HomeMy WebLinkAbout93-811 04-13-1993RESOLUTION NO. 93 -811
A RESOLUTION AUTHORIZING THE CREATION OF THE
EULESS DEVELOPMENT CORPORATION
AS AN INSTRUMENTALITY OF THE CITY OF EULESS, TEXAS:
AND CONTAINING OTHER PROVISIONS RELATING TO THIS SUBJECT
WHEREAS, the Development Corporation Act of 1979, Article 5190.6, Vernon's
Ann.Civ.St., as amended (the "Act "), authorizes cities to create industrial
corporations to act on their behalf in the promotion and financing of projects so as
to enhance parks and library services and to eliminate unemployment and
underemployment and to promote and encourage employment and the public welfare;
and
WHEREAS, the City of Euless, Texas (the "City ") has held an election and is
authorized to create a corporation under the Act that is governed by Section 4B of
the Act, and the City Council intends hereby to approve the Articles of
Incorporation and Bylaws and the creation of the EULESS DEVELOPMENT
CORPORATION (the "Corporation "); and
WHEREAS, the City Council has determined to authorize and approve the
incorporation of the Corporation as its constituted authority and instrumentality to
act on its behalf in accomplishing the public purposes described in the Act, in the
Articles of Incorporation, and in Article III, Section 52 -a, of the Texas Constitution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS:
Section 1. That the incorporation of the Corporation is hereby authorized and
approved as an industrial development corporation under the provisions of the Act,
with the same to be governed by Section 4B thereof.
Section 2. That the Articles of Incorporation of the Corporation, in the form
attached hereto, are hereby approved; the initial directors named therein are hereby
appointed as directors of the Corporation for the terms therein stated, and the
incorporators are authorized to file the same with the Secretary of the State as
provided by the Act.
Section 3. That the Bylaws of the Corporation shall be in a form approved by
the City Council, and the same shall be adopted by the board of directors of the
Corporation prior to the commencement of its business.
Section 4. That, upon dissolution of the Corporation, the City hereby agrees to
and shall accept title to any and all real, personal, or other property owned by the
Corporation at such time, subject to all rights of third parties that may then exist.
Section 5. That the City Council has found and determined that the meeting at
which this resolution is considered is open to the public and that notice thereof was
given in accordance with the provisions of the Texas Open Meetings Law, Article
6252 -17, Vernon's Ann.Civ.St., as amended.
PASSED AND APPROVED by the City Council of the City of Euless, Texas, and
effective, on this 13th day of April , 1993.
ATTEST:
0254a
rland, At rney for City
Harold Samuels, Mayor