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HomeMy WebLinkAbout08-03-1982 Special Called Meeting• A:G E N D A SPECIAL CALLED MEETING OF THE LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION TO BE HELD TUESDAY, AUGUST 3, 1982, IN THE CITY SECRETARY'S CONFERENCE ROOM OF CITY HALL, 604 WEST FAIRMONT PARKWAY, LA PORTE,-TEXAS BEGINNING AT 7:00 P.M. 1. CALL TO ORDER 2. CONSIDER ADOPTING BYLAWS OF THE CORPORATION 3. CONSIDER ELECTING OFFICERS OF THE CORPORATION 4. CONSIDER APPLICATION NO. 82-001 FROM BAYSHORE NATIONAL BANK OF LA PORTE 5. CONSIDER SUCH ADMINISTRATIVE REPORTS AS SHOULD BE BROUGHT BEFORE THE CORPORATION 6. ADJOURNMENT a... - ~- n EMERGENCY ADDENDUM REGULAR MEETING OF THE LA PORTE CITY COUNCIL TO BE HELD WEDNES- DAY, AUGUST 4, 1982, IN THE COUNCIL CHAMBERS OF THE LA PORTE CITY HALL, 604 WEST FAIRMONT PARKWAY, LA PORTE, TEXAS, BEGINNING AT 7.00 P.M. CONSIDER APPROVAL OF BY-LAWS OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION Posted: 4:00 P.M. August 4, 1982 Betty T. Waters City Secretary .. ~~^i:X'ZF.,.e .,+-'!~~~i Y 7.~~.^, ~' ,0.n ~~`r -i.,~.4+~'a ~iy aa. r ~ ;F .,;.;n '~.GJ n~ ,?wry., .. ,''t ::'~ .r .-.~ti r. t `i~> w ,.x.~.~,:. Y BYLAWS OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION ARTICLE I POWERS AND PURPOSES Section 1. Financing of Industrial Development Projects. In order to implement the purposes for which the Corporation was formed as set forth in the Articles of Incorporation, the Corporation shall issue obligations to finance all or part of the cost of one or more projects pursuant to the provisions of the Development Corporation Act of 1979, Article. 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"). Section 2. Conditions Precedent to Issuance of Obli- gations. The Corporation shall not issue any obligations unless: 1) The City Council (the "Governing Body") of the City of La Porte (the "Unit") has approved by written resolu- tion, adopted no more than sixty (60) days prior to the date of delivery of the obligations, the resolution of the Corporation providing for the issuance of the obli- gations; and 2) The Texas Industrial Commission, or the executive director thereof, has approved the contents of any lease, sale or loan agreement made by the Corporation under the Act in connection with the issuance of obligations by affirmatively finding that the project sought to be financed is in furtherance of the public purposes of the Act. Section 3. Books and Records; Approval of Programs and Financial Statements. The Corporation shall keep correct and complete books and records of account and shall also keep minutes of the proceedings of its Board of Directors (the "Board of Directors") and committees having any of the author- ity of the Board of Directors. All books and records of the Corporation may be inspected by any director or his agent or attorney for any proper purpose at any reasonable time; and at all times the Governing Body will have access to the books a. _. ..,~. -, , ~.;. +.s1, t . .. :; ,:, :^;~ r ik ..-:» ro a~ 7~.,^vsw 4# ?~. k~J`aa ... &:.?.~ ~ _ ..,,.. ~ , ' s a.w.~yy,...±." _".r. ids .. - r ria"^ ?~,~'... ..yy~~ f ~:R w~`~~ .~.. ,:.. a .+;aw'r~ /~47•. i.~.}'~(}hn~ _ .!'J+^ ~.~ x>.Y.!.:,:; ~.. ~\. .In ~:'+':: a ~ ...rM:y~~Y and records of the Corporation. The Unit shall be entitled to approve all programs and expenditures of the Corporation and annually review any financial statements of the Corpora- tion. Section 4. Nonprofit Corporation. The Corporation shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, ,except that in the event the Board of Directors shall determine that sufficient provision has been made for the full payment of the expenses, bonds and other obligations of the Corporation issued to finance all or part of the cost of a project, then any net earnings of the Corporation thereafter accruing with respect to said project shall be paid to the Unit. ARTICLE II BOARD OF DIRECTORS Section 1. Powers, Number and Term of Office. The property and affairs of the Corporation shall be managed and controlled by the Board of Directors and, subject to the :,._ restrictions imposed by law, the Articles of Incorporation and these Bylaws, the Board of Directors shall exercise all of the powers of the Corporation. The Board of Directors shall consist of GP~,e„ (~) directors, each of whom shall be appointed by the Governing Body. _ The directors constituting the first Board of Directors shall be those directors named in the Articles of Incorpora- tion, each of whom shall serve for six (6) years or until his or her successor is appointed as hereinafter provided. Suli- sequent directors shall hold office for a term of six (6) years or until their successors are appointed as hereinafter provided. . Any director may be removed from office, by the Govern- ing Body, for cause or at will. Section 2. Meetings of Directors. The directors may hold their meetings at such place or places in the State of Texas, as the Board of Directors may from time to time deter- mine; provided, however, in the absence of any such determin- ation by the Board of Directors, the meetings shall be held -2- .t . ,,e .._ ... <. ..