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