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RESOLUTION #19- 1 I LI
<br /> A RESOLUTION AUTHORIZING THE CONVEYANCE OF REAL ESTATE PURSUANT TO THE
<br /> NEBRASKA INDUSTRIAL DEVELOPMENT ACT AND SATISFACTION OF THE TERMS OF A LEASE
<br /> AGREEMENT WITH OVERHEAD DOOR CORPORATION
<br /> WHEREAS, the Constitution of the State of Nebraska, in §2 of Article XIII, authorizes
<br /> the Legislature to allow a County to issue revenue bonds for the purpose of acquiring, owning,
<br /> developing, and leasing real and personal property suitable for use by manufacturing or industrial
<br /> enterprises; and
<br /> WHEREAS, the Nebraska Industrial Development Act, Chapter 18,Article 16, Nebraska
<br /> Revised Statutes, 1943, as amended (the "Act"), was in full force and effect as of October 1, 1974;
<br /> and
<br /> WHEREAS, pursuant to the Act,the county had the authority to acquire, whether by
<br /> construction, purchase, devise, gift, or lease, or any one or more of such methods, one or more
<br /> projects, including any land, building or other improvement, and all real and personal properties
<br /> deemed necessary in connection therewith, whether or not now in existence, which shall be
<br /> suitable for use for manufacturing or industrial enterprises, located within, without, partially
<br /> within, or partially without such county, and that the county may lease any such project to others
<br /> for such rentals and upon such terms and conditions as the governing body of the county may
<br /> deem advisable; and
<br /> WHEREAS, on October 1, 1974,the Hall County Board of Supervisors entered into a Lease
<br /> Agreement authorizing the sale and issuance, not to exceed three million dollars ($3,000,000)
<br /> principal, of industrial development revenue bonds for the purpose of financing the acquisition
<br /> and construction of an industrial development project consisting of a building and related
<br /> improvements (the "Project") located in the County of Hall, Nebraska (the "County");
<br /> WHEREAS, the County has been notified that the Bonds were issued and the principal and
<br /> the interest thereon have been repaid in full satisfaction; and
<br /> WHEREAS, pursuant to Article XI, Section 11.1 of the Lease Agreement that at the
<br /> expiration of the Lease Term following full payment of the bond the County agrees to sell and the
<br /> Lessee is obligated to purchase the Project for$100, and any and all sums then due to the County;
<br /> and
<br /> WHEREAS, pursuant to Article X, Section 10.4(b) of the Lease Agreement the County is to
<br /> convey good and marketable title to the property;
<br /> NOW,THEREFORE, BE IT RESOLVED THAT pursuant to the aforementioned findings,the
<br /> Hall County Board of Supervisors hereby authorizes the Chair of the Hall County Board and the Hall
<br /> County Clerk to convey the Project back to Overhead Door Corporation, or their designated
<br /> assigns, upon the receipt of satisfactory evidence that the Bonds described herein have been paid
<br /> and the necessary obligation of the parties have been met, subject to approval by the County
<br />
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