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HomeMy WebLinkAboutR-1985-21 .e ~. RESOLUTION NO. 85-~1 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA PORTE REQUESTING THE ISSUANCE OF BONDS BY THE BRAZOS HARBOR INDUSTRIAL DEVELOPMENT CORPORATION TO FINANCE A PROJECT FOR THE DOW CHEMICAL COMPANY AND APPROVING SAID ISSUANCE FOLLOWING A PUBLIC HEARING 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 and solid waste control facilities located within the City of La Porte (the "La Porte Facil- ities") constituting a portion of a project to be constructed by The Dow Chemical Company (the "Project") which Project is described in Exhibit A hereto; 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 wishes to request the Brazos Harbor Indus- trial Development Corporation (the "Issuer") to exercise its powers under the Act to issue bonds to finance the La Porte Facilities; and WHEREAS. the Issuer is willing to provide for the the issuance and sale of its Pollution Control Revenue Bonds, Series 1985 (The Dow Chemical Company Project) (the "Bonds"), in the maximum aggregate principal amount of $50,000,000 to finance the construction of the Project, including the portion of the Project located within the City (which portion of the Project will be financed by a portion of the Bonds in a maximum principal amount of $15,000,000). by adopting a resolution substantially in the form attached hereto as Exhibit "B" (the "Resolu- tion"); and WHEREAS. the Act provides that the Governing Body must, by resolu- tion adopted no more than sixty (60) days prior to the date of delivery of the Bonds, specifically approve the resolution of the Issuer provid- ing for the issuance of the Bonds; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954. as amended (the "Code"), requires that the Bonds be approved by the "appli- cable elected representative" ("AER") after a public hearing following reasonable publication; and e . WHEREAS. with respect to Bonds issued by the Issuer used for a project within the jurisdiction of the City such AER is the Governing Body of the City; and WHEREAS, notice of a public hearing with respect to the Project and the Bonds to be held by the Governing Body of the City on the date of this resolution was published no less than 14 days before this date; and WHEREAS, the Governing Body has held such public hearing on the date and at the time and place set out in such published notice, and has conducted such hearing in a manner that provides a reasonable opportu- nity for persons with differing views on the issuance of the Bonds and on the location and nature of the Project to be heard; WHEREAS, the private activity bond limit for the State of Texas has been allocated for 1985, in the manner authorized by Section 103(n) of the Code, as provided in House Bill 690. Acts of the 69th Legislature, Regular Session, 1985 ("H.B. 690"); and WHEREAS, H.B. 690 requires the Issuer to file a notification of its present intent to deliver an issue of such "private activity bonds" (the "Allocation Request") with the Texas Economic Development Counnission. setting forth the maximum face amount of the Bonds, the purpose of the Bonds and the Section of the Code applicable to the Bonds in order to reserve a portion of the 1985 allocation of the state ceiling for the Bonds (the "Allocation"); and WHEREAS, the Allocation Request with respect to the Bonds will be filed on November , 1985 (the "Reservation Date"); and WHEREAS, the Allocation is made to the Brazos River Harbor Naviga- tion District (the "District") and the City, but the District and the City will assign the Allocation to the Issuer; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, THAT: 1. The Governing Body hereby finds, determines, recites and declares that a public hearing with respect to the Bonds and the Project was held on this date; that notice of such public hearing was published no less than 14 days before this date in a newspaper of general circu- lation within the City; that such notice included the date, time and place of the public hearing, the location and general nature of the Project and the expected aggregate principal amount of the Bonds; and that all comments from interested persons were taken at such public hearing. -2- .e e 2. The Governing Body hereby requests the Brazos Harbor Indus- trial Development Corporation to exercise its powers under the Act and to issue bonds to finance the construction of the La Porte Facilities. 3. The Governing Body hereby specifically approves the Bonds, as required by Section 103(k) of the Code and the Project, all as described in the Notice attached hereto as Exhibit C, and the Governing Body finds and determines that the Project is in furtherance of the public purposes of the Act. 4. The Resolution of the Issuer providing for the sale and issu- ance of the Bonds, substantially in the form attached hereto as Exhibit "B," is hereby approved. 