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<br />e <br /> <br />e <br /> <br />...-::::~ <br /> <br />. <br /> <br />VINSON & ELKINS <br />ATTORNEYS AT LAW <br /> <br />FIRST CITY TOWER <br /> <br />HOUSTON, TEXAS 77002 <br /> <br />TELEPHONE 713 651-2222 TWX 9108816391 TELEX 762 146 <br /> <br />1101 CONNECTICUT AVE. N. W..5U ITE 900 <br />WASHINGTON, D. C. 20036 <br />TELEPHONE 202 862 -6500 <br />CABLE VINElKINS.TElEX 89680 <br /> <br />47 CHARLES ST.. BERKELEY SQUARE <br />LONDON WIX 7PB, ENGLAND <br />TELEPHONE 44 01 491-7236 <br />CABLE VINELKINS LONDON W. L.TElEX 24140 <br /> <br />AUSTIN NATIONAL BANK TOWER <br />AUSTIN, TEXAS 78701 <br />TELEPHONE 512 478-2500 <br /> <br />November 9, 1983 <br /> <br />r.1r. Knox Askins <br />702 West Fairmont Parkway <br />La Porte, Texas 77571 <br /> <br />Re: City of La Porte Industrial Development <br />Corporation <br /> <br />Dear Knox: <br /> <br />The Texas Legislature recently passed a bill (S.B. <br />105) amending the Development Corporation Act of 1979, <br />Vernon's Annotated Texas Civil Statutes, as amended (the <br />"Act"), the enabling legislation for industrial development <br />bond financing in Texas. Among other things, S.B. 105 <br />changes the name of the Texas Industrial Commission to the <br />Texas Economic Development Commission (the "Commission"), <br />revises the definition of "project" contained in the Act <br />and subjects industrial development corporations to the <br />provisions of the Open Meetings Act and the Open Records <br />Act. S.B. 105 will take effect on September 1, 1983. <br /> <br />As you may recall, our firm assisted in the creation <br />of the City of La Porte Industrial Development Corporation <br />(the "Corporation"). We have determined that it would be <br />advisable to amend the Corporation's Bylaws to provide that <br />the books and records of the Corporation are open to the <br />public in compliance with the Open Records Act and that <br />meetings of the Board of Directors of the Corporation are <br />open to the public and that notices of such meetings are <br />posted at such times and in such places as to be in compli- <br />ance with the Open Meetings Act. A copy of the Corporation's <br />Bylaws incorporating such amendments is enclosed, together <br />with a blacklined copy of the Bylaws showing the revisions <br />and a brief summary of the revisions. The enclosed summary <br />also lists additional recommended revisions which should be <br />made to the Corporation's Bylaws in compliance 'with the <br />amendments to Section 103 of the Internal Revenue Code <br />relating to public approval of industrial development <br />