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<br />e <br /> <br />e <br /> <br />The Vice President of the Issuer was authorized by the Board to submit <br /> <br />the Issuer's bond procedures, including the amended Application for <br /> <br />Financing, to the Texas Economic Development Commission. <br /> <br />5. A public hearing was held with respect to the issuance of <br /> <br />$3,800,000 City of La Porte Industrial Development Corporation Industrial <br /> <br />Development Revenue Bonds, Series 1983 (La Quinta Motor Inns, Inc. Project) <br /> <br />(the "Bonds"), to provide financing for the cost of acquisition, construc- <br /> <br />tion and equipping of a motor inn of approximately 114 rooms and a related <br /> <br />restaurant facility and related parking, fixtures, furnishings and equipment <br /> <br />for La Quinta Motor Inns, Inc. <br /> <br />Juan Marquez, a corporate attorney of La Quinta Motor Inns, Inc. was <br /> <br />present, and described the Project. No one from the public rose to speak <br /> <br />in opposition to or in favor of the Bonds and the Project. <br /> <br />The public hearing was thereupon declared closed. <br /> <br />6. A Resolution authorizing the issuance of the Bonds and approving <br /> <br />the documents related thereto was considered. <br /> <br />Carolyn Truesdell of Vinson & Elkins, Bond Counsel, was present, and <br /> <br />briefly summarized the financing and the documents being used. <br /> <br />-3- <br />