08-10-1982 Industrial Development Corporation Board of Directors Meeting

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~ ~ AGREEPIENT TO ISSUE BONDS THIS AGREEPiENT TO ISSUE BONDS, entered into as of the 10th day of August, 1982, by and between the City of La Porte Industrial Development Corporation (the "Corporation"), created pursuant to the authority of the Development Corporation Act of 1979, Article 5190.6, Vernon's Anno- tated Texas Civil Statutes, as amended (the "Act"), and Bayshore National Bank of La Porte, a national banking association (the "User"), for the purpose of carrying out the public purpose set forth in the Act, includ- ing the promotion and development of industrial, manufacturing and commercial enterprises to promote and encourage employment and the public welfare; WITNESSETH: WHEREAS, the City of La Porte, Texas (the "Unit"), has authorized and approved the creation of the Corporation to act on behalf of the Unit for the public purpose of furthering on behalf of the Unit the promotion and development of industrial, manufacturing and commercial enterprises to promote and encourage employment and the public welfare; and k'HEREAS, the Corporation is authorized by the Act to acquire, construct, improve, maintain, equip and furnish and to lease or sell "projects," as such term is defined in the Act, or to make loans for the purpose of providing financing for all or part of the costs of a project, and the Corporation is further authorized to issue its bonds for the purpose of paying all or part of the costs of a project; and k'HEREAS, the User desires to acquire and construct a facility, more particularly described in Exhibit "A" attached hereto, within the Unit (the "Project"), which Project is suitable for the promotion of commer- cial development and expansion, the promotion of employment in the Unit and for use by commercial enterprises; and k'HEREAS, pursuant to the Act, the Corporation is authorized to issue the bonds hereinafter described, which bonds shall never consti- tute an indebtedness or pledge of the faith and credit of the State of Texas (the "State"), of the Unit, or of any other political corporation, subdivision or agency of the State within the meaning of any State constitutional or statutory provision, shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other finds of the Unit, and shall never be paid in whole or in part out of any funds of the Corporation except those derived from or in connection with the sale or lease of the Project or the loan o= funds to finance the Project ; and