire, Construct, Re-
construct, Improve, and Expand. The User agrees that it
�111I
will cause the acquisition, construction, reconstruction,
' f t ' .. 1 . ,
t'�4'�r'I i
improvement, and expansion, as the case may be, of the
},
Project to be completed with due diligence substantially in
+I • , I ~�F~
accordance with the Plans and Specifications and in general
1,
do all things which may be requisite or proper therefor. It
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is agreed and understood that the User has entered into and
x
executed all agreements and contracts necessary to assure
{ 4
and accomplish the actual providing of the Project and that
�
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the Issuer shall not execute any such agreements or con-
i
tracts, the User will carry out, pay, supervise, and enforce
11
t!
all such agreements and contracts, afld the User will provide
t
for such insurance on and in connection with the providing
till'
of the Project as it deems necessary or advisable or as is
required by law. The User and the Issuer agree that the
Ail
Issuer shall have no interest in the legal title to the
r
Project, however, the Issuer recognizes that the User has
executed and delivered a Deed of Trust and Security Agree-
ment, together with certain Uniform Commercial Code filings
i
covering the Project, in favor of the Trustee which the
}
Trustee may realize upon if an Event of Default under the
't
Indenture occurs.
The User agrees to use its best efforts to cause
acquisition, construction, reconstruction, improvement, and
expansion, as the case may be, of the Project to be completed
substantially in accordance with the Plans and Specifica-
tions as soon as practicable; but, if for any reason such
acquisition, construction, reconstruction, improvement, and
expansion, as the case may be, is delayed or not completed,
there shall be no diminution in or postponement of Loan
Payments or any other payments to be made by the User pur-
suant to this Agreement
Section 3 3 Changes in Plans and Specifications.
The User may make insubstantial changes in, additions to, or
deletions from the Plans and Specifications without prior
consultation with the Issuer. The User may make substantial
L_ changes in, additions to, or deletions from the Plans and
Specifications without prior consultation with the Issuer,
only with the consent of the Trustee and only if (a) after
such changes, additions, or deletions the Project shall
continue to be land or property of a character subject to
depreciation as contemplated by section 103(b)(6) of the
Code, (b) the Project shall continue to constitute facilities
of the type which may be financed by the Issuer under the
Act, (c) any required approvals of such changes, additions,
It
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or deletions have been obtained from any governmental agencies
having jurisdiction; and (d) there shall be filed with the
Issuer and the Trustee a written opinion of nationally
recognized bond counsel selected by the Issuer that such
changes, additions, or deletions will not (1) result in the
inclusion of interest on any Bond in the gross income (as
defined in section 61 of the Code) of the holder thereof
(other than a holder who is a substantial user of the Project
or a related person as described in section 103(b) of the
Code) or (ii) change the status of the Project under the
Act
Section 3 4 Disbursements from Project Fund
The Issuer has, in the Indenture, authorized and directed
the Trustee to make payments from the Project Fund to the
User to reimburse the User for any Project Costs paid by the
User Such payments shall be made to the User by the Trustee
upon receipt of a requisition, with a duplicate sent to the
Issuer, signed by the User Representative stating- (a) the
requisition number, (b) the amount to be paid, (c) that each
obligation mentioned therein has been properly incurred, is
a proper charge against the Project Fund, is unpaid or not
reimbursed to the User, and has not been the basis of any
previous withdrawal or payment, and (d) that the payment of
the amount requested will not result in a breach of any of
the covenants of the User contained in this Agreement,
including particularly the covenants contained in Sections 6.6,
6 9, and 6 10 hereof The Issuer and the Trustee may rely
fully on any requisition delivered pursuant to this Section 3.4
and shall not be required to make any investigation in
connection therewith, provided, however, that duly authorized
representatives of the Issuer may inspect the invoices,
statements, and related materials which are the basis for
the User's requisition for payment at reasonable times All
records of Project Costs paid or incurred by the User shall,
upon the request of the Issuer, be subject to audit by the
Issuer's auditors. If amounts paid by the Trustee with
respect to the Project exceed the Project Costs paid or
incurred by the User, the User shall promptly pay such
overpayment to the Trustee for deposit into the Project
Fund
Section 3 5. Inspection of the Project. The User
agrees that the Issuer and its duly authorized agents may,
at their own risk, at reasonable times as determined by the
User enter upon the Project Site and examine and inspect the
Project and, upon the occurrence of an Event of Default, the
books and records of the User with respect to the Project.
-12-
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Section 3.6. Establishment of Completion Date.
The Completion Date shall be evidenced to the Trustee y a
certificate signed by the User Representative stating that,
except for amounts specified therein by the User to be
retained by the Trustee for any amount of any Project Costs
not then due and payable or the liability for payment of
which is being contested or disputed by the User, the acqui-
sition, construction, reconstruction, improvement, or expan-
sion, as the case may be, of the Project has been completed
substantially in accordance with the Plans and Specifica-
tions and all labor, services, materials, and supplies used
in such construction have been fully paid and all costs and
expenses incurred in connection therewith have been paid
Notwithstanding the foregoing, such certificate shall state
that it is given without prejudice to any rights against
third parties which exist at the date of such certificate or
which may subsequently come into being.
Section 3 7. Maintenance and Operation. The User
undertakes to cause each item o the Project Facilities to
be maintained and operated so long as the operation of each
such item in the sole judgment of the User is economical,
lawful, and feasible and in accordance with good operating
practice. The User agrees that during the term of this
kgreement it will pay any costs of operating, maintaining,
and repairing the Project and that the Issuer shall have no
responsibility or liability whatsoever for operating, main-
taining, and repairing the Project
Section 3 8. Insurance. The User shall insure,
including self - insurance, the Project against such losses
and in such amounts as is customary for persons engaged in
the same business as the User and operating facilities
similar to the Project
Section 3.9. User Required to Pay in Event Proj-
ect Fund Insufficient. In the event the moneys in the
Project Fund (including any proceeds of Additional Bonds)
available for payment of the Project Costs should not be
sufficient to pay the Project Costs in full, the User agrees
to complete the Project and to pay all Project Costs in
excess of the moneys available therefor in the Project Fund.
The Issuer does not make any warranty, either express or
' implied, that the moneys paid into the Project Fund and
available for payment of the Project Costs will be suffi-
cient to reimburse the User for all Project Costs The User
agrees that if, after exhaustion of the moneys in the Proj-
ect Fund, the User should directly pay all Project Costs
pursuant to the provisions of this Section, it shall not be
entitled to any diminution or abatement of the payment of
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Loan Payments or any other amounts payable under this Agree-
ment, but when and if any Additional Bonds are issued, such
payments may be reimbursed to the User from the proceeds
thereof.
ARTICLE IV. THE BONDS.
Section 4 1 Consideration for the Bonds. In
consideration of the covenants and agreements set forth
herein and the mutual benefits to the parties hereto, and to
enable the Issuer to issue the Bonds to carry out the in-
tents and purposes hereof, this Agreement is executed to
assure the issuance of the Bonds, and to provide for the due
and punctual payment by the User of Loan Payments to the
Trustee as assignee of the Issuer and for the benefit of the
Issuer and the holder of any Bond.
Section 4 2 Issuance of Bonds. Upon the request
of the User, the Issuer shall, if and as it deems reasonably
necessary or advisable, authorize the issuance of, and use
its best efforts to sell and deliver, the Bonds in amounts
sufficient to finance the Project Costs The Indenture
shall provide for payment of Loan Payments to the Trustee by
the User and may provide for additional obligations to be
performed by the User. The Indenture shall be subject to
the written approval of the President or any Vice President
of the User, and the provisions of the Indenture shall not
be binding or effective upon the User unless and until such
approval is given Such approval, if and when given, shall
constitute the acknowledgment and agreement of the User that
the Bonds are to be issued in accordance and compliance with
this Agreement, notwithstanding any other provision of this
Agreement or any other agreement to the contrary Any
holder of the Bonds is entitled to rely fully and uncondi-
tionally on any such approval The resolution of the Board
of Directors of the User authorizing the President or any
Vice President of the User to execute this Agreement shall
be deemed to authorize any such officer to approve the
Indenture on behalf of the User. Notwithstanding any pro-
visions of this Agreement or any other agreement to the
contrary, if and when the President or any Vice President of
the User gives written approval to the Indenture, all cove-
nants and provisions in the Indenture affecting the User
shall, upon the delivery of the Bonds authorized by the
Indenture, become unconditional, valid, and binding cove-
nants and obligations of the User so long as such Bonds and
interest coupons appertaining thereto are outstanding
Particularly, the obligation of the User to pay promptly
when due all Loan Payments may be enforced as provided in
-14-
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Loan Payments or any other amounts payable under this Agree-
ment, but when and if any Additional Bonds are issued, such
payments may be reimbursed to the User from the proceeds
thereof.
