Industrial Development Certificate of Resolutions Agreement to Issue Bonds

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... e e RESOLUTION OF BOARD OF DIRECTORS PRESCRIBING THE FORM AND SUBSTANCE OF AN AGREEMENT TO ISSUE BONDS; AUTHORIZING THE EXECUTION OF SUCH AGREEMENT; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, the City of La Porte Industrial Development Corporation (the "Corporation") is authorized by the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as . amended (the "Act") J to issue revenue bonds for the purpose of paying all or part of the cost of a "proj ect, II as defined in the Act, and to sell or lease the project to others or loan the proceeds of the bonds to others to finance all or part of the cost of the project; and WHEREAS, the Corporation now desires to authorize, issue and sell its tax exempt industrial development revenue bonds, to the extent authorized by law, to provide funds to defray all or part of the cost of acquiring and constructing certain facilities to be constructed by or to be leased or sold to Bayshore National Bank of La Porte (the "User"), but the Corporation anticipates that construction of such facilities will commence prior to the sale and delivery of such bonds; and WHEREAS, the User and the Corporation desire that the Corporation adopt a bond resolution with respect to the bonds or take some other~ similar official action toward the issuance of such bonds prior to the commencement of construction or acquisition of such facil.ities; and WHEREAS, the City of La Porte, Texas (the "Unit"), has authorized and approved creation of the Corporation to act on its behalf to further certain public purposes of the Unit and has approved or will approve the attached Agreement to Issue Bonds between the Corporation and the User; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION, THAT: Section 1: The Corporation hereby authorizes and agrees that it \l'ill issue and sell its industrial development revenue bonds (the "Bonds") from time to time in one or more series pursuant to the pro- visions of Texas law in a principal amount sufficient to pay all or part of the cost of acquiring and constructing the project described in Exhibit "A" to the Agreement to Issue Bonds attached hereto (the "Pro- ject"), together with all costs of authorization, sale and issuance of the Bonds. The Bonds will be issued and sold as more fully provided in the Agreement to Issue Bonds in an aggregate principal amount (excluding bonds issued to refund any of the Bonds) now estimated to be not more than $2,750,000. .