HomeMy WebLinkAboutResolution No. 94-30 ORIGINAL
CI'T~ O]~ TI--I~, COI.,ON¥,
A RESOLUTION AUTHORIZING THE CREATION OF THE COLONY
PUBLIC FACILmES DEVELOPMENT CORPORATION AS AN
INSTRUMENTALITY OF THE CITY OF THE COLONY; AND
CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, the Development Corporation Act of 1979, TEX.REV.CIV.STAT.ANN.,
art. 5190.6, as amended (the "Act"), authorizes cities to create development corporations to
act on their behalf in the promotion and financing of projects required or suitable for us for
new or expanded business enterprises, professional and amateur (including children's) sports,
athletic, entertainment, tourist, convention, and public part purposes and events; and
WHEREAS, the City of The Colony (the "City") 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 The
Colony Public Facilities 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 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 THE COLONY, TEXAS:
SECTION 1. That the incorporation of the Corporation is hereby authorized and
approved as a development corporation under the provisions of the Act, 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 State as provided by the Act.
SECTION 3. That the Bylaws of the Corporation, in the form attached hereto, are
hereby approved, 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, ch. 551. TEX.GOV'T
CODE ANN., as amended.
PASSED AND APPROVED this //7'~'-~of ~)(~TY~Z~/:~_ ,~ , 1994.
William W. ~Ianning, Mayor
ATTEST:
Patti A. Hicks, TRMC, City Secretary
[SEAL]
APPROVED AS TO FORM:
CityAt n~ey~
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