1982-12-01 Regular Meeting - Laserfiche WebLink

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-~ . .. • • RESOLUTION OF CITY OF LA PORTS INDUSTRIAL DEVELOPPIENT CORPORATION AUTHORIZING ISSUANCE OF BONDS AND APPROVING DOCUPIENTS ~_J • WHEREAS, the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes (the "Act"), authorizes and empowers the City of La Porte Industrial Development Corporation (the "Corporation") to issue revenue bonds on behalf of the City of La Porte, Texas (the "Unit"), to finance the cost of projects comprising land, buildings, equipment, facilities and improvements, found by the Board of Directors of the Corporation (the "Board") to be required or suitable for the promotion of manufacturing development and expansion and for the industrial development and expansion of .industrial facilities and for the promotion of employment; and WHEREAS, the Board adopted a resolution on August 10, 1982, pursuant to which a certain Agreement to Issue Bonds between the Corporation and Bayshore National Bank of La Porte .(the "User"), a national banking association, was executed and delivered, whereby the Corporation agreed to provide for the financing of the cost of the ~, ~~ User s project (the Project ) which was initially described in Exhibit "A" to said Agreement to Issue Bonds and is more fully described in Exhibits A and B to the Loan Agreement between the Corporation and the User referenced below, in accordance with the provisions of the Act; and WHEREAS, for purposes of financing the cost of the Project, the Corporation now desires (i) to authorize the issuance of its Industrial Development Revenue Bonds, Series 1982 (Bayshore National Bank of La Porte Project) (the "Bonds"), in the maximum aggregate principal amount of $2,500,000, pursuant to the terms and provisions of a trust indenture, (ii) to provide for the sale of the Bonds to the purchaser described herein, (iii) to provide for the payment of the principal of and premium, if any, and interest on the Bonds with revenues derived from the loan of proceeds of the sale of the Bonds to the User to finance the costs of the Project pursuant to the terms and provisions of a loan agreement and (iv) to take and authorize certain other actions in connection with the foregoing; and WHEREAS, the Board has examined proposed forms of a trust inden- ture, a loan agreement, a collateral assignment and security agreement and a letter of representation, all comprising a part of this resolution, and the Board finds that the form and substance of such documents are satisfactory and the recitals and findings contained therein are true, correct and complete and hereby adopts and incorporates by reference such recitals and findings as if set forth in full in this resolution, and finds that it is in the best interest of the public and the Corporation and assists in carrying out the public