5. There is hereby assigned and transferred to the Issuer the City's proportionate amount of the ceiling for private activity bonds in the amount of $15,000,000, which is allocated to the City for the Bonds pursuant to H.B. 690, it being the intention of the City that the amount of the ceiling transferred by the City to the Issuer together with the amount transferred by the District shall aggregate $50,000,000. PASSED AND APPROVED this day of November, 1985. CITY OF LA PORTE By Norman Malone, Mayor ATTEST: By City Secretary APPROVED: By City Attorney -3- e e EXHIBIT A LA PORTE FACILITIES 1. SOLID WASTE STORAGE AREA PLANT Project No. W-157 PURPOSE: Solid/hazardous waste will be stored in containers before shipment to offsite disposal and/or treatment facilities. PROCESS DESCRIPTION: Solids/hazardous containerized waste will be collected from individual process units and transported to and stored at this facility. The roof prevents stormwater from contacting the hazardous waste. Facility wastewater will be collected in the sump and pumped to the hazardous wastewater treatment facility. EQUIPMENT LIST: Building Sumps Pumps II. GROUNDWATER POLLUTION CONTROL FACILITIES Project No. W-158 PURPOSE: The Groundwater Recovery System will remove groundwater contaminated with monochlorobenzene, aniline and acetone for further treatment. A-I e e PROCESS DESCRIPTION: Contaminated groundwater from the sands underlying the La Porte site will be removed. Recovery wells and interceptor trenches will collect the groundwater. Pumps will transfer the contaminated water to a biological treatment facility. III. WASTEWATER TREATMENT Project No. W-159 PURPOSE: The facility will remove pollutant by (1) neutralization and (2) bio- logical treatment. PROCESS DESCRIPTION: Contaminated process wastewater, groundwater and initial flow of storm- water is collected and pumped to the wastewater treatment facility. The wastewater is neutralized and biologically treated to carbon dioxide, nitrogen compounds, water and new cell bodies in the activated sludge tanks. The microorganism is recycled to the activated sludge tanks. The excess solids (microorganisms) are dewatered and disposed of by incineration or in a Class I Hazardous landfill on a Dow site. Required conntrol facilities including laboratory facilities and process instrumentation will be provided. The wastewater has been ruled hazsrdous by EPA. Tanks will be used for storage and treatment. IV. MCB REMOVAL FROM GROUNDWATER AND WASTEWATER Project No. W-160 PURPOSE: Monochlorobenzene will be removed from contaminated groundwater and spent caustic from the polymerics unit. A-2 e e PROCESS DESCRIPTION: The facility will use air to strip the MCB from the contaminated ground- water and spent caustic. The air laden with MCB will be charged to the thermal oxidizer. The air will compromise part of the combustion air for the thermal oxidizer. V. PLANT DRAINAGE IMPROVEMENT Project No. W-16I PURPOSE: Corrosive and organic process waste will be kept segregated from storm- water. PROCESS DESCRIPTION: Trenches, ditches and sumps containing corrosive and/or organic chemi- cals will be pumped to the processing plant's process waste streams, which are then transferred to the wastewater treatment facilities. The remaining stormwater will be discharged in outfalls 002 and 003 after an initial flush period. FREEPORT FACILITIES 1. COP COOLING WATER TOWER Project No. W-150 PURPOSE: Remove possible contamination of the cooling water out falls from the A-18 and A-24 Blocks by replacing the once-through seawater cooling system with a closed-loop cooling tower system. PROCESS DESCRIPTION: The proposed system would consist of one or more cooling towers of sufficient size to furnish noncontact cooling water to the production plants in the A-18 and A-24 Blocks. Water from the tower(s) would be pumped to heat exchangers in the various processes where the cooled water would absorb process heat. The warm water would then return to A-3 e e the cooling tower(s) where the water would be cooled. This process would be repeated over and over again. EQUIPMENT LIST: Cooling Tower Pumps Motors Electrical and Instrumentation Distribution Piping Miscellaneous Costs Engineering Construction Overhead Taxes Capitalized Interest Contingencies II. WASTEWATER TREATMENT Project No. W-151 PURPOSE: To provide facilities to neutralize flow from wastewater collection headers prior to discharging into the treatment plant. To provide adequate dewatering facilities for both primary and bio- logical solids. To provide facilities for tank truck unloading and wash-out. Upgrade effluent piping from bio-reactors to clarifiers. PROCESS DESCRIPTION Organic process wastewater is collected and pumped to the Texas Opera- tions Wastewater Treatment Plant. The collection header flow is to be neutralized and discharged into the bio-reactors. In the bio-reactors, the organics are oxidized by microbial organisms to carbon dioxide, A-4 e e I water and new cell bodies. The bio-reactors contain both primary and biological suspended solids that require removal prior to discharge of the treated water through a TDWR and EPA permitted outfall. The suspended solids are settled in four clarifiers. A portion of viable micro-organisms are recycled back to the bio-reactors. The excess solids are conditioned and processed through the dewatering facilities (filter presses) and disposed in a Class ~I landfill nearby. III. TEXAS OPERATIONS WASTE INCINERATION, P.O. B-2616 Project No. W-152 PURPOSE: To dispose of Texas Operations solid and liquid wastes by incineration. Wastes range from about 