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00-00-00-Resolution-Authorizing and Approving the Creation of the Industrial Development Corporation-05/16/1983RESOLUTION AUTHORIZING AND APPROVING THE CREATION OF A NONPROFIT INDUSTRIAL DEVELOPMENT CORPORATION TO ACT ON BEHALF OF THE CITY OF SANGER, TEXAS WHEREAS, an application in writing requesting the authorization and approval of the creation of a nonprofit industrial development corporation to act on behalf of the City of Sanger, Texas (the "City") under the provisions of the "Development Corporation Act of 1979" has been filed with the governing body of the City (being its City Council) by at least three natural persons, each of whom is at least 18 years of age, and each of whom is a qualified elector of the City; and WHEREAS, the City is a duly created City and political subdivision of the State of Texas created and established under the Constitution and laws of the State of Texas. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF )ANGER, TEXAS: Section 1. That, the governing body of the City 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 natural persons, each of whom is at least 18 years of age, and each of whom is a qualified elector of the City. Sectionthe governing body of the City has found and determined, and hereby finds and determines, that it is advisable that a nonprofit industrial development corporation be authorized and created, with such nonprofit industrial development corporation to be known as the "Sanger Industrial Development Corporation." Section 3. That, the governing body of the City hereby approves the Articles of Incorporation and the Bylaws 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, and the initial directors named in said Articles of Incorporation shall be deemed to have been appointed, and are hereby ap- pointed, as the initial directors by the governing body of the City. Section 4. That, the public purposes of the City which the nonprofit industrial development corporation may further on behalf of the City are the promotion and development of commercial, industrial, and manufacturing enterprises to promote and encourage employment and the public welfare. Section 5. 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 $10,000,000 in principal amount for any one project, unless a greater principal amount specifically is approved by resolution of the governing body of the City for the purpose of the promotion and development of any commercial, industrial, or manufacturing enterprise, and all such agreements are hereby approved. PASSED, APPROVED and ADOPTED this 16th day of May, 1983. Mayor Ralph B. Cole ATTEST: City Secretary