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<br />e <br /> <br />e <br /> <br />EXHIBIT B <br /> <br />RESOLUTION OF BRAZOS HARBOR <br />INDUSTRIAL DEVELOPMENT CORPORATION <br />WITH RESPECT TO A PUBLIC HEARING AND <br />AUTHORIZING ISSUANCE OF BONDS AND APPROVING DOCUMENTS <br /> <br />WHEREAS, the Development Corporation Act of 1979, Article 5190.6, <br />Texas Revised Civil Statutes Annotated, as amended (the "Act"), author- <br />izes and empowers the Brazos Harbor Industrial Development Corporation <br />(the "Issuer") to issue revenue bonds on behalf of Brazos River Harbor <br />Navigation District of Brazoria County, Texas (the "District"), and on <br />behalf of other districts, cities and counties who may request the <br />Issuer to issue revenue bonds on their behalf, to finance the cost of <br />projects comprising land, buildings, equipment, facilities and improve- <br />ments, found by the Board of Directors of the Issuer (the "Board") to be <br />required or suitable for the promotion of development and expansion of <br />manufacturing and industrial facilities and in furtherance of the public <br />purposes of the Act; and <br /> <br />WHEREAS, on May 22, 1986, the Board adopted a Resolution Agreeing <br />to Issue Bonds, whereby the Issuer agreed to provide for the financing <br />of the cost of facilities constituting a portion of a project (the <br />"Freeport Facilities") for the Cqmpany, which Freeport Facilities were <br />initially described in Exhibit "A" to said Resolution Agreeing to Issue <br />Bonds; and <br /> <br />WHEREAS, on June 9, 1986, the City Council of the City of La Porte <br />adopted a Resolution Agreeing to Issue Bonds, whereby the Issuer agreed <br />to provide for the financing of the cost of facilities constituting a <br />portion of a project (the "La Porte Facilities") for the Company, which <br />La Porte Facilities were initially described in Exhibit "A" to said <br />Resolution Agreeing to Issue Bonds; and <br /> <br />WHEREAS, the La Porte Facilities (as defined herein) and the <br />Freeport Facilities together constitute one project (the '~roject"), <br />which Project is more fully described in Exhibit A to the Loan Agreement <br />between the Issuer and the Company referenced below, in accordance with <br />the provisions of the Act; and <br /> <br />WHEREAS, for purposes of financing the cost of the Project, the <br />Issuer now desires (i) to authorize the issuance of its Variable Rate <br />Demand Pollution Control Revenue Bonds, Series 1986 (The Dow Chemical <br />Company Project) (the "Bonds"), in the maximum aggregate principal <br />amount of $17,500,000, pursuant to the terms and provisions of a trust <br /> <br />B-1 <br />