R-1983-11 - Laserfiche WebLink

Browse Search

. . e WHEREAS, the Texas Industrial Commission's Rules for Issuing Industrial Revenue Bonds (the "Commission Rules") require, with respect to commercial projects in "eligible blighted areas," the city that established the eligible blighted area to approve projects located therein after posting notice and holding a public hearing thereon; and WHEREAS, the Project is located within an eligible blighted area established by the Unit; and WHEREAS, this City Council, after posting notice in accordance with law and before the adoption of this resolu- tion, conducted a public hearing relative to its approval of the Project pursuant to and in. accordance with the Com- mission Rules; and WHEREAS, this City Council intends, by adoption of this Resolution, to approve the Project; and e WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"), requires the Unit's approval of the issuance of the Bonds and authorizes its approval of a plan of financing additional facilities related to the project after a public hearing following reasonable public notice; and WHEREAS, the Issuer conducted such a public hearing on July 14, 1983, following publication of notice thereof; and WHEREAS, this City Council has reviewed the Bond Resolution and the minutes relative thereto and, by adoption of this Resolution, intends to approve the Bond Resolution, the issuance of the Bonds, the plan of financing approved by the Bond Resolution and the Bond Documents and to make the findings required by the Act to approve the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: e Section 1. The Unit, acting through this City Council, hereby approves: (a) the Project; (b) the Bond Resolution and the plan of financing approved thereby; -2-