ARTICLE IV. THE BONDS.
Section 4 1 Consideration for the Bonds. In
consideration of the covenants and agreements set forth
herein and the mutual benefits to the parties hereto, and to
enable the Issuer to issue the Bonds to carry out the in-
tents and purposes hereof, this Agreement is executed to
assure the issuance of the Bonds, and to provide for the due
and punctual payment by the User of Loan Payments to the
Trustee as assignee of the Issuer and for the benefit of the
Issuer and the holder of any Bond.
Section 4 2 Issuance of Bonds. Upon the request
of the User, the Issuer shall, if and as it deems reasonably
necessary or advisable, authorize the issuance of, and use
its best efforts to sell and deliver, the Bonds in amounts
sufficient to finance the Project Costs The Indenture
shall provide for payment of Loan Payments to the Trustee by
the User and may provide for additional obligations to be
performed by the User. The Indenture shall be subject to
the written approval of the President or any Vice President
of the User, and the provisions of the Indenture shall not
be binding or effective upon the User unless and until such
approval is given Such approval, if and when given, shall
constitute the acknowledgment and agreement of the User that
the Bonds are to be issued in accordance and compliance with
this Agreement, notwithstanding any other provision of this
Agreement or any other agreement to the contrary Any
holder of the Bonds is entitled to rely fully and uncondi-
tionally on any such approval The resolution of the Board
of Directors of the User authorizing the President or any
Vice President of the User to execute this Agreement shall
be deemed to authorize any such officer to approve the
Indenture on behalf of the User. Notwithstanding any pro-
visions of this Agreement or any other agreement to the
contrary, if and when the President or any Vice President of
the User gives written approval to the Indenture, all cove-
nants and provisions in the Indenture affecting the User
shall, upon the delivery of the Bonds authorized by the
Indenture, become unconditional, valid, and binding cove-
nants and obligations of the User so long as such Bonds and
interest coupons appertaining thereto are outstanding
Particularly, the obligation of the User to pay promptly
when due all Loan Payments may be enforced as provided in
-14-
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the Indenture regardless of any other provisions of this
Agreement or any other agreement. If any such written
approval of the Indenture is given by the President or any
Vice President of the User, such approval shall constitute
and be the equivalent of the approval of the Indenture by
the User and its Board of Directors, and the provisions of
the Indenture affecting the User shall constitute the uncon-
ditional obligations of, and be binding upon, the User with
the effect described above.
Section 4.3 Certain Approvals. After written
approval by the User of the Indenture (including supple-
mental indentures), the Issuer shall'not refund, redeem
prior to their scheduled maturities, change, or modify the
Bonds issued thereunder, or change or modify the Indenture,
except as provided therein, without the prior written ap-
proval of the President or any Vice President of the User.
Section 4.4. Redemption of Bonds The Issuer,
upon the written request of the User, provided that the
Bonds are then callable, shall forthwith take all steps that
may be necessary under the applicable redemption provisions
to effect redemption, using funds then on deposit in the
Bond Fund, or other funds made available by the User, of all
or part of the then outstanding Bonds, as may be specified
by the User, on the earliest date on which such redemption
may be made under such applicable provisions; provided that
the redemption of any outstanding Bonds prior to maturity at
any time shall not relieve the User of its unconditional
obligations to pay each remaining Loan Payment. Upon the
occurrence of any event specifically listed in the Indenture
requiring redemption of the Bonds, the Issuer, upon payment
by the User of all Loan Payments necessary therefor, shall
forthwith take all steps necessary to effect such redemption.
ARTICLE V LOAN AND PROVISIONS FOR PAYMENT
Section 5.1. Loan. In order to finance the Proj-
ect, the Issuer shall, from time to time, loan to the User
the proceeds of the Bonds as provided in Section 3.4 hereof.
Such proceeds shall be disbursed and applied in accordance
with Article III hereof
Section 5 2. Payments of Loan Payments. In con-
sideration of the loan to it of proceeds of the Bonds and of
the covenants and agreements set forth herein, the User
agrees to pay Loan Payments to the Trustee, for the benefit
of and as assignee of the Issuer, as the case may be, not
later than the close of business on the business day next
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i Y / I t l4 1 � t ' +may 1 • +' TY"' ,{ ,, r [t t
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r Yr _ ... • 1 }R r� � 1% } J '-[`� ..r 7 r a '� r( � t rC� y ` • !' _ ' i) e r t r) r
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the proceeds of the sale of the Bonds or the income from the
investment thereof.
Neither the issuance of the Bonds nor the delivery
of this Agreement shall, directly or indirectly or contin-
gently, obligate the State of Texas or any political subdiv-
ision thereof to levy any form of taxation therefor or to
make any appropriation for their payment. Nothing in the
Bonds or the coupons appertaining to the coupon Bonds or in
the Indenture or this Agreement or the proceedings of the
Issuer authorizing the Bonds or in the Act shall be con-
strued to authorize the Issuer to create a debt of the State
of Texas or any political subdi.vision•thereof within the
meaning of any constitutional or statutory provision of the
State of Texas. The principal, premium, if any, and inter-
est on the Bonds shall be payable solely from the funds
pledged for their payment in accordance with the Indenture.
The State of Texas or any political subdivision thereof
shall not in any event be liable for the payment of the
principal of, or premium, if any, or interest on the Bonds
or for the performance of any pledge, obligation, or agree-
ment of any kind whatsoever which may be undertaken by the
Issuer. No breach of any such pledge, obligation, or agree-
ment may impose any pecuniary liability upon the State of
Texas or any political subdivision thereof, or any charge
upon the general credit or against the taxing power of the
State of Texas or any political subdivision thereof.
Section 6 2. Financial Reports. The User shall
cause an annual audit of its books and accounts to be made
by independent certified public accountants and within
30 days after receipt of the report of such accountants, or
within 30 days after an annual report shall have been made
available to its shareholders, shall furnish the Issuer and
the Trustee a copy of such audit report, or a copy of such
annual report if such annual report shall contain financial
statements in substantially similar detail. The User shall
furnish to the Issuer, the Trustee, any holder of Bonds who
requests such information, and to Underwood, Neuhaus & Co.
Incorporated a copy of its quarterly unaudited financial
statements. The timely furnishing of Security and Exchange
Commission Forms 10 -K and 10 -Q shall satisfy the obligations
of the User under this Section 6.2.
Section 6.3. Existence of the User. While any of
the Bonds remain outstanding, the User shall maintain its
corporate existence and qualification to do business in the
State of Texas and shall not merge or consolidate with any
other corporation or sell or dispose of all or substantially
all of its assets, unless (a) either the User shall be the
-18-
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the proceeds of the sale of the Bonds or the income from the
investment thereof.
Neither the issuance of the Bonds nor the delivery
of this Agreement shall, directly or indirectly or contin-
gently, obligate the State of Texas or any political subdiv-
ision thereof to levy any form of taxation therefor or to
make any appropriation for their payment. Nothing in the
Bonds or the coupons appertaining to the coupon Bonds or in
the Indenture or this Agreement or the proceedings of the
Issuer authorizing the Bonds or in the Act shall be con-
strued to authorize the Issuer to create a debt of the State
of Texas or any political subdi.vision•thereof within the
meaning of any constitutional or statutory provision of the
State of Texas. The principal, premium, if any, and inter-
est on the Bonds shall be payable solely from the funds
pledged for their payment in accordance with the Indenture.
The State of Texas or any political subdivision thereof
shall not in any event be liable for the payment of the
principal of, or premium, if any, or interest on the Bonds
or for the performance of any pledge, obligation, or agree-
ment of any kind whatsoever which may be undertaken by the
Issuer. No breach of any such pledge, obligation, or agree-
ment may impose any pecuniary liability upon the State of
Texas or any political subdivision thereof, or any charge
upon the general credit or against the taxing power of the
State of Texas or any political subdivision thereof.