*»::. ~ .,2.'. . .9'. ..r.w.o::. +~°.~ _.r i rs r~ta+a~?,.rte i;A3i~`:'4!~~+i~F~4A,74 - ,r Av`~,'p4"~"~~t" :~9F r-;"'A: at the registered office of the Corporation in the State of Texas. Section 3. Regular Meetings. Regular Meetings of the Board o Directors shall be held without necessity of notice at such times and places as shall be designated, from time to time, by resolution of the Board of Directors. Section 4. Special Meetings. Special Meetings of the Board o Directors sha a el whenever called by the pres- ident, by the secretary, by a majority of the directors for the time being in office or upon advice of or request by the Governing Body. The secretary shall give notice to each director of each Special Meeting in person, or by mail, telephone or telegraph, at least forty-eight (48) hours before the meeting. Unless otherwise indicated in the notice thereof, any and all matters pertaining to the purposes of the Corporation may be considered and acted upon at a Special Meeting. At any meeting at which every director shall be present, even though without any notice, any matter pertaining to the purpose of the Corporation may be considered and acted upon. Section 5. Quorum. A majority of the directors fixed by the Articles o~Incorporation shall constitute a quorum for the consideration of matters pertaining to the purposes of the Corporation. The act of a majority of the directors present at a meeting at which a quorum is in attendance shall constitute the act of the Board of Directors, unless the act of a greater number is required by law. Section 6. Conduct of Business. At the meetings of the Board of Directors, matters pertaining to the purposes of the Corporation shall be considered in such order as from time to time the Board of Directors may determine. At all meetings of the Board of Directors, the president shall preside, and in the absence of the president, the vice president shall exercise the powers of the president. The secretary of the Corporation shall act as secretary of all meetings of the Board of Directors, but in the absence of the secretary, the presiding officer may appoint any person to act as secretary of the meeting. -3- ... ,~: ~ ~~ _..:, .. o:~rr .~-..`.. - .-:a.< _ . K"t"" ,y. rx~,:.- ~. ,. ~1 i ,.~`~;°. .-i~.Yi~s'.~ ~`irr,. :~.i,i .. .:':: I, Section 7. Executive Committee. The Board of Direc- tors, by resolution passed by a majority of the directors in office, may designate two or more directors to constitute an executive committee, which committee, to the extent provided in such resolution, shall have and may exercise all of the authority of the Board of Directors in the management of the Corporation, except where action of the Board of Directors is specified by law. The executive committee shall act in the manner provided in such resolution. The executive committee so designated shall keep regular minutes of the transactions of its meetings and shall cause such minutes to be recorded in books kept for that purpose in the office of the Corpora- tion, and shall report the same to the Board of Directors from time to time. Section 8. Compensation of Directors. Directors as such shall not receive any salary or compensation for their services, except that they shall be reimbursed for their actual expenses incurred in the performance of their duties hereunder. ARTICLE III OFFICERS Section 1. Titles and Term of Office. The officers of the Corporation shall be a president, a vice president, a secretary and a treasurer, and such other officers as the Board of Directors may from time to time elect or appoint. One person may hold more than one office, except that the president shall not hold the office of secretary. Terms of office shall not exceed three years. All officers shall be subject to removal from office, with or without cause, at any time by a vote of a majority of the entire Board of Directors. A vacancy in the office of any officer shall be filled by a vote of a majority of the directors. Section 2. Powers and Duties of the President. The president shall be the chief executive officer of the Corpo- ration and, subject to the Board of Directors, shall be in general charge of the properties and affairs of the Corpora- tion; shall preside at all meetings of the Board of Directors; and in furtherance of the purposes of the Corporation, may sign and execute all contracts, conveyances, franchises, -4- _. ~ _ ...:.S C . ._: _,t ..... . . ,~..ro w L.r_ s:yll,r .4:::15''i~. - .. v-tx(. .. . .. .. _ .. J. .. ~.Y'f"!If!e'ii_ i L. }•'.R ?