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RESOLUTION AUTHORIZING SALES AND USE TAX RETENTION AGREEMENT WITH THE <br />CITY OF LA PORTE DEVELOPMENT CORPORATION <br />WHEREAS, the City of La Porte is in the process of issuing its "Certificates of Obligation, <br />Series 2000" (the "Certificates") for the purposes of constructing and equipping a new La Porte <br />Community Library and pledging ad valorem taxes to the payment thereof to obtain the best possible <br />credit rating on the Certificates; <br />WHEREAS, the City of La Porte Development Corporation has agreed to use a portion of the <br />sales tax to pay the Certificates; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL THE CITY OF LA <br />PORTE, TEXAS that the Sales and Use Tax Retention Agreement substantially in the form attached <br />hereto as Exhibit "A" is hereby approved and the officers of the City are authorized to execute and deliver <br />the Agreement. <br />PASSED, APPROVED, AND ADOPTED this March 27, 2000. <br />Mayor <br />ATTEST: <br />4qauk Lal <br />City Secretary <br />