Loading...
HomeMy WebLinkAboutR-1983-11 . . t e RESOLUTION NO. 83-11 A RESOLUTION APPROVING ISSUANCE BY THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE IN THE AMOUNT OF $380,000 OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION INDUS- TRIAL DEVELOPMENT REVENUE BONDS (LAWRENCE W. MAHER, JR., D.D.S., INC. PROJECT) SERIES 1983i APPROVING THE RESOLUTION OF THE ISSUER AUTHORIZING THE BONDS, THE ISSUANCE OF THE BONDS AUTHORIZED THEREBY AND THE PLAN OF FINANCING APPROVED THEREBY AND THE BOND DOCUMENTSi AND APPROVING THE PROJECT TO BE FINANCED WITH THE BONDS e WHEREAS, the City of La Porte (the "Unit") has approved and authorized the creation of the C~ty of La Porte Indus- trial Development Corporation (the "Issuer") as a Texas non-prof~t corporation, pursuant to the Development Cor- poration Act of 1979, as amended, Art~cle 5190.6, Vernon's Annotated Civil Statutes (the "Act"), to act on behalt ot the Unit to promote and develop manutacturing and commercial enterpr~ses to promote and encourage employment and the public weltarei and WHEREAS, the Issuer ~s authorized by the Act to issue its revenue bonds on behalf of the Unit for the purpose of paying all or part of the costs of a "project", as det~ned in the Act, and to loan the proceeds thereof to finance all of part ot the costs thereofi and e WHEREAS, the Issuer, by resolution (the "Bond Resolu- tion") adopted July 14, 1983, has authorized the issuance and sale of its $380,000 Industrial Development Revenue Bonds (Lawrence W. Maher, Jr., D.D.S., Inc. ProJect) Series 1983 (the "Bonds") and by the Bond Resolution has also authorized a Loan Agreement, among the Issuer, Lawrence W. Maher, Jr., D.D.S., Inc. and Bayshore National Bank, wherein the Issuer agrees to issue and sell the Bonds to prov~de funds to finance a certain commercial proJect of the Owner (the "ProJect") located with~n the Unit and certain other agreements ot the Issuer in connection therewith (collec- tively, the Loan Agreement and such other agreements shall be referred to as the "Bond Documents")i and WHEREAS, the Act requ~res that the governing body of the Unit approve, by written resolution, any agreement to issue bonds approved by the Issuer; and . . e WHEREAS, the Texas Industrial Commission's Rules for Issuing Industrial Revenue Bonds (the "Commission Rules") require, with respect to commercial projects in "eligible blighted areas," the city that established the eligible blighted area to approve projects located therein after posting notice and holding a public hearing thereon; and WHEREAS, the Project is located within an eligible blighted area established by the Unit; and WHEREAS, this City Council, after posting notice in accordance with law and before the adoption of this resolu- tion, conducted a public hearing relative to its approval of the Project pursuant to and in. accordance with the Com- mission Rules; and WHEREAS, this City Council intends, by adoption of this Resolution, to approve the Project; and e WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"), requires the Unit's approval of the issuance of the Bonds and authorizes its approval of a plan of financing additional facilities related to the project after a public hearing following reasonable public notice; and WHEREAS, the Issuer conducted such a public hearing on July 14, 1983, following publication of notice thereof; and WHEREAS, this City Council has reviewed the Bond Resolution and the minutes relative thereto and, by adoption of this Resolution, intends to approve the Bond Resolution, the issuance of the Bonds, the plan of financing approved by the Bond Resolution and the Bond Documents and to make the findings required by the Act to approve the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: e Section 1. The Unit, acting through this City Council, hereby approves: (a) the Project; (b) the Bond Resolution and the plan of financing approved thereby; -2- e e e . . (c) the issuance of the Bonds in the amount and for the purposes referred to in the preambles hereof and as described in the Bond Documents; and (d) the Bond Documents, copies of which are on file among the records of this meeting. Section 2. The Unit, acting through this City Council, hereby finds, determines and declares, but solely for its own purposes in performing its duties under the Act and the Commission Rules that: (a) the Project is located in an eligible blighted area designated by the Unit and will contribute signifi- cantly to the fulfillment of the redevelopment objectives of the Unit for such eligible blighted area; (b) the Project conforms to the resolution adopted by the City Council of the Unit, pursuant to the Act and the Commission Rules, designating the eligible blighted area in which the Project is located; and (c) the Project is in furtherance of the public purposes of the Act. Section 3. This Resolution shall take effect imme- diately from and after its adoption. PASSED AND APPROVED this Texas ~ , 1983. ATTEST: ,~~ ~. C1ty Secretary, City of La Porte, Texas [Seal] TO FORl-1: By: City ttorney, Texas 74BCSF -3- . . tt MINUTES AND CERTIFICATION THE STATE OF TEXAS S S COUNTY OF HARRIS S On the ~ ~ day of ~, 1983, the Cl.ty Council of the City of La Porte, T as, convened in Regular Meeting at the regular meeting pI ce thereof in the City Hall, the meeting being open to the public and notl.ce of such meeting, giving the date, place and sUbJect thereof, having been posted or prescribed by Article 6252-17, V.A.T.C.S., and the roll ot the duly constituted ottl.cers and member of the City Council was called, which officers and members are as follows, to-Wl.t: Virginia Cline, Mayor Linda Westergren ) Deotis Gay ) Lindsay Pfel.tter ) Councilmembers Norman L. Malone ) Kevin Graves ) B. Don Skelton, Sr. ) John D. Carr Longley) Edward Matuzak ) e Cherie Black, Assistant City Secretary and allot such were present, except the following absentees: , thus consti tutl.ng a quorum. Whereupon, amo other busl.ness, the following was transacted, to-wit: a written Resolution bearing the following caption was introduced: e A Resolution approving issuance by the City of La Porte Industrl.al Development Corporation of an issue in the amount of $380,000 ot the City of La Porte Industrl.al Development Corporatl.on Indus- trial Development Revenue Bonds (Lawrence W. Maher, Jr., D.D.S., Inc. Project) Serl.es 1983; approving the Resolution of the Issuer authorizing the Bonds, the issuance of the Bonds and the Bond Documents; and approving the Project to be finan- ced with the Bonds The Resolution, a full, true and correct copy of which is attached hereto was read and revl.ewed by the City Councl.l. : . . e Thereupon, the Presiding Officer declared open the meeting for the purpose of conducting a pub11c hearing relative to considerat1on of approval by the C1ty Council of the commercial project to be financed with proceeds of the bonds specified in the Resolution. All persons desiring to speak for or against the project were invited to address the City Council. After all persons present desir1ng to speak had addressed the C1ty Council, upon mot1on duly made and seconded, the public hear1ng was declared closed by the following vote: AYES: i NOES: 0 . Upon motion duly made and seconded, the Resolution was finally passed and adopted by the follow1ng vote: AYES: i NOES: tJ The Presiding Ott1cer then declared the Resolution passed and signed and approved the same in the presence of the City Council. MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to retlect accurately the duly constituted officers and members of the City Council of such C1ty, and the attached and following copy of such Resolution is hereby certified to be a true and correct copy of an official copy thereof on tile among the official records of the City, all on this ~~ ~ ,1983. ATTEST: ~~ " .4-'" ~.' C1ty Secretary, City Porte, Texas of La . [Seal] 74BCSE -2-