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<br />• <br />RESOLUTION 82-10 <br />• <br />A RESOLUTION AUTHORIZING THE CREATION OF THE CITY OF LA PORTS <br />INDUSTRIAL DEVELOPMENT CORPOP.ATION AS AN I?~STR~_-1ENTALITY OF THE <br />CITY OF LA PORTS; AND CONTAINING OTHER ??OVISIO?~1S RELATING TO <br />THE SUBJECT. <br />WHEREAS, the Development Corporation Act of 1979, Article <br />5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the <br />"Act"), authorizes the creation and administration of industrial <br />development corporations to act on behalf of cities, counties and <br />conservation and reclamation districts in the promotion and <br />development of commercial, industrial and manufacturing enter- <br />prises to promote and encourage employment and the public welfare; <br />and <br />~~HEREAS, the Act authorizes cities, co~,:nties and conserva- <br />tion and reclamation districts to utilize an industrial develop- <br />ment corporation to issue obligations and bonds on behalf of the <br />sponsoring city, county or conservation and reclamation district <br />to finance projects promoting and developing commercial, indus- <br />trial and manufacturing enterprises; and <br />LvHEREAS, three natural persons, eac'r~ of whom is at least <br />eighteen years of age and a qualified elector of the City of <br />La Porte (the "Unit"), have filed with the City Council (the <br />"Governing Body") of the Unit of a written application (the <br />"Petition") requesting that the Unit authorize and approve the <br />creation of the CITY OF LA PORTS INDUSTRIAL DEVELOPMENT CORPOR- <br />ATION (the "Corporation") and approve the Articles of Incorpora- <br />tion and Bylaws to be used in creating the Corporation; and <br />WHEREAS, the Corporation has been or will be created. and <br />organized as a Texas nonprofit corporation, pursuant to the <br />provisions of the Act, for such limited purposes; and <br />'-•7HEREAS, tf"ie Governing Body of the Unit has reviewed and <br />approved the Petition and the Articles of Incorporation and <br />Bylaws and has determined to authorize and approve the creation <br />of the Corporation, a not-for-profit entity, as its constituted <br />authority and instrumentality to accomplish the specific public <br />purpose of the promotion and development of commercial, indus- <br />trial and manufacturing enterprises to promote and encourage <br />employment and the public welfare; N0~~7, TffEREFOP.E; <br />C~ <br />