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<br />. <br /> <br />e <br /> <br />RESOLUTION NO. 86-19 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF LA PORTE <br />REQUESTING THE ISSUANCE OF BONDS BY THE <br />BRAZOS HARBOR INDUSTRIAL DEVELOPMENT CORPORATION <br />TO FINANCE A PROJECT FOR <br />THE DOW CHEMICAL COMPANY <br />AND APPROVING SAID ISSUANCE <br />FOLLOWING A PUBLIC HEARING <br /> <br />WHEREAS, the City Council (the "Governing Body") of the City of <br />La Porte, Texas (the "City") is desirous of providing for financing for <br />the construction of certain pollution control and solid waste control <br />facilities located within the City of La Porte (the "La Porte Facil- <br />ities") constituting a portion of a project to be constructed by The Dow <br />Chemical Company (the "Project") which Project is described in Exhibit A <br />hereto; and <br /> <br />WHEREAS, pursuant to the provisions of the Development Corporation <br />Act of 1979, Article 5190.6, Texas Revised Civil Statutes Annotated, as <br />amended (the "Act") the City wishes to request the Brazos Harbor Indus- <br />trial Development Corporation (the "Issuer") to exercise its powers <br />under the Act to issue bonds to finance the La Porte Facilities; and <br /> <br />WHEREAS, the Issuer is willing to provide for the the issuance and <br />sale of its Variable Rate Demand Pollution Control Revenue Bonds, <br />Series 1986 (The Dow Chemical Company Project) (the "Bonds"), in the <br />maximum aggregate principal amount of $17,500,000 to finance the con- <br />struction of the Project, including the portion of the Project located <br />within the City (which portion of the Project will be financed by a <br />portion of the Bonds in a maximum principal amount of $9,950,000), by <br />adopting a resolution substantially in the form attached hereto as <br />Exhibit "B" (the "Resolution"); and <br /> <br />WHEREAS, the Act provides that the Governing Body must, by resolu- <br />tion adopted no more than sixty (60) days prior to the date of delivery <br />of the Bonds, specifically approve the resolution of the Issuer provid- <br />ing for the issuance of the Bonds; and <br /> <br />WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as <br />amended (the "Code"), requires that the Bonds be approved by the "appli- <br />cable elected representative" ("AER") after a public hearing following <br />reasonable publication; and <br />