R-1985-21 - Laserfiche WebLink

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e . proceeds of the sale of the Bonds to the Company to finance the costs of the Project pursuant to the terms and provisions of a loan agreement and (v) to take and authorize certain other actions in connection with the foregoing; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"), requires that the Bonds and the Project be approved by the "applicable elected representative II (the "AER") of each of the District and the City after public hearing following reasonable public notice; and WHEREAS, with respect to the Bonds the AER is the Board of Naviga- tion and Canal Commissioners of the Brazos River Harbor Navigation District of Brazoria County, Texas and the City Council of the City of La Porte, Texas (each such governing body being referred to as the "Governing Body" of the District and the City respectively). WHEREAS, on November 23, 1985, the City of La Porte, Texas (the "City") adopted an Order requesting the Issuer to issue bonds on its behalf to finance the cost of facilities constituting a portion of a project (the "La Porte Facilities") for The Dow Chemical Company, a Delaware corporation (the "Company"), which La Porte Facilities were initially described in Exhibit A to said Order; and WHEREAS, notice of a public hearing with respect to the Project and the Bonds to be held by the Issuer on the date of this resolution was published no less than 14 days before this date in a newspaper of general circulation available to residents within the District; and WHEREAS, the Board has held such public hearing on the date and at the time and place set out in such published notice, and has conducted such hearing in a manner that provided a reasonable opportunity for persons with differing views on the issuance of the Bonds and on the location and nature of the Project to be heard; and WHEREAS, the Governing Body of the City conducted a public hearing. following appropriate public notice in a newspaper of general circu- lation available to residents within the City, to provide the same opportunity to be heard for persons in the area of the City; and WHEREAS, the Governing Body of the District proposes to adopt a written resolution specifically approving this resolution of the Issuer providing for the issuance of the Bonds and specifically approving the Bonds and the Project as required by Section 103(k) of the Code; and WHEREAS, the Governing Body of the City has adopted a written resolution specifically approving this resolution of the Issuer B-2