12-07-1983 Regular Meeting of La Porte City Council

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• of Trust; Acceptance of an Indemnity Letter; and Other Matters in Connection Therewith, adopted by the Issuer on December 1, 1983; a copy of which is attached hereto as Exhibit "B" and made a part hereof for all purposes, is hereby specifically approved. Section 2. The issue of bonds styled "City of La Porte Industrial Development Corporation Industrial Development Revenue Bonds (C.R.G. Investments Project) Series 1983" which Bonds are: (1) in the maximum principal amount of $1,500,000; (2) to be used to provide financing for the acquisition of approximately 106,000 square feet of land and the construction and equipment of a shopping center to include two buildings for housing a Seven- Eleven, Pilgrim Cleaners, and various retail stores; and (3) to be owned and operated by C.K.G. Investments, are hereby approved pursuant to section 103(k) of the Code. Section 3. The City Council of the City of La Porte hereby finds, etermines, recites, and declares that the specific project to be financed with the Bonds meets the statutory requirements of the Act, and is in compliance with the rules of the Texas Economic Development Commission for issuing industrial revenue bonds (effective October 12, 1981), and that such project does not pose a danger to the health, morals, or safety of the community involved. The City Council further finds that the proposed project is in an Eligible Blighted Area as previously • designated by the City Council, that the project will contribute to the fulfillment of the redevelopment objectives of the City of La Porte for the Eligible Blighted Area, and is in furtherance of the public purposes of the Act. Section 4. The approval herein given is in accordance with the provisions of Section 25(f) of the Act and section 103(k) of the Code and. is not to be construed as any undertaking by the Unit, and the Bonds shall never constitute an indebtedness or pledge of the Unit, or the State of Texas, within the meaning of any constitutional or statutory provision, and the owners of the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the Issuer, the Unit, or the State of Texas except those revenues assigned and pledged, by the Resolution. Section 5. The programs and expenditures authorized and contemplated by the aforesaid documents are hereby in all respects approved. Section 6. The Mayor, City Secretary, and the other officers of the Unit are hereby authorized, .jointly and - 2 - CJ