Section 6 2. Financial Reports. The User shall
cause an annual audit of its books and accounts to be made
by independent certified public accountants and within
30 days after receipt of the report of such accountants, or
within 30 days after an annual report shall have been made
available to its shareholders, shall furnish the Issuer and
the Trustee a copy of such audit report, or a copy of such
annual report if such annual report shall contain financial
statements in substantially similar detail. The User shall
furnish to the Issuer, the Trustee, any holder of Bonds who
requests such information, and to Underwood, Neuhaus & Co.
Incorporated a copy of its quarterly unaudited financial
statements. The timely furnishing of Security and Exchange
Commission Forms 10 -K and 10 -Q shall satisfy the obligations
of the User under this Section 6.2.
Section 6.3. Existence of the User. While any of
the Bonds remain outstanding, the User shall maintain its
corporate existence and qualification to do business in the
State of Texas and shall not merge or consolidate with any
other corporation or sell or dispose of all or substantially
all of its assets, unless (a) either the User shall be the
-18-
V01. O PAGE.
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surviving corporation, in the case of a merger, or the sur-
viving, resulting, or transferee corporation, as the case
may be, shall be a corporation organized and existing under
the laws of the United States of America or a state thereof
and shall expressly and unconditionally assume, in a written
instrument delivered to the Issuer and the Trustee, the
punctual performance and observance of all of the covenants
and conditions of this Agreement to be performed by the
User, (b) the User or such surviving, resulting, or trans-
feree corporation, as the case may be, shall not, immedi-
ately after such merger or consolidation, or sale or dispo-
sition, be in default in the performance of any covenant or
condition hereunder, (c) the surviving, resulting, or trans-
feree corporation, as the case may be, shall be a Texas
corporation or shall be duly authorized to transact business
in the State of Texas, and (d) the User or such surviving,
resulting or transferee corporation, as the case may be,
shall have a net worth at least equal to the net worth of
the User immediately preceding such merger or consolidation,
or sale or disposition, with net worth being determined in
accordance with generally accepted accounting principles.
Section 6.4. Assignment. Subject to Section 6.3
hereof, this Agreement may be assigned as a whole or in
part, by the User without the necessity of obtaining the
consent of either the Issuer or the Trustee, subject, how-
ever, to each of the following conditions.
(a) No assignment (other than pursuant to
Section 6.3 hereof) shall relieve the User from
primary liability for any of its obligations
hereunder, and, in the event of any such assign -
ment, the User shall remain primarily liable for
payments of the Loan Payments and for perfor-
mance and observance of the other agreements on
its part herein provided to be performed and
observed to the same extent as though no'as-
signment had been made,
(b) The assignee shall assume the obliga-
tions of the User hereunder to the extent of the
interest assigned, and
r
(c) The User shall promptly upon the
making of any assignment, furnish or cause to be
furnished to the Issuer and to the Trustee a
true and complete copy of each such'assignment
and assumption of obligation.
-19-
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Section 6.5. Further Assurances and Corrective
Instruments. The Issuer and the User agree that they will,
from time to time, execute, acknowledge, and deliver, or
cause to be executed, acknowledged, and delivered, such
supplements hereto and such further instruments as may
reasonably be required for carrying out the intention of or
facilitating the performance of this Agreement and the
Indenture
Section 6 6. Tax Exempt Status of the Bonds. The
User hereby covenants that substantially all of the proceeds
of the Bonds will be used to pay Pro]ect Costs which consti-
tute proper costs of land or property of a character subject
to the allowance for depreciation as contemplated by sec-
tion 103(b)(6) of the Code and that it has not taken, per-
mitted to be taken, or omitted to take, and will not take,
permit to be taken, or omit to take any action which would
cause the interest on the Bonds to become includable in the
gross income (as defined in section 61 of the Code) of the
holders of the Bonds (other than a holder who is a substan-
tial user of the Project or related person as described in
section 103(b) of the Code)
Section 6.7. Issuer Representative Whenever
under the provisions of this Agreement the approval of the
Issuer is required or the Issuer is required to take some
action at the request of the User, any such approval or
action shall be evidenced by an instrument signed by the
Issuer Representative, and the User or the Trustee shall be
authorized to act on any such approval or action, and the
Issuer shall have no redress against the User or the Trustee
as a result of any such action taken.
Section 6 8 User Representative. Whenever under
the provisions of this Agreement the approval of the User is
required or the User is required to take some action at the
request of the Issuer, such approval or such action shall be
evidenced by an instrument signed by the User Representative
and the Issuer or the Trustee shall be authorized to act on
any such approval or action and the User shall have no
redress against the Issuer or the Trustee as a result of any
such action taken
Section 6.9 No- Arbitrage Covenant The User and
the Issuer covenant that they shall take no action, nor
shall the-User approve the Trustee's taking any action or
making any investment or use of the proceeds of the Bonds,
which would cause the Bonds to be "arbitrage bonds" in the
hands of any holder thereof within the meaning of
section 103(c) of the Code.
-20-
VOLQ.PAGE_6,aU
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Section 6.5. Further Assurances and Corrective
Instruments. The Issuer and the User agree that they will,
from time to time, execute, acknowledge, and deliver, or
cause to be executed, acknowledged, and delivered, such
supplements hereto and such further instruments as may
reasonably be required for carrying out the intention of or
facilitating the performance of this Agreement and the
Indenture
Section 6 6. Tax Exempt Status of the Bonds. The
User hereby covenants that substantially all of the proceeds
of the Bonds will be used to pay Pro]ect Costs which consti-
tute proper costs of land or property of a character subject
to the allowance for depreciation as contemplated by sec-
tion 103(b)(6) of the Code and that it has not taken, per-
mitted to be taken, or omitted to take, and will not take,
permit to be taken, or omit to take any action which would
cause the interest on the Bonds to become includable in the
gross income (as defined in section 61 of the Code) of the
holders of the Bonds (other than a holder who is a substan-
tial user of the Project or related person as described in
section 103(b) of the Code)
Section 6.7. Issuer Representative Whenever
under the provisions of this Agreement the approval of the
Issuer is required or the Issuer is required to take some
action at the request of the User, any such approval or
action shall be evidenced by an instrument signed by the
Issuer Representative, and the User or the Trustee shall be
authorized to act on any such approval or action, and the
Issuer shall have no redress against the User or the Trustee
as a result of any such action taken.
Section 6 8 User Representative. Whenever under
the provisions of this Agreement the approval of the User is
required or the User is required to take some action at the
request of the Issuer, such approval or such action shall be
evidenced by an instrument signed by the User Representative
and the Issuer or the Trustee shall be authorized to act on
any such approval or action and the User shall have no
redress against the Issuer or the Trustee as a result of any
such action taken
Section 6.9 No- Arbitrage Covenant The User and
the Issuer covenant that they shall take no action, nor
shall the-User approve the Trustee's taking any action or
making any investment or use of the proceeds of the Bonds,
which would cause the Bonds to be "arbitrage bonds" in the
hands of any holder thereof within the meaning of
section 103(c) of the Code.
-20-
VOLQ.PAGE_6,aU
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Section 6.10. Limitation on Ca ital EK2enditures.
The User will not take any action or fail to take any action
which would result in the limitations on "capital expendi-
tures," within the meaning of section 103(b)(6) of the Code,
to be exceeded. In each of the first four fiscal years
following the User's fiscal year in which the Bonds are
issued, the User shall file, in the office of the Internal
Revenue Service where the User is required to file its
federal income tax return and on the due date prescribed for
filing such return (without regard to any extension of
time), a supplemental statement listing by date and amount
any capital expenditures made by the,User and all related
persons In Brazos County, Texas, in the preceding year, as
required by the Regulations and shall furnish a copy of such
statement to the Issuer and the Trustee.
