13-09-98-Resolution-Creation of 4B Economic Development Corporation-09/21/1998R 43-09-98
RESOLUTION AUTHORIZING AND APPROVING THE CREATION
OF A NONPROFIT ECONOMIC 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 economic development
corporation to act on behalf of the City of Sanger, Texas under the
provisions of the "Development Corporation Act of 1979" has been
filed with the governing body of the City of Sanger, Texas ( 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 of Sanger, Texas, and
WHEREAS, the City of Sanger, Texas is a duly incorporated city
under the general laws of the State of Texas.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SANGER, TEXAS:
Section 1. That, the governing body of the City of Sanger, Texas 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 18 years of age
and each of whom is a qualified elector of the City of Sanger, Texas,
Section 2. That, the governing body of the City of Sanger, Texas has
found and determined, and hereby finds and determines, that it is
advisable that a nonprofit economic development corporation be
authorized and created, with such nonprofit economic development
corporation to be known as the " Sanger Texas Development
Corporation".
Section 3. That, the governing body of the City of Sanger, Texas
hereby approves the Articles of Incorporation and the Bylaws
proposed to be used in organizing the nonprofit economic
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 economic development
corporation, and the initial directors named in said Articles of
Incorporation shall be deemed to have been appointed, and are
hereby appointed, as the initial directors by the governing body of the
City of Sanger, Texas. Terms of directors shall be two (2) years.
Section 4. That, the public purposes of the City of Sanger, Texas
which the nonprofit economic development corporation may further on
behalf of the City of Sanger, Texas 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 economic 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 for the purpose of
promotion and development of any commercial, industrial or
manufacturing enterprise, and all such agreements are hereby
approved.
ADOPTED AND APPROVED this 21 day of �,1998.
`,►1►IIIIIIIU///A
�, Texas
of Sanger, Texas