20,000,000 to 50,000,000 pounds per year from about 2,300 different internal sources. PROCESS DESCRIPTION: The unit will consist of various feed systems, including inventory, a rotary kiln with an afterburner chamber, a boiler, a quench/scrubber for strong acid removal, an ionizing wet scrubber for particulate and weak acid gas removal, an induction fan, a stack and a scrubber water clarification and ash dewatering system. The treated scrubber water will be released to a permitted outfall and the treated flue gas will be vented. The ash will be landfilled. EQUIPMENT LIST: Waste Processing and Storage Incinerator and Afterburner Boiler Quench/Scrubber Ionizing Wet Scrubber Induction Fan and Stack A-5 e e Buildings: Control Building Maintenance Buildings Site Development (Including OSBL Work) III. WASTEWATER TREATMENT PLANT AERATION RETROFIT, B-2616 Project No. W-153 PURPOSE: To improve the deteriorated aeration system for biological treatment of Texas Operations maximum wastewater capacity. PROCESS DESCRIPTION: The aeration retrofit will replace the Kenic Aeration System in A and B Lagoons with a sparger system and increase the header sizes to improve air flow. EQUIPMENT LIST: Sparger Stations Air Headers A-6 e e EXHIBIT "B" RESOLUTION OF BRAZOS HARBOR INDUSTRIAL DEVELOPMENT CORPORATION WITH RESPECT TO A PUBLIC HEARING AND AUTHORIZING ISSUANCE OF BONDS AND APPROVING DOCUMENTS WHEREAS, the Development Corporation Act of 1979, Article 5190.6, Texas Revised Civil Statutes Annotated, as amended (the "Act"), author- izes and empowers the Brazos Harbor Industrial Development Corporation (the "Issuer") to issue revenue bonds on behalf of Brazos River Harbor Navigation District of Brazoria County, Texas (the "District"), and on behalf of other districts, cities and counties who may request the Issuer to issue revenue bonds on their behalf, to finance the cost of projects comprising land, buildings, equipment, facilities and improve- ments, found by the Board of Directors of the Issuer (the "Board") to be required or suitable for the promotion of development and expansion of manufacturing and industrial facilities and in furtherance of the public purposes of the Act; and WHEREAS, on December 13, 1984, the Board of Navigation and Canal Commissioners of the Brazos River Harbor Navigation District of Brazoria County, Texas adopted a Resolution Agreeing to Issue Bonds, whereby the District agreed to provide for the financing of the cost of facilities constituting a portion of a project (the "Freeport Facilities") for the Company, which Freeport Facilities were initially described in Exhibit "A" to said Resolution Agreeing to Issue Bonds; and WHEREAS, the La Porte Facilities (as defined herein) and the Freeport Facilities together constitute one project (the "Project"), which Project is more fully described in Exhibit A to the Loan Agreement between the Issuer and the Company referenced below, in accordance with the provisions of the Act; and WHEREAS, for purposes of financing the cost of the Project, the Issuer now desires (i) to authorize the issuance of its Pollution Control Revenue Bonds, Series 1985 (The Dow Chemical Company Project) (the "Bonds"), in the maximum aggregate principal amount of $ , pursuant to the terms and provisions of a trust indenture, (ii) to provide for the sale of the Bonds to the underwriter described herein, pursuant to the terms of an underwriting agreement, (iii) to ratify and affirm the distribution of a preliminary official statement and to approve the distribution of an official statement; (iv) to provide for the payment of the principal of and premium, if any, and interest on the Bonds with revenues derived from the loan of B-1 e . proceeds of the sale of the Bonds to the Company to finance the costs of the Project pursuant to the terms and provisions of a loan agreement and (v) to take and authorize certain other actions in connection with the foregoing; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"), requires that the Bonds and the Project be approved by the "applicable elected representative II (the "AER") of each of the District and the City after public hearing following reasonable public notice; and WHEREAS, with respect to the Bonds the AER is the Board of Naviga- tion and Canal Commissioners of the Brazos River Harbor Navigation District of Brazoria County, Texas and the City Council of the City of La Porte, Texas (each such governing body being referred to as the "Governing Body" of the District and the City respectively). WHEREAS, on November 23, 1985, the City of La Porte, Texas (the "City") adopted an Order requesting the Issuer to issue bonds on its behalf to finance the cost of facilities constituting a portion of a project (the "La Porte Facilities") for The Dow Chemical Company, a Delaware corporation (the "Company"), which La Porte Facilities were initially described in Exhibit A to said Order; and WHEREAS, notice of a public hearing with respect to the Project and the Bonds to be held by the Issuer on the date of this resolution was published no less than 14 days before this date in a newspaper of general circulation available to residents within the District; and WHEREAS, the Board has held such public hearing on the date and at the time and place