Section 6 11. Release and Indemnification. The
User will indemnify and hold harmless the Issuer, its offi-
cers, members, and employees against all loss, costs, dam-
ages, expenses, and liabilities of whatsoever nature (in-
cluding but not limited to attorney's fees, litigation and
court costs, amounts paid in settlement, and amounts paid to
discharge judgments) arising out of or related to (a) the
issuance, offering, sale, or delivery of the Bonds; or
(b) the design, construction, installation, operation, use,
occupancy, maintaining, or ownership of the Project (in-
cluding compliance with laws, ordinances, and rules and
regulations of public authorities relating thereto); and
(c) arising at any time because of or in connection with any
written statements or representations made or given by it,
or any of its officers or employees, to the Issuer, its
Board of Directors, officers, employees, agents, or attor-
neys, any Trustee, or any underwriters or purchasers of any
of the Bonds, with respect to the User, the Project, or the
Bonds, including, but not limited to statements or represen-
tations of facts, financial information, or corporate affairs.
The User will also pay and discharge and will indemnify and
hold harmless the Issuer from (y) any lien or charge upon
payments by the User to the Issuer hereunder, and (z) any
taxes (including, without limitation, all ad valorem taxes
and sales taxes on the Project and the providing thereof),
assessments, impositions, and other charges in respect of
any portion of the Project. If any such claim is asserted,
or any such lien or charge upon payments, or any such taxes,
assessments, impositions, or other charges, are sought to be
imposed, the Issuer will give prompt notice to the User, and
the User shall have the sole right and duty to assume, and
will assume, the defense thereof, with full power to liti-
gate, compromise, or settle the same in its sole discretion.
-21-
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t r y r v r 4' .� r j.. [ � +i °� � f i 1• ° 1 .. r hr .. '^ j t(, � <-� +. i r ; y '' * A t 'f r` 7` • r .- 1' ) r r +
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Section 6.12. Notice of Final Determination. In
the event that the User receives notice from the Trustee
pursuant to Section 2 07 of the Indenture that a proceeding
which could lead to a Determination of Taxability and extra-
ordinary mandatory redemption of Bonds as contemplated by
such Section has been instituted against a holder of any
Bond, the User shall promptly notify the Trustee and the
Issuer whether or not it intends to contest such proceeding.
In the event that the User chooses to so contest, it will
use its best efforts to obtain a prompt final determination
or decision in such proceeding or litigation and will keep
the Trustee and the Issuer informed of the progress of any
such proceeding or litigation.
Section 6 13 Financial Covenants of the User
While the Bonds are Outstanding, the User hereby ma es the
following financial covenants, with all terms used herein to
have the meanings prescribed by generally accepted account-
ing procedures
(a) The User will at all times maintain
Consolidated Current Assets in an amount at
least equal to 150% of its Consolidated Current
Liabilities The identification and tabulation
of Consolidated Current Assets and Consolidated
Current Liabilities shall be made by the User's
Certified Public Accountant using generally
accepted accounting procedures.
(b) The User will restrict dividends in
that it will not declare a dividend on any of
its shares of any class, other than a dividend
payable solely in shares of a class of common
stock, as long as the outstanding principal
amount of funded indebtedness is greater than
the Net Worth of the User, and will limit divi-
dends to no more than 10% of Consolidated Net
Income after taxes thereafter, except that no
dividend will be declared if the User is not in
compliance with (a) above.
;11 (c) The User will limit its additional
funded debt in that it will not incur additional
(� funded debt unless the total consolidated funded
debt on a pro forma basis is less than 60% of
Total Consolidated Assets. Funded Debt includes
all indebtedness for borrowed money which would,
in accordance with generally accepted accounting
principles, be classified as long -term debt,
-22-
VOL�� ..,PAGE
—777777 tits 4/.. y
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Section 6.12. Notice of Final Determination. In
the event that the User receives notice from the Trustee
pursuant to Section 2 07 of the Indenture that a proceeding
which could lead to a Determination of Taxability and extra-
ordinary mandatory redemption of Bonds as contemplated by
such Section has been instituted against a holder of any
Bond, the User shall promptly notify the Trustee and the
Issuer whether or not it intends to contest such proceeding.
In the event that the User chooses to so contest, it will
use its best efforts to obtain a prompt final determination
or decision in such proceeding or litigation and will keep
the Trustee and the Issuer informed of the progress of any
such proceeding or litigation.
Section 6 13 Financial Covenants of the User
While the Bonds are Outstanding, the User hereby ma es the
following financial covenants, with all terms used herein to
have the meanings prescribed by generally accepted account-
ing procedures
(a) The User will at all times maintain
Consolidated Current Assets in an amount at
least equal to 150% of its Consolidated Current
Liabilities The identification and tabulation
of Consolidated Current Assets and Consolidated
Current Liabilities shall be made by the User's
Certified Public Accountant using generally
accepted accounting procedures.
(b) The User will restrict dividends in
that it will not declare a dividend on any of
its shares of any class, other than a dividend
payable solely in shares of a class of common
stock, as long as the outstanding principal
amount of funded indebtedness is greater than
the Net Worth of the User, and will limit divi-
dends to no more than 10% of Consolidated Net
Income after taxes thereafter, except that no
dividend will be declared if the User is not in
compliance with (a) above.
;11 (c) The User will limit its additional
funded debt in that it will not incur additional
(� funded debt unless the total consolidated funded
debt on a pro forma basis is less than 60% of
Total Consolidated Assets. Funded Debt includes
all indebtedness for borrowed money which would,
in accordance with generally accepted accounting
principles, be classified as long -term debt,
-22-
VOL�� ..,PAGE
—777777 tits 4/.. y
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VOI jaYAGE.AA&-L
notwithstanding that any amount thereof is at a
time also included in current liabilities.
Indebtedness for borrowed money includes (i) in-
debtedness incurred in connection with borrowing
and sales of debt securities, (ii) indebtedness
for the purchase of property other than accounts
payable incurred or assumed in the ordinary
course of business and includable in current
liabilities, (iii) lease obligations, and
(iv) guarantees or other obligations of any
other person.
(d) The User will at all times maintain
its Net Worth at not less than $1,750,000. The
determination of the User's Net Worth shall be
made by the User's Certified Public Accountant
using generally accepted accounting procedures.
ARTICLE VII. EVENTS OF DEFAULT AND REMEDIES.
Section 7 1. Events of Default Defined. The fol-
lowing shall be "Events of Default" under this Agreement and
the terms "Events of Default" shall mean, whenever they are
used in this Agreement, any one or more of the following
events:
(a) Failure by the User to pay the Loan
Payments when due
(b) Failure by the User to observe and
perform any covenant, condition, or agreement on
its part to be observed or performed, other than
as referred to in subsection (a) of this Sec-
tion, or failure to remedy any material misrepre-
sentation or comply with any warranty made in
this Agreement for a period of 60 days after
written notice, specifying such failure and
requesting that it be remedied, is given to the
User by the Issuer or the Trustee, unless the
Issuer and the Trustee shall agree in writing to
an extension of such time prior to its expira-
tion, provided, however, if the failure stated
in the notice cannot be corrected within the
applicable period, the Issuer and the Trustee
will not unreasonably withhold their consent to
an extension of such time if corrective action
is instituted by the User within the applicable
period and is being diligently pursued.
-23-
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(c) The dissolution or liquidation of the
User or the filing by the User of a voluntary
petition in bankruptcy, or adjudication of the
User as bankrupt, or an assignment by the User
for the benefit of its creditors, or the entry
by the User into an agreement of composition
with its creditors, or the approval by a court
of competent jurisdiction of a petition applic-
able to the User in any proceeding for its
reorganization instituted under the provisions
of the Federal Bankruptcy Act, as amended, or
under any similar act which may hereafter be
enacted. The term "dissolution or liquidation,"
as used in this subsection shall not be con-
strued to include the cessation of the corporate
existence of the User by the combination or
merger of the User into or with another corpora-
tion or a dissolution or liquidation of the User
following a transfer of all or substantially all
of its assets as an entirety, under the condi-
tions permitting such actions contained in
Section 6.3 hereof
The foregoing provisions of this Section are sub -
ject to the following limitations- If by reason of Force
Majeure the User is unable in whole or in part to carry out
its agreements herein contained, other than the obligations
on the part of the User contained in Article V hereof, the
User shall not be deemed in default during the continuance
of such inability The User agrees, however, to remedy with
all reasonable dispatch the cause or causes preventing the
User from carrying out its agreements, provided, however,
that the settlement of strikes, lockouts and other indus-
trial disturbances shall be entirely within the discretion
of the User, and the User shall not be required to make set-
tlement of strikes, lockouts, and other industrial distur-
bances by acceding to the demands of the opposing party or
parties when such course is in the judgment of the User un-
favorable to the User.
