HomeMy WebLinkAboutResolution 1980-029 (2)
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RESOLUTION NO. 79-29
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RESOLUTIOîJ AUTHORIZING THE CREATION
OF THE NORTH RICHLAND HILLS INDUSTRIAL
DEVELOPi'IENT CORPORATION AS AN
INSTRUMENTALITY OF THE CITY OF NORTH
RICHLAND HILLS AND CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECT
WHEREAS, the Development Corporation Act of 1979, 1979 Tex.
Gen. La\.¡s, Chapter 700, Section 1, at 1675 (the ifAct"), authorizes
the creation and administration of industrial development corporations
to act on behalf of cities, counties and conservation and reclamation
districts in the promotion and development of commercial, industrial
and manufacturing enterprises to promote and encourage employment
and the public welfare; and
WHEREAS, the Act authorizes cities, counties and conservation
and reclamation districts to utilize an industrial development corporation
to issue obligations and bonds on behalf of the sponsoring city, county
or conservation and reclàmation district to finance projects promoting
and developing corrmercial, industrial and manufacturing enterprises;
and
WHEREAS, three natural persons, each of whom is at least eighteen
years of age and a qualified elector of North Richland Hills (the '''Unit''),
have fil ed \'/ith the Ci ty Counci 1 (the "Governing Body") of the Un it a
written application (the "Petition") requesting that the Unit authorize
and approve the creation of North Richland Hills INDUSTRIAL DEVELOPMENT
CORPORATION (the IICorporationll) and approve the Articles of Incorporation
and Bylaws to be used in creating the Corporation; and
wHEREAS, the Corporation has been or will be created and organized
as a Texas nonprofit corporation, pursuant to the provisions of the Act,
for such limited purposes; and
WHEREAS, The Governing Body of the Unit has reviewed and approved
the Petition and the Articles of Incorporation and Byla\1s and has determined
to authorize and approve the creation of the Corporation, a not-for-profit
entity, as its constituted authority and in~trumentality to accomplish the
specific publ ic purpose of the promotion and development of commercial,
industrial and manufacturing enterprises to promote and encourage
employment and the public ~"'elfare; NO~ , THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIl OF NORTH RICHLAND HILLS
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Section 1: That the Corporation is hereby authorized and
approved for creation as an jndustrial development corporation under
the provisions of the Act.
Section 2: . That the Corporation is hereby designated as the duly
constituted authority and instrumentality of the Unit (within the meaning
of those terms in the regulations of the Treasury and the rulings of the
Internal Revenue Service prescribed and promulgated pursuant to Section 103
of the Internal Revenue Code of 1954, as amended) and shall be authorized
to act on behalf of the Unit for the specific public purpose of the promotion
and development of 'comnercial, industrial and manufacturing enterprises to
promote and encourage employment and the public welfare; but the Corporation
is not intended to be and shall not be a political subdivision or a political
corporation within the meaning of the Constitution and the laws of the State
of Texas ( the "State"), including without 1 imitation Article III, Section 52
of the State Constitution, a~d the Unit does not delegate to the Corporation
any of its attributes of sovereignty, including the power to tax, the power
of eminent domain and the police power.
Section 3: That the Corporation may, under the conditions set forth
in this Resolution, issue obligations on behalf of the Unit, acquire, lease,
sell or convey certain properties and make loans for the promotion and
development of commercial, industrial and manufactudng enterpri ses to
promote and encourage employment and the public welfåre. The Unit shall not
lend its credit or grant any public money or thing of value in aid of
the Corporation. Furthermore, obligations issued by the Corporation with
the approval of the Unit shall be deemed not to constitute a debt of the State,
of the Unit or of any other political corporation, subdivision or agency of
the State or a pledge of the faith and credit of any of them, but such
obligations shall be payable solely from the funds herein provided. The
Corporation shall not be authorized to incur financial obligations which
cannot be paid from proceeds of the obligations or from revenues realized
from the lease or sale of a project or realized from a loan made by the
Corporation to finance or refinance in whole or in part a project. "Project"
shall mean the land, buildings, equipment, facilities and improvements
(one or more) found by the Board of Directors of the Corporation (the "Board
of Directors"} to be required or suitable for the promotion of commercial
or industrial development and expansion, the promotion of employment or
for use by commercial, manufacturing or industrial enterprises, irrespective
of whether in existence or required to be acquired or constructed after
the making of such findings by the Board of Directors.
Section 4: That the Articles of Incorporatton of the Corporatton
and the Byla\'/s of the Corporation, in the forms attached hereto2 are
hereby approved for use and adoption by the Corporatton; provided, however,
that any amendments to the Articles of Incorporation shall be subject to
the further approval of the Governing Body. .
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Section 5: That the Governing Body shall approve by written resolution
any agreement to issue bonds, including refunding bonds, adopted by the .
Corporation, which agreement and resolution shall set out the aroount and
purpose of the bonds. Furthermore, no issue of bonds, including refunding
bonds, shall be sold and delivered by the Corporation \'lÌthout a written
resolution of the Governing Body adopted no more than 60 days prior to
the date of the sale of the bonds specifically approving the resolution
of the Corporation providing for the issuance of the bonds.
Section 6: That, upon dissolution of the Corporation, the Unit shall
accept title to or other interests in any real or personal ,property owned
by the Corporation at such time.
Section 7: That this Resolution is adopted for the purpose of
satisfying the conditions and requirements of the Act and of Section 103
of the Internal Revenue Code of 1954, as amended and the regulations
prescribed thereunder from time to time and for the benefit of the
Corporation, the Unit, the owners or holders from time to time of the
obligations of the Corporation and all other interested pers~ns.
Section 8: That the Governing Body has considered evidence of the
posting of notice of this meeting and officially finds, determines,
recites and declares that a sufficient written notice of the date, hour,
and place of this meeting and of the subject of this resolution \'¡as posted
on a bulletin board located at a place convenient to the public in the
City Hall of the Unit for at least 72 hours preceding the scheduled time
of such meeting; and that such place of posting was readily accessible to
the general public at all times from such time of posting until the
scheduled time of such meeting; and that such meeting was open to the
public as required by law at all times during which the Resolution and
the subject matter thereof was discussed, considered and formally acted
upon, all as required by the Open Meetings Law, Article 6252-17, Vernon's
Texas Civil Statutes, as amended. The Governing Body further ratifies,
approves and confirms such written notice and the contents and posting thereof.
PASSED AND APPROVED this 14th day of
JANUARY>' , 19 80 /
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~L, DicK F~rãm, Mayor
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'1,Jeanette r'iQore, City Secreta ry
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