R-1983-08 - Laserfiche WebLink

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.. . e . .' e e . e J e e ~ 3~-1 RESOLUTION OF CITY COUNCIL APPROVING AGREEMENT TO ISSUE BONDS BY AND BETWEEN CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION AND LA QUINTA MOTOR INNS, INC. WHEREAS, the City of La Porte, Texas (the "Unit"), a political subdivision, has approved and authorized the creation of the City of La Porte Industrial Development Corporation (the "Corporation") as a Texas nonprofit industrial development corporation, pursuant to the provisions of the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"), to act on behalf of the Unit to promote and develop industrial, manufacturing and commercial enterprises to promote and encourage employment and the public welfare; and WHEREAS, the Corporation is authorized by the Act to issue indus- trial development revenue bonds on behalf of the Unit for the purpose of paying all or part of the cost of a "project," as defined in the Act, and to sell or lease the project or to loan the proceeds of the bonds to finance all or part of the costs of the proj ect; and WHEREAS, the Corporation entered into an Agreement to Issue Bonds with La Quinta Motor Inns, Inc. (the "User"), pursuant to which the Corporation agreed, subject to certain conditions, to issue its tax exempt industrial development revenue bonds in the aggregate principal amount (excluding bonds issued to refund any of the Bonds) now estimated not to exceed $4,700,000, to provide funds to defray all or part of the cost of acquiring and constructing certain industrial, manufacturing or commercial facilities to be constructed by or to be leased or sold to the User; and WHEREAS, the City Council has reviewed the form and substance of the proposed Agreement to Issue Bonds between the Corporation and the User and intends, by adoption of this written Resolution, to approve said Agreement to Issue Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, THAT: Section 1: The Agreement to Issue Bonds, in the form at:tached hereto, entered into by and between the Corporation and the User, pursuant to which the Corporation agreed, subject to the conditions stated therein, to authorize and issue its industrial development revenue bonds in the aggregate principal amount (excluding bonds issued to refund any of the Bonds) now estimated not to exceed $4,700,000, to provide funds to defray all or part of the cost of the acquisition and construction of the industrial, manufacturing or commercial facility