Section 7.2. Remedies Upon Events of Default.
1 Whenever any Event of Default shall have happened and be
{ continuing, the Issuer may take any one or more of the fol-
lowing remedial steps
(a) By written notice to the User the
Issuer may declare all unpaid indebtedness
hereunder to be immediately due and payable,
whereupon the same shall become immediately due
r
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VoLj ..PAGE.
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ur,
VOL - P- PAGEAd-Y
,
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' and payable. The term "all unpaid indebtedness"
shall mean Loan Payments in an amount equal to
;VII
the principal of, and premium, if any, on all
Bonds then outstanding and interest accrued I
,
thereon and to accrue thereon to the date of
J�' + J +^ t• 'l, �, 17 4
,i1 ' �
receipt by the Trustee of such moneys, and other
waive any other breach hereunder
payments due or to become due hereunder, includ-
`
'
ing without limitation, any unpaid fees and
123
expenses of the Trustee and paying agents, if
,, . , � t ,yr h , .. ).t � � "
`
any, for the Bonds which are then or will become
�,rx
due prior to the time that the Bonds are paid in
;� [
full.
a'
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(b) The Issuer may take whatever action at
law or in equity may appear necessary or desir-
able to collect the amounts then due and there-
after to become due, or to enforce performance
-f- ,•• --�� r _ r ��.-r t � r^r,' i v'i' a `,r / ? t �`.'i~
and observance of any obligation, agreement, or
(x41
covenant of the User under this Agreement.
t
The above remedies are not intended, however, to restrict or
otherwise affect any remedy the Trustee may have pursuant to
any deed of trust or security instrument, which remedies are
expressly made cumulative of the remedies contained herein.
Section 7.3 No RemedX Exclusive No remedy
herein conferred upon or reserved tote Issuer is intended
to be exclusive of any other available remedy or remedies,
but each and every such remedy shall be cumulative and shall
be in addition to every other remedy given under this Agree-
ment or now or hereafter existing at law or in equity or by
statute. No delay or omission to exercise any right or
power accruing upon default shall impair any such right or ,
power or shall be construed to be a waiver thereof, but any
such right or power may be exercised from time to time and
as often as may be deemed expedient. In order to entitle
the Issuer to exercise any remedy reserved to it in this
Article, it shall not be necessary to give any notice other
than such notice as may be herein expressly required.
Section 7.4. No Additional Waiver
IM
lied by One
Waiver. In the event any agreement contained
in
this
ur,
Agreement should be breached by either party
and
thereafter"
^ it + ti. / i 9 t �,r ' f �,
waived by the other party, such waiver shall
be
limited to
•r
the particular breach so waived and shall not be
deemed to
J�' + J +^ t• 'l, �, 17 4
,i1 ' �
'
waive any other breach hereunder
`
'
123
Section 7 5. Remedial Rights Assigned
,, . , � t ,yr h , .. ).t � � "
`
to Trustee.
i i f x 1 V f' i y �� �1 „� r 'i ' , t 1 f
Y,
Such rights and remedies as are given the Issuer
hereunaer
r �, It 11 �, , -rl
t�y fail a�
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P i Jr.1 ^' ! .t � ,/�. „rt. i
t 1 t }'�1 I',� , /Ijt y,�At � / � r� m .� , � t
P r ' + � 1 , in d �
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♦ � 1t 4
V ~ "tr 7+ --•-- -- ��'1't,Af!•'!4t",ti'Rq y r r•r,�.iS� �,i..1 ti - '7'T-'��
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shall upon execution and delivery of the Indenture be
assigned
fr
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^�' � �••� �"
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under the limitations and conditions that the
Trustee
1
+
a.
the occurrence
of an Event of Default pursuant to Article VI
of the
Indenture.
ARTICLE VIII MISCELLANEOUS.
. : y� . ' 1 a i '..a
1 •_, ti.� 'A �' i
�, s+ . : �r.5.,s:r'. l
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_^�? �a1 w�. * :'— - 1ey,.. �If
. • �'�1. y''' � _ 1_ - ----�—
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A iwt 1 J _.... - - �+.. � ._ =•..t —+_- A. µ �'.� ..ti __ _
- ✓r.rr.... 1_e .- '�.�wo.a,.are►i� :.H'.
+�Jw� � .". _ �
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_ —._� —.�_ •- ______
_�__ _..__
�._ - ^- - -._._
_._ _� _ �. �� _ _ _ T...
_ IAA °%�:'7P"�°`^'F"f". c-
1
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f
1
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shall upon execution and delivery of the Indenture be
assigned
to the Trustee, and the Trustee shall have the
right
to
!
exercise such rights and remedies in the same
manner
and
iF
under the limitations and conditions that the
Trustee
is
entitled to exercise rights and remedies upon
the occurrence
of an Event of Default pursuant to Article VI
of the
Indenture.
ARTICLE VIII MISCELLANEOUS.
Section 8 1. Term of A reement. This Agreement
shall remain in full force and etfect from the date hereof
until such time as all of the Bonds shall have been fully
pain (jr provision made for such payment pursuant to the In-
denture) Notwithstanding anything herein to the contrary,
however, this Agreement shall be considered null and void ab
initio six months from the date hereof, or such later date^
mutually agreed upon by the User and the Issuer, if there
has been no sale of Bonds as contemplated herein by such
date
c Section 8 2. Notices. All notices, certificates,
or other communications ereun er shall be sufficiently
given and shall be deemed given when delivered or mailed by
registered or certified mail, postage prepaid, or sent by
,'ttt telegram, addressed as follows
If to Issuer, at Brazos County Industrial
I7# Development Corporation
" County Courthouse
�4 Bryan, Texas 77801
E Attention. County Judge
1
i If to User, at O I Corporation
1
s, 512 West Loop, P 0. Box 2980
i College Station, Texas 77841
i' Attention. President
#�! If to Trustee, at City National Bank of Bryan
P 0. Drawer 913
Bryan, Texas 77801
Attention Trust Department
�+ A duplicate copy of each notice, certificate, or other
' communication given hereunder by either the Issuer or the
Company to the other shall also be given to the Trustee.
+ The Issuer, the User, and the Trustee may by notice given
t hereunder designate any further or different addresses to
which subsequent notices, certificates, or other communica-
tions shall be sent
-26-
VOL Y0 PAGE-L3S
i
X
.''- + ' { o 7 s
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i, +' -` .Ii'T+ i r.E�>, s;. - ..'i?-i ash "r'is"d '_ r�A"ba+.. �" +. �. e, rk �Z f — --- - _, - u•• F ' .a h ✓+ S�S«'.iL+L
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II
' - Y41.1� -PACE 3
Section 8.3. Binding Effect. This Agreement
shall inure to the benefit of and shall be binding upon the
Issuer, the User, and their respective successors and as-
signs, subject, however, to the limitations contained in
Sections 6.3 and 6.4 hereof.
Section 8.4. Severabilit . In the event any pro-
vision of this Agreement shall b e eld invalid or unenforce-
able by any court of competent jurisdiction, such holding
shall not invalidate or render unenforceable any other pro-
vision hereof.
Section 8.5 Amounts,Rem6ining in Bond Fund
or Project Fund It is 'agreed by the parties hereto that
any amounts remaining in the Bond Fund or Project Fund upon
expiration or sooner termination of the term of this Agree-
ment, as provided in this Agreement, after payment in full
of the Bonds (or provision for payment thereof having been
made in accordance with the provisions of the Indenture) and
the reasonable and necessary fees and expenses of the Trustee
and any paying agents in accordance with the Indenture,
shall belong to and be paid to the User by the Trustee.
Section 8.6. Amendments Changes, and Modifica-
tions. Subsequent to the issuance of Bonds and prior to
t eir payment in full (or provision for the payment thereof
having been made in accordance with the provisions of the
Indenture), this Agreement may not be amended except in
accordance with the procedures set forth in the Indenture
for the amendment of the Indenture; provided, however, that
this Agreement may not be amended, without the consent of
the holder of each outstanding Bond affected thereby, so as
to
(a) alter the obligation of the User to
pay Loan Payments when due,
(b) change or affect Sections 5.2, 5.3,
6 3, 6.6, 6.9, and 6.10 hereof,
(c) terminate or cancel this Agreement; or
(d) decrease the minimum percentage of the
principal amount of the Bonds the holders of
which must consent to any such amendment.
