CC Resolution No. 9431692
RESOLUTION NO. 943
RESOLUTION APPROVING RESOLUTION OF BAYTOWN INDUSTRIAL
DEVELOPMENT CORPORATION CONCERNING ISSUANCE OF BONDS TO
FINANCE A PROJECT FOR DAVIS BROS. BAYTOWN PARTNERSHIP.
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WHEREAS, the board of directors (the "Board") of the Baytown Industrial
Development Corporation has, by a Resolution Concerning Issuance of Bonds to
Finance a Project for Davis Bros. Baytown Partnership, adopted February 17, 1986,
(the "Resolution"), agreed and declared its intent to issue its limited obligation
revenue bonds pursuant to the terms of the Development Corporation Act of 1979,
Article 5190.6, Vernon's Texas Civil Statutes, as amended (the "Act") and such other
statutes as may provide authority therefor, to finance the costs of the project and
in the amount set forth in the Resolution for the benefit of Davis Bros.
Baytown Partnership; and
WHEREAS, the City Council of the City of Baytown, Texas, finds and
declares that the action of the Board approving the Resolution should be approved
and is in the best interests of the inhabitants of the City of Baytown, Texas, for
the reasons therein set forth;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BAYTOWN, TEXAS:
Section 1: The Resolution, as adopted by the board, agreeing and declaring
an intent to issue limited obligation revenue bonds for the purposes and in the
amount set forth in the Resolution is hereby approved.
Section 2: This Resolution is adopted for the purpose of satisfying the
conditions and requirements of the Act and Section 103 of the Internal Revenue
Code of 1954, as amended, and the regulations promulgated thereunder.
INTRODUCED, READ, and PASSED by the affirmative vote of the City
Council of the City of Baytown, this the 17th day of February, 1986.
tIAMEkTT—
ATTEST:
EILEEN P. HALL, City Clerk
APPROVED:
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RANDALL . STRONG, Cit orney