1984-04-04 Regular Meeting of La Porte City Council

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.1 ,. ,/ ~ - / ( \~ .1,' ~ ~ RESOLUTION 82-10 A RESOLUTION AUTHORIZING THE CREATION OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION AS AN INSTRUMENTALITY OF THE CITY OF LA PORTEi AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT. WHEREAS, the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"), authorizes the creation and administration of industrial development corporations to act on behalf of cities, counties and conservation and reclamation districts in the promotion and development of commercial, industrial and manufacturing enter- prises to promote and encourage employment and the public welfarei and WHEREAS, the. Act authorizes cities, counties and conserva- tion and reclamation districts to utilize an industrial develop- ment corporation to issue obligations and bonds on behalf of the sponsoring city, county or conservation and reclamation district to finance projects promoting and developing commercial, indus- trial and manufacturing enterprisesi and WHEREAS, three natural persons, each of whom is at least eighteen years of age and a qualified elector of the City of La Porte (the "Unit"), have filed with the City Council (the "Governing Body") of the Unit of a written application (the "Petition") requesting that the Unit authorize and approve the creation of the CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPOR- ATION (the "Corporation") and approve the Articles of Incorpora- tion and Bylaws to be used in creating the Corporationi and WHEREAS, the Corporation has been or will be created and organized as a Texas nonprofit corporation, pursuant to the provisions of the Act, for such limited purposesi and WHEREAS, the Governing Body of the Unit has reviewed and approved the petition and the Articles of Incorporation and Bylaws and has determined to authorize and approve the creation of the Corporation, a not-for-profit entity, as its constituted authori ty and instrumentali ty to accomplish the specific public purpose of the promotion and development of commercial, indus- trial and manufacturing enterprises to promote and encourage employment and the public welfare; NOW, THEREFORE;