12-07-1983 Regular Meeting of La Porte City Council

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• • '(ii) the Project sought to be financed pursuant to the Agreement is in furtherance of the public purpose of the Development Corporation Act of 1979 (Article 5190.6, Vernon Texas Civil Statutes, as amended), including the promotion of commercial development and expansion to promote and encourage employment and the public welfare. C. The Project will contribute to the economic growth or stability of the -Unit by (i) increasing or stabilizing employment opportunity, (ii) signifi- cantly increasing or stabilizing the property tax base, and (iii) promoting commerce within the Unit and the State. Section 2. The Board hereby finds, determines, recites, and declares that a public hearing with respect to the Bonds and the Project was held on December 1, 1983; that notice of such public hearing was published no less than 14 days before this date in each newspaper of general circulation within the Unit; that such notice included the date, time, and place of the public hearing, a general, functional description of the type and use of the Project, the maximum aggregate principal amount of the Bonds, • the initial owner, operator, or manager of the Project, and the prospective location of the Project; and that all comments from interested persons were taken at such public hearing. The Board hereby directs that information with respect to the public hearing be provided to the governing body of the Unit prior to its consideration of adoption of a resolution approving the Bonds. Section 3. The Board hereby approves the Agreement in substantially the form and substance presented to the Board and the President or any Vice President is hereby authorized and directed, for and~on behalf of the Issuer, to date, sign, and otherwise execute the Agreement, and the Secretary or any Assistant Secretary of the Boarcl is authorized and directed for and on behalf of the Issuer to attest the Agreement, and such officers are hereby authorized to deliver the Agreement. Upon execution by the parties thereto and delivery thereof, the Agreement shall be binding upon the Issuer in accordance with the terms and provisions thereof. Section 4. The Bonds in the aggregate principal amount of $1,500,000 are authorized to be issued for the purpose of paying the cost of acquiring, constructing, reconstructing, improving, or expanding, as the case may be, the Project. The Board hereby approves the Indenture in substantially the form and substance presented to the Board and the President or any Vice - 3 -