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<br /> <br />,~ <br />• RESOLUTION APPROVING THE RESOLUTION OF THE <br />CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION <br />PROVIDING FOR THE ISSUANCE OF CITY OF LA PORTE INDUSTRIAL <br />DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT REVENUE <br />BONDS (C.R.G. INVESTMENTS PROJECT) SERIES 1983 <br />WHEREAS, the City of La Porte Industrial Development <br />Corporation (the "Issuer") was created under the auspices of the <br />City Council of the City of La Porte, Texas (the "Unit") pursuant <br />to the Development Corporation Act of 1979, Article 5190.6, <br />Vernon's Texas Civil Statutes, as amended (the "Act"); <br />WHEREAS, pursuant to section 103(k) of the Internal <br />Revenue Code of 1954, as amended (the "Code"), the Issuer has <br />conducted a public hearing following reasonable public notice <br />(which notice and affidavit of publication thereof is attached <br />hereto as Exhibit "A") with respect to that issue of "City of <br />La Porte Industrial Development Corporation Industrial <br />Development Revenue Bonds (C.R.G. Investments Project) Series <br />1983", in the original principal amount of $1,500,000 (the <br />"Bonds") and the project which consists of acquisition of <br />approximately 106,000 square feet of land and the construction <br />and equipment of a shopping center to include two buildings for <br />housing a Seven-Eleven, Pilgrim Cleaners, and various retail <br />• stores (the "Project"); <br />WHEREAS, in order to satisfy the requirements of section <br />103(k) of the Code, it is necessary for the Unit to approve the <br />Bonds after the public hearing has been held; <br />WHEREAS, Section 25(f) of the Act requires that the <br />governing body of the Unit approve the resolutions of the Issuer <br />providing for the issuance of the Bonds no more than 60 days <br />prior to the delivery of the Bonds; and <br />WHEREAS, it is deemed necessary and advisable that this <br />Resolution be adopted; <br />THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LA PORTE, TEXAS, THAT: <br />Section 1. The Resolution with respect to a Public <br />Hearing and Authorizing City of La Porte Industrial Development <br />Corporation Industrial Development Revenue Bonds (C.R.G. <br />Investments Project) Series 1983; a Loan Agreement; an Indenture <br />of Trust; Acceptance of a Corporate Guarantee Agreement; <br />Acceptance of a Personal Guarantee Agreement; Acceptance of a <br />Deed of Trust and Security Agreement; a Memorandum of Indenture <br /> <br />