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<br />• <br />RESOLUTION NO. <br /> <br />A RESOLUTION APPROVING ISSUANCE BY THE CITY OF LA <br />PORTE INDUSTRIAL DEVELOPMENT CORPORATION OF AN <br />ISSUE IN THE AMOUNT OF $400,000 OF THE CITY OF LA <br />PORTE INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS (CONTECH ENGINEERING, <br />INC. PROJECT) SERIES 1984; APPROVING THE RESOLU- <br />TION OF THE ISSUER AUTHORIZING THE BONDS, THE <br />ISSUANCE OF THE BONDS AUTHORIZED THEREBY AND THE <br />PLAN OF FINANCING APPROVED THEREBY AND THE BOND <br />DOCUMENTS; AND APPROVING THE PROJECT TO BE FINAN- <br />CED W I TH THE BONDS <br />WHEREAS, the City of La Porte (the "Unit") has approved <br />and authorized the creation of the City of La Porte Indus- <br />trial Development Corporation (the "Issuer") as a Texas <br />non-profit corporation, pursuant to the Development Cor- <br />poration Act of 1979, as amended, Article 5190.6, Vernon's <br />Annotated Civil Statutes (the "Act"), to act on behalf of <br />the Unit to promote and develop manufacturing and commercial <br />• enterprises to promote and encourage employment and the <br />public welfare; and <br />WHEREAS, the Issuer is authorized by the Act to issue <br />its revenue bonds on behalf of the Unit for the purpose of <br />paying all or part of the costs of a "project", as defined <br />in the Act, and to loan the proceeds thereof to finance all <br />of part of the costs thereof; and <br />WHEREAS, the Issuer, by resolution (the "Bond Resolu- <br />tion") adopted May 21, 1984, has authorized the issuance <br />and sale of its $400,000 Industrial Development Revenue <br />Bonds (Contech Engineering, Inc. Project) Series 1984 (the <br />"Bonds") and by the Bond Resolution has also authorized a <br />Loan Agreement, among the Issuer, Contech Engineering, Inc. <br />and Bayshore National Bank, wherein the Issuer agrees to <br />issue and sell the Bonds to provide funds to finance a <br />certain commercial project of the Owner (the "Project") <br />located within the Unit and certain other agreements of the <br />Issuer in connection therewith (collectively, the Loan <br />Agreement and such other agreements shall be referred to as <br />the "Bond Documents"); and <br />WHEREAS, the Act requires that the governing body of <br />the Unit approve, by written resolution, any agreement to <br />issue bonds approved by the Issuer; and <br />