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HomeMy WebLinkAboutRES 05.13.1980 - Industrial Dev Corp26 RESOLUTION AUTHORIZING THE CREATION OF THE GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION AS AN INSTRUMENTALITY OF GEORGETOWN; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, the Development Corporation Act of 1979, 1979 Tex. Gen. -Laws, Chapter 700, Section 1, at 1675 (the "Act"), authorizes the creation and administration of industrial development corporations to act on behalf of cities, counties and conservation and reclamation districts in the promotion and development of commercial, industrial and manufacturing enterprises to promote and encourage employment and the public welfare; and WHEREAS, the Act authorized cities , counties and conser- vation and reclamation districts to utilize an industrial development corporation to issue obligations and bonds on behalf of the sponsoring city, county or conservation and reclamation district to finance projects promoting and devel- oping commercial, industrial and manufacturing enterprise$= and WHEREAS, three natural persons, each of whom is at least eighteen years of age and a qualified elector of -The City of Georgetown (the "Unit"), have filed with the City Council (the "Governing Body") of the Unit a writterCapplication (the "Petition") requesting that the Unit authorize and approve the creation of GEORGETOWN INDUSTRIAL DEVELOPMENT CORPORATION (the "Corporation") and approve the Articles of Incorporation and Bylaws to be used in creating the Corporation; and 2'7 WHEREAS, the Corporation has been or will be created and organized as a Texas nonprofit corporation, pursuant to the provisions of the Act, for such limited purposes; and WHEREAS, the Governing Body of the Unit has Feviewed and. approved the Petition and the Articles of Incorporation and Bylaws and has determined to authorize and approve the creation of the Corporation, a not-for-profit entity, as its constituted authority and instrumentality to accomplish the specific public purpose of the promotion and development of commercial, 00 industrial and manufacturing enterprises to promote and CD NT encourage employment and the public welfare; NOW, THEREFORE; 0 Q BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN: Q Section 1: That the Corporation is hereby authorized and approved for creation as an industrial development corpor- ation under the provisions of the Act. Section 2: That the Corporation is hereby designated as the duly constituted authority and instrumentality of the Unit (within the meaning of those terms in the regulations of the Treasury and the rulings of the Internal Revenue Service prescribed and promulgated pursuant to Section 103 of the Internal Revenue Code of 1954, as amended) and shall be authorized to act on behalf of the Unit for the specific public purpose of the promotion and development of commercial, industrial and manufacturing enterprises to promote and �y 28 encourage employment and the public welfaref but the Corpora- tion is not intended to be and shall not be a political subdivision or a political corporation within the meaning of the Constitution and the laws of the State of Texas (the "State"), including without limitation Article III, Section 52 of the State Constitution, and the Unit does not delegate to the Corporation any of its attributes of sovereignty, including the power to tax, the power of eminent domain and the police power. Section -3; That the Corporation may, under the conditions set forth in this Resolution, issue obligations on behalf of the Unit, acquire, lease, sell or convey certain properties and make loans for the promotion and development of commercial, industrial and manufacturing enterprises to promote and encourage employment and the public welfare. The Unit shall not lend its credit or grant any public money or thingrof' value in aid of the Corporation. Furthermore, obligations issued by the Corporation with the approval of the Unit shall be deemed not to constitute a debt of the State, of the Unit or of any other political corporation, subdivision or agency of the State or a pledge of the faith and credit of any of them, but such obligations shall be payable solely from the funds herein provided. The Corporation shall not be authorized to incur financial obligations which cannot be paid from 29 proceeds of the obligations or from revenues realized from the lease or sale of a project or realized from a loan made by the Corporation to finance or refinance in whole or in part a project. "Project" shall mean the land, buildings equipment, facilities and improvements (one or more) found by the Board of Directors of the Corporation (the "Board of Directors") to be required or suitable for the promotion of commercial or industrial development and expansion, the promotion of employment or for use by commercial, manufacturing 00 or industrial enterprises, irrespective of whether in existence N- or required to be acquired or constructed after the making of Q such findings by the Board of Directors. 'Q Section 4: That the Articles of Incorporation of the Corporation and the Bylaws of the Corporation, in the forms attached hereto, are hereby approved for use and adoption -by the Corporation; provided, however, that any amendments to the Articles of Incorporation shall be -subject to`the further approval of the Governing Body. Section 5: That the Governing Body shall approve by written resolution any agreement to issue bonds, including refunding bonds, adopted by the Corporation, which agreement and resolution shall set out the amount and purpose of the bonds. Furthermore, no issue of bonds, including refunding bonds, shall be sold and delivered by the Corporation without \S a written resolution of the Governing Body adopted no more than 60 days prior to the date of the sale of the bonds specifically approving the resolution of the Corporation providing for the issuance of the bonds. Section 6: That, upon dissolution of the Corporation, the Unit shall accept title to or other interests in any real or personal property owned by the Corporation at such time. Section 7: That this Resolution is adopted for the purpose of satisfying the conditions and requirements of the Act and of Section 103 of the Internal Revenue Code of 1954, as amended and the regulations prescribed thereunder from time to time and for the benefit of the Corporation, the Unit, the owners or holders from time to time of the obliga- tions of the Corporation and all other interested persons. Section 8: That the Governing Body has considered evidence of the posting of notice of this meeting and offi cially finds, determines, recites and declares that a suffi- cient written notice of the date, hour, and place of this meeting and of the subject of this resolution was posted on a bulletin board located at a place convenient to the public in the City Hall of the Unit for at least 72 hours preceding the scheduled time of such meeting; and that such place of posting was readily accessible to the general public at all times from such time of posting until the scheduled time of 31 such meeting; and that such meeting was open to the public as required by law at all times during which the Resolution and the subject matter thereof was discussed, considered and formally acted upon, all as required by the Open Meetings Law, Article 6252-17, Vernon's Texas Civil Statutes, as amended. The Governing Body further ratifies, approves and confirms such written notice and the contents and posting thereof. PASSED AND APPROVED this /, L1 day of /v/ LIZ co 1980. co ,It 0 a a (SEAL) ATTEST: �L