HomeMy WebLinkAboutResolution 10634
Adapted Resolution No./de?
RESOLUTION AUTHORIZING AND APPROVING THE CREATION
OF A NONPROFIT INDUSTRIAL DEVELOPMENT CORPORATION
TO ACT ON BEHALF OF THE CITY OF FORT WORTH, TEXAS
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 Fort Worth (the "City") under the provisions of
the "Development Corporation Act of 1979", as amended, 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 incorporated city under the
1,t Constitution and laws of the State of Texas.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS:
Section 1. That, the governing body of City has found
and determined, and hereby finds and determines, that said
application is in proper form and that it has been signed 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.
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
"Sunbelt 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
r 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
new and expanded industrial and manufacturing enterprises,
and, to the extent permitted by applicable law, to finance
any "project", as such term is used in the Development
Corporation Act of 1979, as amended, all to promote and
v
encourage 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 accord-
ance with and subject to the provisions of the Development
Corporation Act of 1979, as amended, not to exceed
$10,000,000 in principal amount for any one project, unless
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 agree-
ments are hereby approved.
Section 6, That in order to be eligible for financing by the
Corporation, a project shall be l'ocated withitl the "targeted areas" for
project location, as such "targeted areas" are outlined in and designated
by the City as the °Special Emphasis - Target Areas and
Pocket of Pover
APPROVED BY
CITY COUNCIL
? ? 11 1985
Chy 5eeretary of the
_ City of FortB?Q/