set out in such published notice, and has conducted such hearing in a manner that provided a reasonable opportunity for persons with differing views on the issuance of the Bonds and on the location and nature of the Project to be heard; and WHEREAS, the Governing Body of the City conducted a public hearing. following appropriate public notice in a newspaper of general circu- lation available to residents within the City, to provide the same opportunity to be heard for persons in the area of the City; and WHEREAS, the Governing Body of the District proposes to adopt a written resolution specifically approving this resolution of the Issuer providing for the issuance of the Bonds and specifically approving the Bonds and the Project as required by Section 103(k) of the Code; and WHEREAS, the Governing Body of the City has adopted a written resolution specifically approving this resolution of the Issuer B-2 e e providing for the issuance of the Bonds and specifically approving the Bonds and the Project as required by Section 103(k) of the Code; and WHEREAS, Section 103(n) of the Code requires that certain "private activity bonds" (as defined in such Section) must come within the issuing authority's private activity bond limit for the applicable calendar year in order to be treated as a tax-exempt obligation; and WHEREAS, the private activity bond limit for the State of Texas has been allocated for 1985, in the manner authorized by Section 103(n), as provided in House Bill 690, Acts of the 69th Legislature, Regular Session, 1985 ("H.B. 690"); and WHEREAS, H.B. 690 requires the Issuer to file a notification of its present intent to deliver an issue of such "private activity bonds" (the "Allocation Request") with the Texas Economic Development Commission (the "Commission"), setting forth the maximum face amount of the Bonds, the purpose of the Bonds and the Section of the Code applicable to the Bonds in order to reserve a portion of the 1985 allocation of the state ceiling for the Bonds (the "Allocation"); and WHEREAS, the Allocation Request with respect to the Bonds was filed on November _, 1985 (the "Reservation Date"); and WHEREAS, the Allocation is made to the District and the City, but the District and the City have or will assign the Allocation to the Issuer; and WHEREAS, the Board has been presented with and has examined pro- posed forms of a trust indenture, a loan agreement and an underwriting agreement, and the Board finds that the form and substance of such documents are satisfactory and the recitals and findings contained therein are true, correct and complete and hereby adopts and incorpo- rates by reference such recitals and findings as if set forth in full in this resolution, and finds that it is in the best interest of the public and the Issuer and assists in carrying out the public purpose of the Issuer and of the Act to authorize the execution and delivery of such documents; and WHEREAS, the Board understands that Goldman, Sachs & Co., as underwriter (the "Underwriter") has previously distributed a preliminary official statement and intends to distribute an official statement in connection with the offering and sale of the Bonds; and WHEREAS, in connection with the preparation of such preliminary official statement and such official statement, the Issuer has furnished the information to the Underwriter concerning itself under the caption B-3 e e "THE ISSUER" and the Board now desires to ratify the use of such infor- mation in such preliminary official statement and to authorize the use of such information in such official statement; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BRAZOS HARBOR INDUSTRIAL DEVELOPMENT CORPORATION THAT: 1. The Board hereby finds, determines, recites and declares that the Issuer held a public hearing with respect to the Bonds and the Project on this date; that notice of such public hearing was published no less than 14 days before this date in a newspaper of general circula- tion available to residents within the District; that such notice included the date, time and place of the public hearing, the location, general nature and the initial owner, operator or manager of the Project and the maximum aggregate principal amount of the Bonds; and that all comments from interested persons were taken at such public hearing. The Board hereby directs that information with respect to the public hearing be provided to the Governing Body of the District prior to their consideration of adoption of a resolution approving the Bonds and the Project. 2. The Board hereby finds, determines, recites and declares that the Allocation Request with respect to the Bonds was filed with the Commission no more than 15 calendar days before this date, and that the principal amount of the Bonds authorized by this resolution is equal to at least 90% of the principal amount of the Bonds set forth in the Allocation Request. 