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<br />• <br />WHEREAS, the Texas Industrial Commission's Rules for <br />Issuing Industrial Revenue Bonds (the "Commission Rules") <br />require, with respect to commercial projects in "eligible <br />blighted areas," the city that established the eligible <br />blighted area to approve projects located therein after <br />posting notice and holding a public hearing thereon; and <br />WHEREAS, the Project is located within an eligible <br />blighted area established by the Unit; and <br />WHEREAS, this City Council, after posting notice in <br />accordance with law and before the adoption of this resolu- <br />tion, conducted a public hearing relative to its approval of <br />the Project pursuant to and in accordance with the Com- <br />mission Rules; and <br />WHEREAS, this City Council intends, by adoption of this <br />Resolution, to approve the Project; and <br />WHEREAS, Section 103(k) of the Internal Revenue Code of <br />1954, as amended (the "Code"), requires the Unit's approval <br />of the issuance of the Bonds and authorizes its approval of <br />• a plan of financing additional facilities related to the <br />Project after a public hearing following reasonable public <br />notice; and <br />WHEREAS, the Issuer conducted such a public hearing on <br />May 21, 1984, following publication of notice thereof; and <br />WHEREAS, this City Council has reviewed the Bond <br />Resolution and the minutes relative thereto and, by adoption <br />of this Resolution, intends to approve the Bond Resolution, <br />the issuance of the Bonds, the plan of financing approved by <br />the Bond Resolution and the Bond Documents and to make the <br />findings required by the Act to approve the Project; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE C I TY OF LA PORTE , TEXAS <br />Section 1. The Unit, acting through this City Council, <br />hereby approves: <br />(a) the Project; <br />(b) the Bond Resolution and the plan of financing <br />approved thereby; <br />-2- <br />