Loading...
HomeMy WebLinkAbout05-21-1984 Industrial Development Corporation Board of Directors Regular Meeting and Public Hearing• MINUTES OF THE • LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION PUBLIC HEARING AND REGULAR MEETING MAY 21, 1984 1. The public hearing and meeting of the La Porte Industrial Development Corporation was called to order by President Virginia Cline. Members of the Board Present: President Virginia Cline, Members Walter Springall, E. W. Felscher, Robert White, newly appointed member B. Don Skelton President Cline stated the purpose of the public hearing, which was to receive public input to the issuance of industrial revenue bonds for Contech Engineering, Inc., in the amount of $400,000, and asked for anyone present wishing to speak in favor of issuing the bonds to please come forward. Charles Gipson, President of Contech Engineering, spoke briefly regarding the project. Brief questions from the Board were answered by Mr. Gipson. President Cline asked if there was anyone present wishing to speak against issuing the bonds. No one came forward; the public hearing for Contech Engineering was declared closed. 2. The public hearing for issuance of bonds for Process Products was then called to order. President Cline asked for anyone present wishing to speak in favor of the issuance of bonds for Process Products to please come forward. Mr. James R. Rosier, President of Process Products, spoke briefly regarding the Process Products project. Mr. E. W. Felscher, IDC board member, reported on a visit he had made to Process Products facility in Louisiana with Mr. Rosier, to test noise levels, etc., used in their process. After brief questions from the Board were answered by Mr. Rosier, the Mayor declared the public hearing regarding issuance of industrial development bonds to Process Products closed. • • ~ Minutes, La Porte Industrial Development Corporation Public Hearing and Regular Meeting May 21, 1984, Page 2 3. President Cline announced the resignation of Board member John D. Carr Longley. His replacement on the Board was taken by B. Don Skelton. President Cline administered the oath of office to Mr. Skelton before the vote was taken. 4. President Cline called the Regular Meeting of the La Porte Industrial Development Corporation to order. 5. The Board considered a resolution to issue industrial revenue bonds for Contech Engineering. Contech Engineering is applying for $400,000 in industrial revenue bonds. m e e a e e lu i for $400000 i,D indpstria,~ revenue bonds fqr Contech En~ineerina. Second by Bob White. The motion carried unanimously. 6. The Board considered a resolution to issue industrial revenue bonds for Process Products, Inc., in the amount of $500,000. Motion was made by E. W. Felscher to approve the resolution to issue $500,000 in industrial revenue bonds to Process Products. Second by Walter Springall. The motion carried, with Mr. Skelton abstaining. 7. The Board considered the minutes of the minutes of the Industrial Development Board held April 12 and some additions were made to them. Motion was made by Walter Sgrin~Bl~. tQ approve the minutes of the April 12 meeting as corrected. Second by E. W. Felscher. The motion carried, with Robert White and B. Don Skelton abstaining. 8. There being no further business to come before the Board, the meeting was duly adjourned. Respectfully submitted: Secretary Passed & Approved this the day of , 1984 Virginia Cline, President `~ ~ • MINUTES AND CERTIFICATION On the 23rd day of May, 1984 the City Council of the City of La Porte, Texas, convened in Special Meeting at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice 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 of the duly constituted officers and member of the City Council was called and all of such perso s were present, except the following absentees: ~y~z~~. thus consti- tuting a quorum. Whereupon, among other business, the following was transacted, to-wit: a written Resolution bearing the following caption was introduced: A RESOLUTION APPROVING ISSUANCE BY THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE IN THE AMOUNT OF $400,000 OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS (CONTECH ENGINEERING, INC. PROJECT} SERIES 1984; APPROVING THE RESOLU- TION OF THE ISSUER AUTHORIZING THE BONDS, THE ISSUANCE OF THE BONDS AUTHORIZED THEREBY AND THE PLAN OF FINANCING APPROVED THEREBY AND THE BOND DOCUMENTS; AND APPROVING THE PROJECT TO BE FINAN- CED W I TH THE BONDS The Resolution, a full, true and correct copy of which is attached hereto was read and reviewed by the City Coun- cil. Upon motion duly made and seconded, the Resolution was finally passed and adopted by the following vote: AYES: 8 NOES: d The Presiding Officer 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 .the attached and following copy of such Resolution is hereby certified to be a true and correct copy of an offi- cial copy thereof on file among the official records of the City, all on this May 23, 1984. ~ ~ City Secretary, City of La Porte Texas ~~, [ Seal ] ',~112BCWCC s ` y • • RESOLUTION NO. A RESOLUTION APPROVING ISSUANCE BY THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION OF AN ISSUE IN THE AMOUNT OF $400,000 OF THE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION INDUSTRIAL DEVELOPMENT REVENUE BONDS (CONTECH ENGINEERING, INC. PROJECT) SERIES 1984; APPROVING THE RESOLU- TION OF THE ISSUER AUTHORIZING THE BONDS, THE ISSUANCE OF THE BONDS AUTHORIZED THEREBY AND THE PLAN OF FINANCING APPROVED THEREBY AND THE BOND DOCUMENTS; AND APPROVING THE PROJECT TO BE FINAN- CED WITH THE BOND S WHEREAS, the City of La Porte (the "Unit") has approved and authorized the creation of the City of La Porte Indus- trial Development Corporation (the "Issuer") as a Texas non-profit corporation, pursuant to the Development Cor- poration Act of 1979, as amended, Article 5190.6, Vernon's Annotated Civil Statutes (the "Act"), to act on behalf of the Unit to promote and develop manufacturing and commercial enterprises to promote and encourage employment and the public welfare; and WHEREAS, the Issuer is 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 defined in the Act, and to loan the proceeds thereof to finance all of part of the costs thereof; and WHEREAS, the Issuer, by resolution (the "Bond Resolu- tion") adopted May 21, 1984, has authorized the issuance and sale of its $400,000 Industrial Development Revenue Bonds (Contech Engineering, Inc. Project) Series 1984 (the "Bonds") and by the Bond Resolution has also authorized a Loan Agreement, among the Issuer, Contech Engineering, Inc. and Bayshore National Bank, wherein the Issuer agrees to issue and sell the Bonds to provide funds to finance a certain commercial project of the Owner (the "Project") located within the Unit and certain other agreements of the Issuer in connection therewith (collectively, the Loan Agreement and such other agreements shall be referred to as the "Bond Documents"); and WHEREAS, the Act requires that the governing body of the Unit approve, by written resolution, any agreement to issue bonds approved by the Issuer; and ~ ~ 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 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 May 21, 1984, 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 C I TY OF LA PORTE , TEXAS 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- r~ r .,.i ~..L (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 i s 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 May 23,, 1984. ~~,_ ~AT'1'EST,: ~\ i ' ~j ~~~ ~,~City Secre ary, City of La Porte, ~~i Texas . ~, [Seal] APPROVEI~AS] ~p EORM a ~t~or~ey, Ci ty o ~ Lao r~e , 112BCWC 1Cli Clb -3-