HomeMy WebLinkAboutResolution No. 81-13 AUTHORIZING AND APPROVING THE CREATION OF A NONPROFIT INDUSTRIAL
DEVELOPMENT CORPORATION.
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 The Colony, 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 THE
COLONY, TEXAS:
Section 1. That, the governing body of the City has found and
determined, and hereby finds and determines, that said application is
persons, each of whom is at least 18 years of age, and each of whom is
a qualified elector of the City.
Section 2. That, the 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
"The Colony 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 appointed, 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 ecourage 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 pro-
visions of the Development Corporation Act of 1979, not to exceed $10,000.00
in principal amount for any one project, unless a 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.