R-1982-10 - Laserfiche WebLink

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. . . e e Resolution 82-10, page 2. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That the Corporation is hereby authorized and approved for creation as an industrial development corporation under the provisions of the Act. Section 2. That the Corporation is hereby designated as the duly constituted authority and instrumentality of the Uni t (wi thin the meaning of those terms in the regulations of the Uni ted States Department of Treasury and the rulings of the Internal Revenue Service prescribed and promulgated pursuant to Section 103 of the Internal Revenue Code of 1954, as amended) and shall be authorized to act on behalf of the Unit for the specific public purpose of the promotion and development of commercial, industrial and manufacturing enterprises to promote and encourage employment and the public welfare; but the Corporation is not intended to be and shall not be a political subdivision or a political corporation within the meaning of the Constitution and the laws of the State of Texas (the "State"), including, without limitation, Article III, Section 52 of the State Constitution, and the unit does not delegate to the Corporation any of its attributes of sovereignty, including the power to tax, the power of eminent domain and the police power. Section 3. That the Corporation may, under the conditions set forth in this Resolution, issue obligations on behalf of the Unit, acquire, lease, sell or convey certain properties and make loans for the promotion and development of commercial, industrial and manufacturing enterprises to promote and encourage employment and the public welfare. The unit shall not lend its credit or grant any public money or thing of value in aid of the Corporation. Furthermore; obligations issued by the Corporation with the approval of the Unit shall be deemed not to constitute a debt of the State, of the unit or of any other political corporation, subdivision or agency of the State or a pledge of the faith and credit of any of them, but such obligations shall be payable solely from the funds herein provided. The Corporation shall not be authorized to incur financial obligations which cannot be paid from the proceeds of the obligations or from revenues realized from the lease or sale of a project or realized from a loan made by the Corporation to finance or refinance in whole or in part a project. "project" shall mean the land, buildings, equipmen t, facilities and improvements (one or more) found by the Board of Directors of the Corporation (the "Board of Directors") to be required or suitable for the promotion of commercial, industrial and manufacturing development enterprises, irrespective of whether