3. The Issuer hereby authorizes and directs the issuance of the Bonds in the maximum aggregate principal amount of $ , in accordance with a trust indenture substantially in the form of the Trust Indenture, dated as of December 1, 1985 (the "Indenture"), by and between the Issuer and First City National Bank of Houston, as trustee (the "Trustee"), a copy of which was presented to the Board, the form, terms and provisions of such Indenture and the Bonds being hereby authorized and approved, and the President and any Vice President of the Issuer are hereby severally authorized and directed to execute and deliver such Indenture and the Bonds on behalf of the Issuer, and the Secretary of the Issuer is hereby authorized to attest and affix the Issuer's seal thereto, with such changes therein as the officers execut- ing the same may approve, such approval to be conclusively evidenced by such execution thereof. 4. The loan of the proceeds of the sale of the Bonds by the Issuer to the Company in order to provide financing of the costs of acquiring and constructing the Project shall be effected pursuant to the terms and provisions of a loan agreement substantially in the form of B-4 e e the Loan Agreement, dated as of December 1, 1985 (the "Loan Agreement"), by and between the Issuer and the Company, a copy of which was presented to the Board, the form, terms and provisions of such Loan Agreement being hereby authorized and approved, and the President and any Vice President of the Issuer are hereby severally authorized and directed to execute and deliver such Loan Agreement on behalf of the Issuer, and the Secretary of the Issuer is hereby authorized to attest and affix the Issuer's seal thereto, with such changes therein as the officers execut- ing the same may approve, such approval to be conclusively evidenced by such execution thereof. 5. The sale and delivery of the Bonds by the Issuer to the Underwriter, at a price equal to % of the aggregate principal amount thereof is hereby authorized and approved. Said sale and delivery shall be effected in accordance with the terms and provisions of the Under- writing Agreement among the Underwriter, the Issuer and the Company, which was presented to the Board, the form. terms and provisions of the Underwriting Agreement being hereby authorized and approved, and the President and the Vice President of the Issuer are hereby severally authorized and directed to execute and deliver such Underwriting Agree- ment on behalf of the Issuer, and the Secretary of the Issuer is hereby authorized to attest and affix the Issuer's seal thereto, with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by such execution thereof. 6. The Board hereby ratifies the use of the information described under the caption liTHE ISSUER" in the preliminary official statement, dated November _, 1985 (the "Preliminary Official Statement"), which was presented to the Board, and authorizes the use of such information in the official statement, dated December , 1985 (the "Official Statement"), which was presented to the Board, to be distributed by the Underwriter; provided that, in adopting this resolution, the Issuer hereby disclaims any responsibility for the Preliminary Official State- ment and the Official Statement except for the information described as having been provided by it in the last recital of this resolution and expressly disclaims any responsibility for any other information included as part of the Preliminary Official Statement or the Official Statement. 7. The actions and obligations authorized in Paragraphs 3 through 6 of this resolution shall be subject to and conditioned upon the receipt by the Issuer, at the date of delivery and payment for the Bonds (the "lssue Date"), of (i) a certificate from a representative of the Commission, acting on behalf of the Commission, evidencing final approval of the Loan Agreement and evidencing the filing of a certified copy of this resolution and certain other documents within 15 calendar days after the Reservation Date, in accordance with Section (2) of B-5 e e H.B. 690; (ii) the purchase price for the Bonds; (iv) evidence, satis- factory to Bond Counsel, of AER approval of each of the City (following a public hearing held by the City in accordance with Section 103(k) of the Code) and the District of the Project and the Bonds and assignment of the Allocation by the District to the Issuer; and (iv) such opinions, evidences, certificates, instruments or other documents as shall be requested by the Issuer's Counselor by Bond Counsel, to evidence due performance or satisfaction by the Company at or prior to such time of all agreements then to be performed and all conditions then to be satisfied by it. 8. The officers, employees and agents of the Issuer, and each of them, shall be and each is expressly authorized, empowered and directed from time to time and at any time to do and perform all acts and things and to execute, acknowledge and deliver in the name and under the corporate seal and on behalf of the Issuer all certificates, financing statements, instruments and other papers, whether or not herein men- tioned, as they may determine to be necessary or desirable in order to carry out the terms and provisions of this resolution and of the Bonds to be issued hereunder, as well as the terms and provisions of the Indenture, the Loan Agreement and the Underwriting Agreement hereby authorized and approved, such determination to be conclusively evidenced by the performance of such acts and things and the execution of any such certificate, financing statement, instrument or other paper. 