04-05-1984 Industrial Development Corporation Board of Directors Meeting

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RESOLUTION AGREEING TO ISSUE BONDS (BAYPORT JOINT VENTURE PROJECT) WHEREAS, the City of La Porte Industrial Development Corporation (the "Issuer") is authorized by the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"), to issue revenue bonds for the purpose of paying all or part of the cost of a commercial, industrial or manufacturing "project," as defined in the Act, and to sell or lease the project to others or loan the proceeds of the bonds to others to finance all or part of the cost of the project; and WHEREAS, the Issuer now desires to authorize the issuance and sale of its tax exempt industrial development revenue bonds, to the extent authorized by law, to provide funds to defray all or part of the cost of acquiring and con- structing certain commercial facilities to be constructed by or to be leased or sold to Bayport Joint Venture (the "User"); and WHEREAS, the User, pursuant to the application (the "Application") duly filed with the Issuer, has requested that the Issuer adopt a bond resolution with respect to the bonds or take some other similar official action toward the issuance of such bonds prior to the commencement of construction or acqui- sition of such facilities; and WHEREAS, the City of La Porte, Texas (the "Unit") has authorized and approved creation of the Issuer to act on behalf of the Unit for the public purposes of furthering the promotion and development of commercial enterprises to promote and encourage employment and the public welfare; and WHEREAS, the Issuer has found and determined that the Project will con- tribute to the economic growth or stability of the L'nit by increasing or sta- bilizing employment opportunities, significantly increasing or stabilizing the property tax base and promoting commerce within the Unit and State, and that the Project is in furtherance of the purposes of the Act; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITF CF LA PORTE INDUSTRIAL DEVELOP"SENT CORPORATION THAT: Section 1: Subject to final approval by ttie Unit, the Issuer hereby authorizes and agrees that it will issue and sell its industrial development revenue bonds (the "Bonds") from time to time in one or more series pursuant to the provisions of Texas law in a principal amount sufficient to pay al. or part of the cost of acquiring and constructing the prefect described in Exhibit "A" attached hereto (the "Project"), together with all costs of authorization, sale and issuance of the Bonds. The Bonds will be issued and sold in an aggregate principal amount (excluding bonds issued to refund azy of the Bonds) now estimated to be not more than $1,850,000.