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M <br />• <br />RESOLUTION NO. 83-11 <br />_ A RESOLUTION APPROVING ISSUANCE BY THE CITY OF LA <br />PORTE INDUSTRIAL DEVELOPMENT CORPORATION OF AN <br />ISSUE IN THE AMOUNT OF $380,000 OF THE CITY OF LA <br />PORTE INDUSTRIAL DEVELOPMENT CORPORATION INDUS- <br />TRIAL DEVELOPMENT REVENUE BONDS (LAWRENCE W. <br />MAHER, JR., D.D.S., INC. PROJECT) SERIES 1983; <br />APPROVING THE RESOLUTION OF THE ISSUER AUTHORIZING <br />THE BONDS, THE ISSUANCE OF THE BONDS AUTHORIZED <br />THEREBY AND THE PLAN OF FINANCING APPROVED THEREBY <br />AND THE BOND DOCUMENTS; AND APPROVING THE PROJECT <br />TO BE FINANCED WITH THE BONDS <br />WHEREAS, the City of La Porte (the "Unit") has approved <br />and authorized the creation of the City of La Porte Indus- <br />trial Development Corporation (the "Issuer") as a Texas <br />non-profit corporation, pursuant to the Development Cor- <br />poration Act of 1979, as amended, Article 5190.6, Vernon's <br />Annotated Civil Statutes (the "Act"), to act on behalf of <br />the Unit to promote and develop manutacturing and commercial <br />enterprises to promote and encourage employment and the <br />• public welfare; and <br />WHEREAS, the Issuer is authorized by the Act to issue <br />its revenue bonds on behalf of the Unit for the purpose of <br />paying all or part of the costs of a "project", as detined <br />in the Act, and to loan the proceeds thereof to finance all <br />of part of the costs thereof; and <br />WHEREAS, the Issuer, by resolution (the "Bond Resolu- <br />tion") adopted July 14, 1983, has authorized the issuance <br />and sale of its $380,000 Industrial Development Revenue <br />Bonds (Lawrence W. Maher, Jr., D.D.S., Inc. Project) Series <br />1983 (the "Bonds") and by the Bond Resolution has also <br />authorized a Loan Agreement, among the Issuer, Lawrence W. <br />Maher, Jr., D.D.S., Inc. and Bayshore National Bank, wherein <br />the Issuer agrees to issue and sell the Bonds to provide <br />funds to finance a certain commercial project of the Owner <br />(the "Project") located within the Unit and certain other <br />agreements of the Issuer in connection therewith (collec- <br />tively, the Loan Agreement and such other agreements shall <br />be referred to as the "Bond Documents"); and <br />WHEREAS, the Act requires that the governing body of <br />the Unit approve, by written resolution, any agreement to <br />issue bonds approved by the Issuer; and <br />