9. The officers of the Issuer (with the assistance of the Com- pany) shall prepare a final transcript of the proceedings relating to the authorization, issuance, sale and delivery of the Bonds, which tran- script shall be submitted to the Commission within 60 days after the Issue Date. 10. The Issuer directs that a certified copy of this resolution, together with copies of the Trust Indenture and the Loan Agreement which set forth the exact principal amount, interest rate (or formula designed to set the interest rate), maturity schedule and purchaser(s) of the Bonds, be filed with the Commission no more than 15 calendar days after the date of the Reservation Date. The Issuer further directs that the Bonds be issued and delivered no more than 45 calendar days after such filing, except as otherwise permitted by Section (3) of H.B. 690. The Issuer shall, within 5 calendar days after the date of delivery of the Bonds, file with the Commission a written notification setting forth the delivery date of the Bonds and the actual aggregate principal amount of the Bonds so delivered. 11. The Board hereby directs that an officer of the Issuer submit to the Secretary of the Treasury, not later than the 15th day of the second calendar month after the close of the calendar quarter in which B-6 e . the Bonds are issued, a statement containing the information required by Section 103(!) of the Code. 12. Based upon representations made by the Company to the Board, the Board hereby affirmatively finds that: (a) the Project will have the effect of creating and stabilizing employment within the District; (b) the Project is required or suitable for the promo- tion of development and expansion of manufacturing and indus- trial facilities and is in furtherance of the public purposes of the Act; and (c) the Project will contribute to the economic growth or stability of the District by: (i) increasing or stabilizing employment oppor- tunity; (ii) significantly increasing or stabilizing the property tax base; and (iii) promoting commerce within the District and the State of Texas. 13. The Board hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this resolution and the subject matter thereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Article 6252-17, Texas Revised Civil Statutes Annotated, as amended, and the Act. 14. This resolution shall take effect and be in full force and effect upon and after its passage. PASSED AND APPROVED this 26th day of November, 1985. B-7 e . EXHIBIT C NOTICE OF PUBLIC HEARING BRAZOS HARBOR INDUSTRIAL DEVELOPMENT CORPORATION POLLUTION CONTROL REVENUE BONDS SERIES 1985 (THE DOW CHEMICAL COMPANY PROJECT) Notice is hereby given of a public hearing to be held by the Brazos Harbor Industrial Development Corporation on November 26, 1985, at 3:00 p.m., at the offices of the Brazos River Harbor Navigation Dis- trict, 1001 Pine Street, Freeport, Texas, with respect to an issue of pollution control revenue bonds (the "Bonds") to be issued in a face amount of not more than $54,000,000 by the Brazos Harbor Industrial Development Corporation and the proceeds of which will be loaned to The Dow Chemical Company to provide financing for the acquisition, construc- tion and equipping of pollution control facilities and solid waste disposal facilities (the "Project") for two of The Dow Chemical Com- pany's chemical plants. The Project is to be located on The Dow Chemi- cal Company plant site on State Highway 288 in Brazoria County, Texas, in the vicinity of Freeport, Texas, and on The Dow Chemical Company plant site on Battleground Road near the intersection of Battleground Road and State Highway 255 in the City of La Porte, Harris County, Texas. The initial and exclusive owner, operator or manager of the Project will be The Dow Chemical Company. The Bonds will be issued in a face amount not to exceed $54,000,000, of which approximately $40,000,000 will be expended with respect to the plant in Brazoria County and approximately $14,000,000 will be expended with respect to the plant in the City of La Porte. All interested persons are invited to attend such public hearing to express their views with respect to the Project and the issuance of the Bonds. Questions or requests for additional information may be directed to the offices of the Brazos River Harbor Navigation District, 1001 Pine Street, Freeport, Texas, 77541, (409) 233-2667. Persons who intend to appear at the hearing and express their views are invited to contact the District's offices either in writing or by telephone in advance of the hearing. Any interested persons unable to attend the hearing may submit their views in writing prior to the date scheduled for the hearing. The Brazos Harbor Industrial Development Corporation will reschedule the location and time of the hearing or C-1 e . schedule an additional hearing if requested to do so in written requests submitted prior to the aforementioned date of the hearing by a signifi- cant number of interested persons. This notice is published and the above-described hearing is to be held in satisfaction of the requirements of Section 103(k) of the Internal Revenue Code of 1954, as amended, regarding the public approval prerequisite to the exemption from federal income taxation of the interest on the Bonds. C-2