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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