The industrial development corporation is hereby authorized and approved for creation as an industrial development corporation under the provisions of the Vernon's Ann. Civ. St. art. 5169.6.
(Res. No. 79-29, § 1, adopted 1/14/1980)
The industrial development 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 commercial, 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 including without limitation Article III, Section 52 of the State Constitution, and 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.
(Res. No. 79-29, § 2, adopted 1/14/1980)
The industrial development corporation may, under the conditions set forth in this article, 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 manufacturing enterprises to promote and encourage employment and the public welfare. The unit shall not lend its credit or grant any public money or thing of value in aid of the industrial development 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 industrial development 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 industrial development 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 industrial development 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.
(Res. No. 79-29, § 3, adopted 1/14/1980)
The articles of incorporation of the industrial development corporation and the bylaws of the industrial development corporation, in the forms printed as division 2 of this article, are hereby approved for use and adoption by the industrial development corporation; provided, however, that any amendments to the articles of incorporation shall be subject to the further approval of the city council.
(Res. No. 79-29, § 4, adopted 1/14/1980)
The city council shall approve by written resolution any agreement to issue bonds, including refunding bonds, adopted by the industrial development corporation, which agreement and resolution shall set out the amount and purpose of the bonds. Furthermore, no issue of bonds, including refunding bonds, shall be sold and delivered by the industrial development corporation without a written resolution of the city council adopted no more than 60 days prior to the date of the sale of the bonds specifically approving the resolution of the industrial development corporation providing for the issuance of the bonds.
(Res. No. 79-29, § 5, adopted 1/14/1980)
Upon dissolution of the industrial development corporation, the unit shall accept title to or other interests in any real or personal property owned by the corporation at such time.
(Res. No. 79-29, § 6, adopted 1/14/1980)
This division is adopted for the purpose of satisfying the conditions and requirements of Vernon's Ann. Civ. St. art. 5190.6 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 industrial development corporation, the unit, the owners or holders from time to time of the obligations of the industrial development corporation and all other interested persons.
(Res. No. 79-29, § 7, adopted 1/14/1980)
The city council has considered evidence of the posting of notice of the meeting at which the resolution from which this division derives and officially finds, determines, recites and declares that a sufficient written notice of the date, hour, and place of the meeting and of the subject of such resolution was 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, V.T.C.A., Government Code § 551.001 et seq., as amended. The city council further ratifies, approves and confirms such written notice and the contents and posting thereof.
(Res. No. 79-29, § 8, adopted 1/14/1980)
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Editor's note–HB 1522, 89th Legislative Session, amended posting requirements from 72 hours to three business days before scheduled meeting.