~XS}r ^'~'~ bonds, deeds, assignments, mortgages, notes and other instru- ments in the name of the Corporation. Section 3. Vice President. The vice president shall have such powers and duties as may be assigned by the Board of Directors and shall exercise the powers of the president during that officer's absence or inability to act. Any action taken by the vice president in the performance of the duties of the president shall be conclusive evidence of the absence or inability to act of the president at the time such action was taken. Section 4. Treasurer. The treasurer shall have custody of all the funds and securities of the Corporation which come into such treasurer's hands. When necessary or proper, the treasurer may endorse, on behalf of the Corporation, for collection, checks, notes and other obligations and shall deposit the same to the credit 'of the Corporation in such bank or banks or depositories as shall be designated in the manner prescribed by the Board of Directors; may sign all receipts and vouchers for payment made to the Corporation, either alone or jointly with such other officer as is desig- nated by the Board of Directors; whenever required by the .a.. Board of Directors, shall render a statement of the cash account; shall enter or cause to be entered regularly in the books of the Corporation to be kept by the treasurer for that purpose full and accurate accounts of all monies received and paid out on account of the Corporation; shall perform all acts incident to the position of treasurer subject to the' control of the Board of Directors; .and shall, if required by the Board of Directors, give such bond for .the faithful dis- _ charge of his or her duties in such form as the Board of Directors may require. Section 5. Secretary. The secretary shall keep the minutes of all meetings of the Board of Directors in books provided for that purpose; shall attend to the giving and serving of all notices; in furtherance of the purposes of this Corporation, may sign with the president in the name of the Corporation, and/or attest the signature thereto, all contracts, conveyances, franchises, bonds, deeds, assign- ments, mortgages, notes and other instruments of the Corpo- ration; shall have charge of the corporate books, records, documents and instruments, except the books of account and financial records and securities of which the treasurer shall have custody and charge, and such other books and papers as the Board of Directors may direct, all of which shall at all -5- ~'"r~f`.F.v^q'.ria :fv i`~i"~~1~';,~~::: s _. ,:.:..:'"'T ~'" '~.* v,{~.~. >•• 1a •~,'~.' ~a. ~~.'~ ~ ': X~ ~1'nX' ~>. .... r: .`~5"' ... .>. reasonable times be open to inspection upon application at the office of the Corporation during business hours; and shall in general perform all duties incident to the office of secretary subject to the control of the Board of Directors. Section 6. Compensation. Officers as such shall not receive any salary or compensation for their services, except that they shall be reimbursed for their actual expenses in- curred in the performance of their duties hereunder. ARTICLE IV PROVISIONS REGARDING ARTICLES OF INCORPORATION AND BYLAWS Section 1. Effective Date. These Bylaws shall become effective only upon the occurrence of the following events: (1) the approval of these Bylaws by the Governing Body; and (2) the adoption of these Bylaws by the Board of Direc- tors. Section 2. Amendments to Articles of Incorporation and Bylaws. The Articles of Incorporation may at any time and from time to time be amended, provided that the Board of Directors files with the Governing Body a written application requesting that the Governing Body approve such amendment to the Articles of Incorporation, specifying in such application the amendment or amendments proposed to be made. If the Governing Body by appropriate resolution finds and determines - that it is advisable that the proposed amendment be made, authorizes the same to be made and approves the form of the proposed amendment, the Board of Directors shall proceed to amend the Articles as provided in the Act. The Articles of Incorporation may also be amended at any time by the Governing Body at its sole discretion by adopting an amendment to the Articles of Incorporation of the Corpora- tion by resolution of the Governing Body and delivering the Articles of Amendment to the Secretary of State as provided in the Act. These Bylaws may be amended by majority vote of the Board of Directors. -6- :a• v... ;: . . ,. . ~ .. ~-.: .,v ,. ~ . Section 3. Interpretation of Bylaws. These Bylaws and all the terms and provisions hereof shall be liberally con- strued to effectuate the purposes set forth herein. If any word, phrase, clause, sentence, paragraph, section or other part of these Bylaws, or the application thereof to any person or circumstance, shall ever be held to be invalid or unconsti- tutional by any court of competent jurisdiction, the remainder of these Bylaws and the application of such word, phrase, clause, sentence, paragraph, section or other part of these Bylaws to any other person or circumstance shall not be affected