08-03-1982 Special Called Meeting

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.. ~~^i:X'ZF.,.e .,+-'!~~~i Y 7.~~.^, ~' ,0.n ~~`r -i.,~.4+~'a ~iy aa. r ~ ;F .,;.;n '~.GJ n~ ,?wry., .. ,''t ::'~ .r .-.~ti r. t `i~> w ,.x.~.~,:. Y BYLAWS OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION ARTICLE I POWERS AND PURPOSES Section 1. Financing of Industrial Development Projects. In order to implement the purposes for which the Corporation was formed as set forth in the Articles of Incorporation, the Corporation shall issue obligations to finance all or part of the cost of one or more projects pursuant to the provisions of the Development Corporation Act of 1979, Article. 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"). Section 2. Conditions Precedent to Issuance of Obli- gations. The Corporation shall not issue any obligations unless: 1) The City Council (the "Governing Body") of the City of La Porte (the "Unit") has approved by written resolu- tion, adopted no more than sixty (60) days prior to the date of delivery of the obligations, the resolution of the Corporation providing for the issuance of the obli- gations; and 2) The Texas Industrial Commission, or the executive director thereof, has approved the contents of any lease, sale or loan agreement made by the Corporation under the Act in connection with the issuance of obligations by affirmatively finding that the project sought to be financed is in furtherance of the public purposes of the Act. Section 3. Books and Records; Approval of Programs and Financial Statements. The Corporation shall keep correct and complete books and records of account and shall also keep minutes of the proceedings of its Board of Directors (the "Board of Directors") and committees having any of the author- ity of the Board of Directors. All books and records of the Corporation may be inspected by any director or his agent or attorney for any proper purpose at any reasonable time; and at all times the Governing Body will have access to the books