Section 8 7 Execution in Counterparts. This
Agreement may be simultaneously executed in several counter-
parts, each of which shall be an original and all of which
shall constitute but one and the same instrument.
5 11 1
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Section 8.8. Captions. The captions or headings
in this Agreement are for convenience only and in no way de-
fine, limit, or describe the scope or intent of any provi-
sions or sections of this Agreement.
Section 8.9. No Pecuniary LiabilitX of Issuer.
No provision, covenant, or agreement contained in this
Agreement or breach thereof shall constitute or give rise to
a pecuniary liability of the Issuer or a charge upon its
general credit. In making such provisions, covenants, or
agreements, the Issuer has not obligated itself, except with
respect to the Project and the application of the revenues
of this Agreement, as hereinabove provided It is recog-
nized that the Issuer's only source of funds with which to
carry out its commitments under this Agreement will be from
the pioceeds from the sale of the Bonds, and it is expressly
agreed that the Issuer shall have no liability, obligation,
or responsibility with respect to this Agreement or the Pro-
ject except to the extent of funds available from such Bond
proceeds r
Section 8 10 Payments Due on Holidays If the
date for making any payment or the ast date or performance
of any act or the exercise of any right, as provided in this
Agreement, shall be a legal holiday or a day on which bank-
ing institutions in the city in which the principal office
of the Trustee is located are authorized by law to remain
closed, such payment may be made, act performed, or right
exercised on the next succeeding day not a legal holiday or
a day on which such banking institutions are authorized by
law to remain closed with the same force and effect as if
done on the date provided in this Agreement, and if done on
such succeeding day no interest shall accrue for the period
after such date.
Section 8 11. Patent of Issuer Expenses Except
to the extent payment is provided in the Project Fund the
User will pay the reasonable out -of- pocket expenses of the
Issuer incurred under this Agreement or the Indenture not
otherwise required to be paid by the User under the terms of
this Agreement, including attorney's fees, an agreed service
fee of $1,500 to be paid at closing the Series 1980 Bonds,
and service fees for any Additional Bonds, together with all
expenses paid or incurred by the Issuer in connection with
the Bonds
section 8 12 Status of Parties' Relationshi
Nothing in this Agreement shall be c o nstruea to make either
party the partner or joint venturer of or with the other
party
-28-
VOL 0 PAGE6�?
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Section 8.13. Governing Law. The validity,
interpretation, and performance of this Agreement shall be
governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the Issuer and the User have
caused this Agreement to be executed in their respective t
corporate names and their respective corporate seals to be
hereunto affixed and attested by their duly authorized
officers, all as of the date first written
BRAZOS COUNTY INDUSTRIAL DEVELOP-
MENT CORPORATION
UrA
(SEAL) President
ATTEST:
Secretary
O.I. CORPORATION
By
(SEAL) k President I
ATTEST:
Secretary,
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Description of Project Facilities
The Project consists of a 28,500 square feet
pre- engineered steel building situated on approximately
11 29 acres at F.M 2154 at Graham Road in the University
Industrial Center in Brazos County, Texas. The building
will include 8,500 square feet of office space and a fully
equipped laboratory for manufacturing of chemistry- related
products as well as research and development The remaining
20,OG0 square feet will be used for manufacturing of the
User's electronics and electro- mechanical measurement instruments.
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Description of Project Facilities
The Project consists of a 28,500 square feet
pre- engineered steel building situated on approximately
11 29 acres at F.M 2154 at Graham Road in the University
Industrial Center in Brazos County, Texas. The building
will include 8,500 square feet of office space and a fully
equipped laboratory for manufacturing of chemistry- related
products as well as research and development The remaining
20,OG0 square feet will be used for manufacturing of the
User's electronics and electro- mechanical measurement instruments.
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T I EXHIBIT "Bo `'1114
Legal Description of Project Site
41
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An 11.29 acre tract in University Industrial
Center, PHASE I, Robert Stevenson League, Abstract 54, t { 7
Brazos County, Texas, as shown on a Plat Recorded in 1
'Volume 456, Page 249 of the Deed Records of Brazos County,
Texas, on July 14, 1980, File No. 181991, such Plat dated
June 12, 1980. �F�
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RESOLUTION AUTHORIZING BRAZOS COUNTY INDUSTRIAL
DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS
(0 I. CORPORATION PROJECT) SERIES 1980; A LOAN
AGREEMENT, AN INDENTURE OF TRUST, AN AGENCY AGREEMENT;
APPROVAL OF CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM; t
ACCEPTANCE OF AN INDEMNITY LETTER;
AND OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the Brazos County Industrial Development
Corporation (the "Issuer "), on behalf of Brazos County, Texas
(the "Unit "), is empowered to finance the cost of projects
to promote and develop commercial, industrial, and manufactur-
ing enterprises to promote and encourage employment, the public
health, and the public welfare by the issuance of obligations
of the Issuer which projects will be inside the Unit's boun-
daries,
WHEREAS, 0.I Corporation, an Oklahoma corporation
(the "User "), has requested the Issuer to finance the cost
of acquiring, constructing, reconstructing, improving, or
expanding, as the case may be, an industrial project (the
'
"Project"),
WHEREAS, in order to finance the Project, the Is-
suer proposes to issue bonds styled, "Gulf Coast Industrial
Development Authority Industrial Development Revenue Bonds
(0 I Corporation Project) Series 1980" (the "Bonds "), and
WHEREAS, there have been presented to the Issuer
proposed forms of each of the following
1. Loan Agreement, dated as of October 1, 1980,
(the "Agreement "), between the Issuer and the User,
2. Indenture of Trust, dated as of'October 1, 1980,
(the "Indenture "), between the Issuer and City National Bank
of Bryan, Bryan, Texas (the "Trustee "),
3 An Agency Agreement, dated as of Zeptember-_,
1980 (the "Agreement "), among the Issuer, the User, and
Underwood, Neuhaus & Co. Incorporated (the "Agent "),
4 A Confidential Private Placement Memorandum
relating to the Bonds (the "Placement Memorandum ")
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE BRAZOS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION THAT
VOL. o _PACE &tLL
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Section 1. Based solely upon the representations
made to the Board of Directors (the "Board ") and to the Texas
Industrial commission by the User, it appears and the Board
hereby finds that.
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A. The Project is required or suitable for the
promotion of commercial or industrial devel-
opment and expansion, the promotion of, em-
ployment, or for use by commercial, manufac-
turing, or industrial enterprises, irrespective
of whether in existence or required to be ac- r
quired or constructed after the making of these
findings by the Board; and
B. Additionally
(1) the User has the business experience,
financial resources, and responsibility
to provide reasonable assurance that all
bonds and interest thereon be paid from
or by reason of payments made by the User
under the Agreement will be paid as the
same become due; and
(ii) the Project sought to be financed pur-
suant to the Agreement is in furtherance
of the public purpose of the promotion
and development of new and expanded in-
dustrial enterprises to promote and en-
courage employment and the public
welfare.
Section 2. The Board hereby approves the Agree-
ment in substantially the form and substance presented to
the Board and the President or Vice President is hereby au-
thorized and directed, for and on behalf of the Issuer, to
date, sign, and otherwise execute the Agreement, and the
Secretary of the Board is authorized and directed for and on
behalf of the Issuer to attest the Agreement, and such of-
ficers are hereby authorized to deliver the Agreement. Upon
execution by the parties thereto and delivery thereof, the
Agreement shall be binding upon the Issuer in accordance
with the terms and provisions thereof.
Section 3. The Bonds in the aggregate principal
amount of $1,300,000 are authorized to be issued for the pur-
pose of paying the cost of acquiring, constructing, reconstruct-
ing, improving, or expanding, as the case may be, the Project.
The Board hereby approves the Indenture in substantially the
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form and substance presented to the Board and the President
or Vice President of the Board is authorized and directed
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for and on behalf of the Issuer to date, sign, and otherwise
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execute the Indenture and the Secretary of the Board is hereby
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authorized to attest the Indenture and such officers are hereby
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authorized to deliver the Indenture The details of the Bonds
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shall be as set forth in the Indenture.
