R-1986-14 - Laserfiche WebLink

Browse Search

e . RESOLUT-1{)N NO. 86- iJ/- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA PORTE AGREEING TO THE ISSUANCE OF BONDS BY THE BRAZOS HARBOR INDUSTRIAL DEVELOPMENT CORPORATION TO FINANCE A PROJECT FOR THE DOW CHEMICAL COMPANY WHEREAS, the City Council (the "Governing Body") of the City of La Porte, Texas (the "City") is desirous of providing for financing for the construction of certain pollution control facilities located within the City of La Porte and described on Exhibit "A" attached hereto (the "La Porte Facilities") constituting a portion of a project (the "Proj- ect") to be constructed by The Dow Chemical Company (the "Company"); and WHEREAS, the Brazos Harbor Industrial Development Corporation (the "Issuer") has adopted a resolution agreeing to issue bonds to provide funds to defray all or part of the cost of acquiring, constructing and improving the Project, but the Issuer anticipates that construction of such facilities will commence prior to the sale and delivery of such bonds; and WHEREAS, pursuant to the provisions of the Development Corporation Act of 1979, Article 5190.6, Texas Revised Civil Statutes Annotated, as amended (the "Act") the City may authorize the Issuer to exercise its powers under the Act to issue bonds to finance the La Porte Facilities; and WHEREAS, the Company has requested that the City adopt a resolution with respect to such bonds or take some other similar official action toward the issuance of such bonds prior to the commencement of con- struction or acquisition of such facilities; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, THAT: 1. The Governing Body hereby agrees to authorize and request the Brazos Harbor Industrial Development Corporation to exercise its powers under the Act and to issue bonds to finance the construction of the La Porte Facilities. 2. The Resolution of the Issuer agreeing to issue bonds, substan- tially in the form attached hereto as Exhibit "B," is hereby approved,