HomeMy WebLinkAbout79-471 11-13-1979RESOLUTION NO. 471
RESOLUTION AUTHORIZING AND APPROVING THE
CREATION OF A NONPROFIT INDUSTRIAL DEVELOP-
MENT CORPORATION TO ACT ON BEHALF OF THE CITY
OF EULESS, TEXAS.
WHEREAS, an application in writing requesting the authoriza-
tion and approval of the creation of a nonprofit industrial develop-
ment corporation to act on behalf of the City of Euless, Texas,
under provisions of the "Development Corporation Act of 1979" has
been filed with the governing body of the City of Euless, Texas,
(same being the City Council of the City of Euless, Texas) by at
least three (3) natural persons, each of whom is at least eighteen
(18) years of age, and each of whom is a qualified elector of the
City of Euless, Texas; and
WHEREAS, the City of Euless, Texas, is a home rule municipality
chartered and created under the Constitution and laws of the State
of Texas.
NOW, THEREFORE, be it resolved by the City Council of the City
of Euless, Texas, in regular session duly convened, that:
I.
The City Council of the City of Euless, Texas, its governing
body, has found and determined, and hereby finds and determines,
that said application is in proper form and that it has been signed
by at least three (3) natural persons, each of whom is at least
eighteen (18) years of age, and each of whom is a qualified elector
of the City of Euless, Texas.
II.
That the City Council of the City of Euless, Texas, its
governing body, has found and determined, and hereby finds and
determines, that it is advisable that a nonprofit industrial develop-
ment corporation be authorized and created with such nonprofit
industrial development corporation to known as the "Euless Industrial
Development Authority ".
That, the City Council of the City of Euless, Texas, its govern-
ing body, hereby approves the Articles of Incorporation and the
By -Laws proposed to be used in organizing the nonprofit industrial
development corporation (copies of which were attached to the
above - described application and copies of which are attached to
this Resolution and made a part hereof for all purposes) and hereby
grants authority for the incorporation of the nonprofit industrial
development corporation.
IV.
That, the public purposes of the City of Euless, Texas, which
the nonprofit industrial development corporation may further on
behalf of the City of Euless, Texas, are the promotion and develop-
ment of commercial, industrial, and manufacturing enterprises to
promote and encourage employment and the public welfare.
V.
That, the nonprofit industrial development corporation is
hereby authorized to agree with any person, firm, corporation, or
other entity to issue bonds, in accordance with and subject to the
provisions of the Development Corporation Act of 1979, not to
exceed Ten Million Dollars ($10,000,000) in principal amount for
any one project, unless a greater principal amount specifically
is approved by resolution of the City Council of the City of Euless,
Texas, for the purpose of the promotion and development of any com-
mercial, industrial, or manufacturing enterprise, and all such agree-
ments are hereby approved.
ADOPTED by the City Council of the City of Euless, Texas, at
a regularly scheduled meeting on this the 13th day of November,
1979; by a vote of 4 ayes, 0 nays and 0 abstentions.
ATTEST:
De la Houy, City Sec
etary
APPROVED:
Harold Samuels, Mayor
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