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.~ • • <br />• <br />in accordance with law, to take comments from the public regarding the <br />suitability of the Project; and <br />WHEREAS, in accordance with the terms of the Agreement to Issue <br />Bonds, the Corporation now desires to provide for the issuance and sale <br />of its $2,500,000 Industrial Development Revenue Bonds, Series 1982 <br />(Bayshore National Bank of La Porte Project) (the "Bonds"), by adopting <br />a resolution substantially in the form attached hereto as Exhibit "A" <br />(the "Resolution"); and <br />WHEREAS, the Act .further provides that the Governing Body must, by <br />written resolution adopted no more than sixty (60) days prior to the <br />date of the sale of the Bonds, specifically approve the resolution of <br />the Corporation providing for the issuance of the Bonds; <br />NOW, THEREFORE, BE IT RESOLVID BY THE CITY COUNCIL OF THE CITY OF <br />LA PORTE, TEXAS, THAT: <br />1. The Resolution of the Corporation providing for the sale and <br />issuance of the Bonds, substantially in the form attached hereto as <br />Exhibit "A", is hereby approved. <br />2. The Governing Body hereby finds that the Project: <br />. (a) is located within the EBA; <br />(b) will contribute significantly to the fulfillment of the <br />redevelopment objectives of the Unit for the EBA; <br />(c) is in furtherance of the public purposes of the Act; <br />(d) conforms to any and all and is in substantial <br />compliance with limitations prescribed by the EBA resolution; and <br />(e) will contribute to the economic growth and stability of <br />the Unit by removing a blighted condition, increasing and <br />stabilizing employment opportunity, significantly increasing or <br />stabilizing the property tax base and promoting commerce within the <br />Unit and the State of Texas. <br />3. It is hereby found, determined and declared that a sufficient <br />written notice of the date, hour, place and subject of the meeting of <br />the Governing Body at which this resolution was adopted was posted at a <br />place convenient and readily accessible at all times to the general <br />public at the City Hall of the Unit for the time required by law <br />proceeding this meeting, as required by the Open Meetings Act, Article <br />6252-17, Vernon's Texas Civil Statutes, as amended, that such notice <br />r <br />1.~~ <br />-2- <br />