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~ ~. <br />MINUTES OF SPECIAL MEETING <br />OF THE <br />BOARD OF DIRECTORS <br />OF THE <br />CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION <br />The Board of Directors of the City of La Porte Industrial <br />Development Corporation convened in special meeting at 7:00 <br />P.M. on the 17th day of August, 1982, at La Porte, Texas, said <br />meeting having been duly called. Present at the meeting were <br />the following members of the Board of Directors: <br />VIRGINIA CLINE <br />W. R. SPRINGALL <br />LOIS COMPTON <br />DIANA S. DEARING <br />DOUGLAS F. LATIMER, JR. <br />with J. H. LONGNECRER and JOHN C. LONGLEY absent, thus constitut- <br />ing a majority and a quorum of the Board of Directors. <br />Upon motion duly made, seconded and carried by unanimous vote, <br />the Minutes of the Special Meeting of the Board of Directors <br />of August 10, 1982, were approved as presented. <br />Upon motion duly made, seconded and carried by unanimous .vote, <br />the Board established the following practices and procedures <br />for the processing of applications for financing: <br />(1) The form of Application for Financing, which <br />was approved by the Board at the previous <br />meeting, shall be accompanied by a Letter of <br />Intent from the applicant's lender, evidencing <br />the lender's intent to finance the bonds in <br />question. <br />(2) The application shall be completed, and accom- <br />panied by the applicable application fee, <br />before it will be considered. <br />___ - <br />--- __~ - <br />