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Section 4 The Board hereby approves the Agency
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Agreement among the Issuer, the User, and the Agent in sub-
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stantially the form and substance presented to the Board and
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the President or the Vice President of the Board is authorized
and directed for and on behalf of the Board, to date, sign,
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or otherwise execute the Agency Agreement and the Secretary
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of the Board is hereby authorized to attest the Agency Agree -
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ment on behalf of the Issuer and such officers are hereby
authorized to deliver the Agency Agreement
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or Vice President of the Board is authorized and directed
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for and on behalf of the Issuer to date, sign, and otherwise
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execute the Indenture and the Secretary of the Board is hereby
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authorized to attest the Indenture and such officers are hereby
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shall be as set forth in the Indenture.
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Section 4 The Board hereby approves the Agency
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Agreement among the Issuer, the User, and the Agent in sub-
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stantially the form and substance presented to the Board and
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the President or the Vice President of the Board is authorized
and directed for and on behalf of the Board, to date, sign,
n:7'•.wif �u �.vpaa..�.,LS,.1�frc"
or otherwise execute the Agency Agreement and the Secretary
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of the Board is hereby authorized to attest the Agency Agree -
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ment on behalf of the Issuer and such officers are hereby
authorized to deliver the Agency Agreement
Section 5. The Placement Memorandum proposed to be
<° delivered in connection with the sale of the Bonds in substan-
tially the form and substance presented to the Board is hereby
approved Delivery to the Agent of the Placement Memorandum,
based upon representations received from the User and the
Agent, is hereby authorized.
1�
Section 6 The President and Secretary are hereby
each authorized and directed to execute the Bonds, or have
their facsimile signatures placed upon the Bonds, and each
is hereby authorized and directed to deliver the Bonds, and
the seal of the Issuer is hereby authorized and directed to
be affixed or placed in facsimile on the Bonds.
Section 7 City National Bank of Bryan, Bryan,
Texas, is hereby appointed as Trustee under the Indenture
thereby serving as Registrar and Paying Agent under the
terms of the Indenture
Section 8 The President, the Vice President, or
the Secretary of the Board is hereby authorized to execute
and deliver to the Trustee the written order of the Issuer
of the authentication and delivery of the Bonds by the Trus-
tee in accordance with the Indenture.
Section 9 All action (not inconsistent with pro -
visions of this Resolution) heretofore taken by the Board
and officers of the Issuer directed toward the financing of
the Project and the issuance of the Bonds be and the same
hereby is ratified, approved, and confirmed
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Section 10. The officers of the Issuer shall take
all action in conformity with the Act, if necessary, or rea-
sonably required to effectuate the issuance of the Bonds and
take all action necessary or desirable in conformity with
the Act to finance the Project and for carrying out, giving
effect to, and consummating the transactions contemplated by
t the Bonds, this Resolution, the Agreement, the Indenture,
the Agency Agreement, and the Placement Memorandum, including
=1" without limitation, the execution and delivery of any closing
=" documents in connection with the issuance of the Bonds.
Section 11 After any of the Bonds are issued,
this Resolution shall be and remain irrepealable until the
Bonds or interest thereon shall have been fully paid or pro-
visions for payment made pursuant to the Indenture.
Section 12 If any section, paragraph, clause,
provision of this Resolution shall be held to be invalid or
enforceable the invalidity or unenforceability of such sec-
tion, paragraph, clause, provision shall not affect any of
the remaining provisions of this Resolution In case any
obligation of the Issuer authorized or established by this
Resolution or the Bonds or interest coupons appertaining
thereto is held to be in violation of law as applied to any
person or in any circumstance, such obligation shall be
deemed to be the obligation of the Issuer to the fullest ex-
tent permitted by law.
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CERTIFICATE FOR ORDER
THE STATE OF TEXAS § t
COUNTY OF BRAZOS § '
We, the undersigned officers of the Commissioners Court (the
"Court ") of Brazos County, Texas (the "County "), hereby certify as
follows:
` 1. The Court convened in special session at a special term of
:j said Court, on the 8th day of October, 1980, at its regular meeting
place thereof, within said County, and the roll was called of the duly
constituted officers and members of the Court, to -wit:
R. J. Holmgreen County Judge
Bill J. Cooley Commissioner, Precinct 1
'[ Walter Wilcox Commissioner, Precinct 2
H. L. Cargill Commissioner, Precinct 3
W. A. Stasny Commissioner, Precinct 4
and all of said persons were present, except the following absentees:
thus constituting a quorum.
Whereupon, among other business, the following was transacted at said
meeting- a written
ORDER AMENDING AN ORDER AUTHORIZING THE ISSUANCE OF $1,000,000 BRAZOS
COUNTY, TEXAS, LIMITED TAX COURTHOUSE AND BUILDING BONDS, SERIES 1980 —A
" introduced for the consideration of the Court
(the "Order") was duly
and read in full. It was then duly moved and seconded that the Order
i be adopted; and, after due discussion, said motion, carrying with it
' the adoption of the Order, prevailed and carried by the following vote:
AYES- Commissioners Cooley, Wilcox, Cargill and Stasny.
NAYS. None.
ji 2. That a true, full and correct copy of the Order adopted at
�,f the meeting described in the above and foregoing paragraph is attached
` to and follows this certificate; that the Order has been duly recorded
in the Court's minutes of said meeting, that the above and foregoing
paragraph is a true, full and correct excerpt from the Court's minutes
of said meeting pertaining to the adoption of the Order; that the persons
1 named in the above and foregoing paragraph are the duly chosen, qualified,
and acting officers and members of the Court as indicated therein, that
it
each of the officers and members of the Court was duly and sufficiently
notified officially and personally, in advance, of the date, hour, place
and subject of the aforesaid meeting, and that the Order would be intro-
duced and considered for adoption at said meeting, and each of said offi-
cers and members consented, in advance, to the holding of such meeting
for such purpose; that said meeting was open to the public as required by
law; and that public notice of the date, hour, place and subject of said
L meeting was given as required by Vernon's Article 6252 -17, as amended.
SIG D AND SEALED this 8t ay of October, 1980. I ft% x� L, P,,d..A
County erk County
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vm-o-pAem &46
ORDER AMENDING AN ORDER AUTHORIZING THE ISSUANCE OF },
,
$1,000,000 BRAZOS COUNTY, TEXAS, LIMITED TAX
COURTHOUSE AND BUILDING BONDS, SERIES 1980 -A
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THE STATE OF TEXAS 5
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' COUNTY OF BRAZOS $ -
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WHEREAS, on the 8th day of September, 1980, the Commissioners
}
Court adopted an order authorizing the issuance of $1,000,000
bonds of the County and now deems it advisable to amend such
orders (
1, 01
THEREFORE, BE IT ORDERED BY THE COMMISSIONERS COURT OF
y BRAZOS COUNTY, TEXAS, THAT:
Section 1. An order entitled ORDER AUTHORIZING THE
ISSUANCE OF $18000,000 BRAZOS COUNTY, TEXAS, LIMITED TAX
'i
COURTHOUSE AND BUILDING BONDS, SERIES 1980 -A, heretofore
i
adopted by the Commissioners Court on September 8, 1980, is
,
j>
hereby amended by amending Section 5 thereof which shall be
'
and read as follows:
"Section S. The form of the Bonds, including the form ,
of registration certificate of the Comptroller of Public
Accounts of the State of Texas to be printed and endorsed on
l
each of the Bonds, and the form of the certificate of registration
i on each of the Bonds, shall be, respectively, substantially
as follows:
NO.
FORM OF BOND:
UNITED STATES OF AIERICA
STATE OF TEXAS
$50,000
COUNTY OF BRAZOS
jr
BRAZOS COUNTY, TEXAS, LIMITED TAX
COURTHOUSE AND BUILDING BOND
SERIES 1980 -A
ON SEPTEMBER 1, , BRAZOS COUNTY, TEXAS, (the "County "),
promises to pay to bearer, or if this Bond is registered, to ;
vs R
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the registered owner hereof, the principal amount of
FIFTY THOUSAND DOLLARS
and to pay interest thereon, from the date hereof to bearer
,or, if this Bond is registered, to the registered owner here-
of, through April 30, 1981, at the rate of 6.75% per annum,
and on and after May 1, 1981, at the rate of 7.50% per annum,
interest payable September 1, 1981, and semiannually there-
after on each March 1 and September 1 while this Bond is out-
standing. The principal of and interest on this Bond shall
be payable to bearer or, if this Bond is registered, to the
registered owner hereof, in lawful money of the United States
of America, without exchange or collection charges to such
bearer or registered owner, upon presentation and, in the case
of the principal when due, surrender of this Bond at THE FIRST
NATIONPL BANK OF BRYAN, Bryan, Texas, which shall be the paying
agent for this series of Bonds.
