R-1986-14 - Laserfiche WebLink

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e e EXHIBIT nBn RESOLUTION AGREEING TO ISSUE BONDS (THE DOW CHEMICAL COMPANY PROJECT) WHEREAS, the Brazos Harbor Industrial Development Corporation (the nCorporationn) is authorized by the Development Corporation Act of 1979, Article 5190.6, Texas Revised Civil Statutes Annotated, as amended (the nActn), to issue revenue bonds for the purpose of paying all or part of the cost of a nproject,n 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 the issuance and sale of its tax-exempt pollution control revenue bonds, to the extent authorized by law, to provide funds to defray all or part of the cost of acquiring, constructing and improving certain pollution control facili- ties to be constructed by or to be leased or sold to The Dow Chemical Company, a Delaware corporation (the nCompanyn), but the Corporation anticipates that construction of such facilities will commence prior to the sale and delivery of such bonds; and WHEREAS, the Company has requested that the Corporation adopt a bond resolution with respect to such bonds or take some other similar official action toward the issuance of such bonds prior to the commence- ment of construction or acquisition of such facilities; and WHEREAS, the Brazos River Harbor Navigation District of Brazoria County, Texas (the nUnitn), has authorized and approved creation of the Corporation to act on behalf of the Unit for the public purpose of financing the cost of projects to promote and develop industrial and manufacturing enterprises, including pollution control facilities, to promote and encourage employment and the public welfare; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BRAZOS HARBOR INDUSTRIAL DEVELOPMENT CORPORATION THAT: Section 1: The Corporation hereby authorizes and agrees that it will issue and sell its pollution control revenue bonds (the nBondsn) from time to time in one or more series pursuant to the provisions of Texas law in a principal amount sufficient to pay all or part of the cost of acquiring, constructing and improving the project described in Exhibit nA" attached hereto (the "Pollution Control Facilitiesn), together with all costs of authorization, sale and issuance of the B-1