01-10-11 Meeting of the La Porte Development Corporation Board of Directors

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ïñëñîðïï Ð¿¹» ï ±º í etc. 501.059May have a corporate seal and can put that seal on contracts, Seal > EDC is not a political subdivision or a political corporation authorized by the City (economic development) act on behalf of the City for the specific public purpose autorized by State law 501.055> EDC is a constituted authority and an instrumentality, and may City Council is a governmental body established by City Charter, as Constituted Authority or Instrumentality projects corporation, but only for the purpose of carrying out authorized welfare of the public 501.054EDC has the powers, privileges, and function of a nonprofit City Council has broad powers to promote the safety and general General Powers, Privileges, and Functions > Net earnings are paid to the City corporation payment of expenses may not benefit an individual, firm or 501.053> Corporation is a nonprofit--e.g. net earnings remaining after Corporation Nonprofit; Net Earnings 501.052EDC is a nonmember, nonstock corporationCity Council is a governmental body / political subdivsion of StateForm of Entity many corporations as it deems necessary. resolution, and the municipality may authorize the creation of as 501.051EDC has no authority to create additional corporations Authority to create an EDC rests with the City. Must be done by Authority to create Development Corporation eminent domain, police power, etc.) to an EDC 501.010Does not have sovereign powersCity cannot delegate sovereign powers (e.g. power to tax, power of Delegation of Sovereign Powers Section 380.002 (Chapter 380 Agreement). > or money granted under a contract with a municipality under or partly finance or refinance a project; > revenue realized from a load made by the corporation to wholly > revenue realized from the lease or sale of a project; > bond proceeds; etc. 501.008Cannot incur a financial oblication that cannot be paid from: Has general discretion over use of finances, tax proceeds, bonds, Limitation of Financial Obligation Code Section 380.002 (Chapter 380 Agreement) Constitution Sec. 52-a, Article IIImoney to an EDC under a contract authorized by Tx. Local Gov't EDCs in connection with projects are authorized under Texas value, including to aid an EDC, except that it may grant public 501.007Grants, loans, expenditures, and tax exemptions authorized for May not lend its credit or grant public money or another thing of Lending Credit or Granting Public Money employment and the public welfare" business enterprises for the promotion and encouragement of cost of a project "...to promote and develop new and expanded 501.006 and 501.201May issue bonds to pay all or part of project costMay use the EDC to issue bonds on the City's behalf to finance the Use of Corporation to Finance Projects èäðÍÙÛÐõÍÆÈùÍØ×÷ÙÍÎÍÏÓÙø×Æ×ÐÍÌÏ×ÎÈùÍÊÌÍÊÛÈÓÍÎïÇÎÓÙÓÌÛÐõÍÆ×ÊÎÏ×ÎÈéÇÚÒ×ÙÈ éçïïûêãíöóè÷ïéì÷êèûóîóîõèíïçîóùóìûðóèó÷éûîø÷ùíîíïóùø÷æ÷ðíìï÷îèùíêìíêûèóíîé ùÔÛÌÈ×Ê ìÊÍÆÓÉÓÍÎÉõÍÆ×ÊÎÓÎÕø×Æ×ÐÍÌÏ×ÎÈùÍÊÌÍÊÛÈÓÍÎÉ ðÍÙÛÐõÍÆ×ÊÎÏ×ÎÈùÍØ×