thereby. ARTICLE V GENERAL PROVISIONS Section 1. Principal Office. The principal office of the Corporation shall be located in La Porte Texas. The Corporation shall have and continuously maintain in the State of Texas (the "State") a registered office, and a registered agent whose business office is identical with such registered office, as required by the Act. The registered office may be, but need not be, identical with the principal -~ office in the State, and the address of the registered office may be changed from time to time by the Board of Directors, pursuant to the requirements of the Act. Section 2. Fiscal Year. The fiscal year of the Corpo- ration shall be as determined by the Board of Directors. Section 3. Seal. The seal of the Corporation shall be as determined by the Board of Directors. Section 4. Notice and Waiver of Notice. Whenever any notice whatsoever is required to be given under the provi- sions of the Act, the Articles of Incorporation or these Bylaws, said notice shall be deemed to be sufficient if given by depositing the same in a post office box in a sealed post- paid wrapper addressed to the person entitled thereto at his post office address, as it appears on the books of the Corpor- ation, and such notice shall be deemed to have been given on the day of such mailing. Attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called or convened. Neither -7- .\.:, -.- L. '-:.:.. r ,.:. _. ._,: ...-: ... .__~~.. .__~ _- .. ~ .. ~ ~'~': ._ .:C?, ~~~~.f .f ,. ._ R.. .:s~.^'~yt"z. .Glt:l'C41.; ~.'; .. ~ ., .. .. .,,~:.axw. _:.: .'; .:': :. .:-.:. .::;'' .. -. _ r, ~+s+.~e:.: _ ^4i7r, s.y; .1 r .+<''tk5v,'~..~~ .~.iy~fk~'y,~b'~. r+: .. - .., "~ - ~ F, _ ., the business to be transacted at nor the purpose of any kegular or Special Meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting, unless required by the Board of Directors. A waiver of notice in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Section 5. Resignations. Any director or officer may resign at any time. Such resignation shall be made in writing and shall take. effect at the time specified therein, or, if no time be specified, at the time of its receipt by the presi- dent or secretary. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so pro- vided in the resignation. Section 6. Action Without a Meeting of Directors or Committees . Any action which may be taken at a meeting of the Board of Directors or of any committee may be taken with- out a meeting if a consent in writing, setting forth the action to be taken, shall be signed by all of the directors, or all of the members of the committee, as the case may be. Such consent shall have the same force and effect as a unani- mous vote and may be stated as such in any articles or docu- ment filed with the Secretary of State, the Texas Industrial Commission or any other person. Section 7. Approval or Advice and Consent of the Governing Body. To the extent that these Bylaws refer to any approval by the Unit or refer to advice and consent by the Unit, such advice and consent shall be evidenced by a certi- fied copy of a resolution, ordinance or motion duly adopted by the Governing Body. section 8. organizational Control. The Unit may, at its sole discretion, and at any time, alter or change the structure, organization, programs or activities of the Corpor- ation (including the power to terminate the Corporation), subject to any limitation on the impairment of contracts entered into by such Corporation. Section 9: Dissolution of the Corporation. Upon dis- solution of the Corporation, title to or other interests in any real or personal property owned by the Corporation at such time shall vest in the Unit. -8- ~; 1 '... ,~ l..k. iy~;M1,'.`i~ 4 !-~F- a.,~~ -fie. 'n . ,...,1::.,~,,.,-.. _... ~'_~ - .. ~ ... .. ~ ... ... 'N y_ Yr '~..eY'.'d', ,i~4.k ..~,M.; r..+-, '^ .-...--~.. ',[ -3 "xG'-'h ra.::,.a3 "" :'tAc. +±t.a ., _ 3~ ~ ~ r r.;`;ti ~~, ,:, *[ ,. :. 'i;.': ..., '"~, . \ Section 10. Indemnification of Officers and Directors. The Corporation sha 1 indemni y any director or o icer or former director or officer of the Corporation for expenses and costs (including attorneys' fees) actually and necessarily in- curred by him in connection with any claim asserted against him by action in court_or otherwise by reason of his being or having been such director or officer, except in relation to matters as to which he shall have been guilty of negligence or misconduct in respect of the matter in which indemnity is sought. -9- . < t 4LL.. ,. .-,:.:: ~ :.:. '~,_ .:..:.:.-,~ --t.~ .:-- o.: a:-: -rr, .. ;: r.w. :~_.., r.rvai4;Sy ~w'H~ixf~i7«~t~' {~4.q~+~ly4f. ~.;F ~: .G.. I. , Secretary of CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION, certify that the above and foregoing is a true and correct copy of the by-laws adopted by the Board of Directors of such corporation at the first meeting thereof held on the day of 1982. Secretary -10-