1982-12-01 Regular Meeting - Laserfiche WebLink

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,.~ RESOLUTION OF THE CITY COUNCIL APPROVING THE ISSUANCE OF BONDS BY THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION TO FINANCE A PROJECT FOR BAYSHORE NATIONAL BANK OF LA PORTE; APPROVING SAID PROJECT AND HARING CERTAIN FINDINGS AND DETERMINATIONS WHEREAS, by resolution the City Council (the "Governing Body") of the City of La Porte, Texas (the."Unit"), authorized and approved the creation of the City of La Porte Industrial Development Corporation (the Corporation ) as a nonprofit industrial development corporation under Article the provisions of the Development Corporation Act of 1979, 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"); and WHEREAS, by Resolution No. 82-11, passed and approved July 7, 1982, the Unit designated certain eligible blighted areas ("EBAs") within which certain commercial projects can be financed pursuant to the terms of the Act; and WHEREAS, the Act and the rules of the Texas Industrial Commission promulgated thereunder (the "Rules") provide that commercial projects may be financed if they are within or immediately adjacent to an eligible blighted area as determined by a city and if the city has . approved the project and made the determinations and findings required by the Rules; and WHEREAS, by resolution adopted on December 1, 1982, the Governing Body approved an Agreement to Issue Bonds between the Corporation and Bayshore National Bank of La Porte which Agreement to Issue Bonds authorized the issuance of industrial development revenue bonds by the Corporation to finance the cost of commercial facilities (the "Project") to accomplish the specific public purpose for which the Corporation was created and which Agreement to Issue Bonds was approved by resolution of the Corporation on August 10, 1982; and WHEREAS , the Project is located within the EBA and the User has represented to the Unit and to the Corporation that (1) the User has no present intention of disposing of or abandoning the Project, (2) the User has no present intention of directing the Project to a use other than the purposes represented to the Unit and (3) the User will not, during the life of the bonds, direct the Project to a use not authorized within the EBA; and WHEREAS, in accordance with the Rules, a public hearing was held on this date by the Governing Body, after notice thereof having been posted •