THIS BOND is one of a series of negotiable, serial bonds,
dated October 1, 1980, numbered consecutively from 1 through 20,
in the denomination of $50,000 each, issued in the aggregate
principal amount of $1,000,000 in accordance with the Constitution
and laws of the State of Texas, including particularly Article
2370b, V.T.C.S., and pursuant to an order duly adopted by the
Commissioners Court of the County for the purpose of providing
$120,000 for CONSTRUCTING ADDITIONS AND IMPROVEMENTS TO THE
EXISTING COURTHOUSE AND JAIL BUILDING, and $880,000 for PURCHASING,
CONSTRUCTING, RECONSTRUCTING, REMODELING, IMPROVING AND
EQUIPPING AN OFFICE BUILDING OR BUILDINGS, OR COURTS BUILDING
OR BUILDINGS, OR JAIL BUILDING OR BUILDINGS (IN ADDITION TO
THE EXISTING COURTHOUSE AND /OR JAIL), INCLUDING THE PURCHASING
AND IMPROVING OF THE SITE OR SITES FOR ANY OF SUCH BUILDINGS.
ON OCTOBER 1, 1980, OR ON ANY DATE THEREAFTER, the out-
standing Bonds of this series may be redeemed prior to their
scheduled maturities, at the option of the County, IN WHOLE,
OR IN PART IN INVERSE NUMERICAL ORDER, for the principal amount
0
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eY -- a i�`.i:L- ..u.-r- e� +.., -I„� .,.II:��� r.1w....�s+w�r�.�na.r♦.n. ,+.. ..,.�.
a �.+ �. rrw�ana�►+ �o+. v�a�eu.. owa�errt��ts.a+�ttewT.�royyRrs' i _��
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thereof and accrued interest thereon to the date fixed for any
such redemption.' At least thirty days prior to the date fixed
for any such redemption, the County shall cause a written notice
of such redemption to be mailed to the bank at which the Bonds t
are payable and either (1) mailed to the registered owners
thereof, or (2) published at least once in a financial publica-
tion published in the City of New York, New York, or in the
,
City of Austin, Texas. By the date fixed for any such redemp-
tion, due provision shall be made with the paying agent for
the payment of the required redemption price. If such written
notice of redemption is given and if due provision for such
payment is made, all as provided above, the Bonds which are to
be so redeemed thereby automatically shall be redeemed prior
to their scheduled maturities; and they shall not be regarded
as being outstanding except for the purpose of being paid by
the paying agent with the funds so provided for such payment.
IT IS HEREBY certified, recited, and covenanted that this
Bond has been duly and validly voted, authorized, issued, and
delivered; that all acts, conditions, and things required or
proper to be performed, exist, and be done precedent to or in
the issuance and delivery of this Bond, have been performed,
existed, and been done in accordance with law; and that annual
ad valorem taxes sufficient to provide for the payment of the
interest on and principal of this Bond, as such interest comes
due and such principal matures, have been levied and ordered
- to be levied against all taxable property in the County and
have been pledged for such payment within the limits prescribed
by law.
THIS BOND shall be transferable by delivery unless regis-
tered as to principal in the owner's name upon books of the
County to be kept for that purpose at the office of the County
Treasurer, the registrar, such registration to be noted hereon.
I
After such registration, no transfer of this Bond shall be
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valid unless made on said books at the request of the registered
owner hereof, or his duly authorized agent, and similarly noted
/
t� hereon; but this Bond may be discharged from registration by
being in like manner transferred to bearer, whereupon transfer-
ability by delivery shall be restored; and this Bond may again
and from time to time be registered or made payable to bearer
as before.
IN WITNESS WHEREOF, this Bond has been signed by the County
Judge, countersigned by the County Clerk, and registered by the
County Treasurer, and the official seal of the Commissioners
Court of the County has been duly impressed, or placed in fac-
simile, on this Bond.
County Judge, Brazos County, Texas
COUNTERSIGNED:
XXXXXXXxxx
County Clerk, Brazos County, Texas
f
(SEAL)
REGISTERED:
xxxxxxxxxx
County Treasurer, Brazos County,
Texas
FORM OF REGISTRATION CERTIFICATE:
COL,PTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Bond has been examined, certi-
fied as to validity, and approved by the Attorney General of
the State of Texas and that this Bond has been registered by
the Comptroller of Public Accounts of the State of Texas.
WITNESS my signature and seal this
xxxxxxxxxx
Comptroller of Public Accounts of
(SEAL) the State of Texas
CERTIFICATE OF REGISTRATION:
IT IS HEREBY CERTIFIED that, at the request of the holder
of the within Bond, I have this day registered it as to prin-
cipal in the name of such holder as indicated in the registra-
t
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valid unless made on said books at the request of the registered
owner hereof, or his duly authorized agent, and similarly noted
/
t� hereon; but this Bond may be discharged from registration by
being in like manner transferred to bearer, whereupon transfer-
ability by delivery shall be restored; and this Bond may again
and from time to time be registered or made payable to bearer
as before.
IN WITNESS WHEREOF, this Bond has been signed by the County
Judge, countersigned by the County Clerk, and registered by the
County Treasurer, and the official seal of the Commissioners
Court of the County has been duly impressed, or placed in fac-
simile, on this Bond.
County Judge, Brazos County, Texas
COUNTERSIGNED:
XXXXXXXxxx
County Clerk, Brazos County, Texas
f
(SEAL)
REGISTERED:
xxxxxxxxxx
County Treasurer, Brazos County,
Texas
FORM OF REGISTRATION CERTIFICATE:
COL,PTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Bond has been examined, certi-
fied as to validity, and approved by the Attorney General of
the State of Texas and that this Bond has been registered by
the Comptroller of Public Accounts of the State of Texas.
WITNESS my signature and seal this
xxxxxxxxxx
Comptroller of Public Accounts of
(SEAL) the State of Texas
CERTIFICATE OF REGISTRATION:
IT IS HEREBY CERTIFIED that, at the request of the holder
of the within Bond, I have this day registered it as to prin-
cipal in the name of such holder as indicated in the registra-
t
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4 VO PACE &42
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tion blank below, on the books kept by me for such purpose.
The principal of and interest on this Bond shall be payable
only to the registered holder named in the below registration
blanks. If the last transfer recorded on the books of the Reg-
istrar and in the below registration blank shall be to bearer,
the principal and interest of this Bond shall be payable to
bearer, and such Bond shall be in all respects negotiable.
• Signature of
Name of Date of County Treasurer
Registered Holder Registration (Registrar)
Section 2. The aforesaid order entitled ORDER AUTHORIZING
THE ISSUANCE OF $1,000,000 BRAZOS COUNTY, TEXAS, LIMITED TAX
COURTHOUSE AND BUILDING BONDS, SERIES 1980 -A, heretofore adopted
on September 8, 1980, by the Commissioners Court, as hereinabove
amended, is hereby approved, ratified, and readopted in full.
Section 3. It is hereby officially found and determined
that the need of the County for such financing creates an
emergency and an urgent public necessity for the holding, at
the scheduled time, of the meeting of the Commissioners Court
at which this order is adopted and for the adoption of this
order; and the NOTICE OF MEETING relating to said meeting and
heretofore posted by the County Clerk of Brazos County, and
the posting thereof, are hereby authorized, approved, adopted
and ratified.,
PASSED AND APPROVED this 8th day of October, 1980.
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VOL, 0 PAGEsa.10
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The foregoing minutes have been examined and approved in
open Court this the /0 day of 1(/D y ,19,90. in Bryan ,
Brazos County, Texas.
,
I
R J Holmgreen t Bill J C.6broley
County Judge Commissioner, Prec ct 1
Walter-Wilcox H L Cargill
Commissioner, Precinct 2 Commissioner, Precinct 3 '
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Commissioner, Pre inct 4 County Clerk 1�
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