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<br />e <br /> <br />e <br /> <br />....-::: =-.:.. <br /> <br />. <br /> <br />4' _\ <br /> <br />,.... <br /> <br />BYLAWS OF THE <br />CITY OF LA PORTE <br />INDUSTRIAL DEVELOPMENT CORPORATION <br />(A~ A~e~ded 0\"\ ) <br /> <br />ARTICLE I <br /> <br />..... <br /> <br />POWERS AND PURPOSES <br /> <br />(I p'~e c..+S II ~ s <br />defi ~eci I V\ <br /> <br />Section 1. Financing of I~a~a~Eial De~81e~m8Rt Projects. <br />In order to implement the purposes for which the corporation <br />was formed as set forth in the Articles of Incorporation, the <br />Corporation shall issue obli ations to finance all or part of <br />the cost of one or mor <br />. of the Development Corporation Act of 1979, Article 5190.6, <br />Vernon's Annotated Texas civil statutes, as amended (the <br />" Act II ) . <br /> <br /> <br />section 2. Conditions Precedent to Issuance of Obli- <br />gations. The corporation shall not issue any obligations <br />unless: <br /> <br />1) The City Council (the "Governing Body") of the City <br />of La Porte (the "unitll) has approved by uritteR resolu- <br />tion, adopted no more than sixty (60) days prior to the <br />date of delivery of the obligations, the resolution of <br />the Corporation providing for the issuance of the obli- <br />gations; and E . b _I .-a.- <br />r c.onOW\\ to e.V~opMe n, <br /> <br />2). . The TexaskIna~a~Eial Commission, or the executive <br />director thereof, has approved the contents of any lease, <br />sale or loan agreement made by the corporation under the <br />Act. in c.onx;ecti(:>n ~i th the issuance. of obligation I ~ <br /> <br /> <br /> <br /> <br />-fiRaReea io iR fUEthcraRco sf thc pub1io purpeac6 af the <br />Act. <br /> <br />section 3. Books and Records; Approval of Programs <br />and Financial Statements. The corporation shall keep correct <br />and complete books and records of account and shall also keep <br />minutes of the proceedings of its Board of Directors (the <br />"Board of Directorsll) and committees having any of the author- <br />it of the Board of Directors. All books and records of the <br />corporat~on' .' <br />atterRoy fer ~ny proper pU~OC0 at any rea~gn4~le. time; AR~ <br />at all time~ tae C9':erning iQQ;:.' Hill };d vu~ il.C',<=>ee to,..., tr<=> book. <br /> <br /> <br />5~l\ b!. kef'" 0.+ ~t. ~~',~t.if4.\ ~c.e. ~ -+he. u"'ro~+i~" w,,",e.I't." <br />+~Q~ S~4\\ \)~ AV6.da.b\e. +c ~e. p....bli, Ir\ Aeco"'do.~,e. WI--Ht +/te <br />Op e.. l'\ R e c..o rd ~ A.c.:t I A-t"'-ti de. ~ ~ S' ~ - Ii 0.. l V e.f'r\O ~ '~ A- jlH1 otz-L ~~ <br />T~~~ Gill\ \ S+..+u.~t 1 o.~ Q.W\~eJ. . <br />