1992 RES AUTHORIZING CREATION OF COP INDUSTRIAL DEVELOPMENT CORPORATION

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RESQLUTION N0. 1992 RESOLUTION AUTHORIZING THE CREATION OF THE CITY OF PARIS INDUSTRIAL DEVELOPMENT CORPORATION AS AN INSTRUMENTALITY OF THE CITY OF P~RIS, PARIS, TEX~S; APdD CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, the Development Corporation Act of 1979, Section 1 through 37, Article 5190.6, Vernon's Texas Civil Statutes, authorizes the creation and administration of industrial develop- ment corporations to act on behalf of cities, counties and conser- vation 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 conser- vation and reclamation districts to utilize an industrial develop- ment corporation to issue obligations and bonds on behalf of the sponsoring city, county or conservation and reclamation district to finance projects promoting and developing commercial, industrial and manufacturing enterprises; and, WHEREAS, three natural persons, each of whom is at least eighteen years of age and a qualified elector of the City of Paris, Texas, a Unit under Article 5190.6, Vernon's Texas Civil Statutes; have filed with the City Council of the Unit a written application requesting that the Unit authorize and approve the creation of the CITY OF PARIS INDUSTRTAL DEVELOPMENT CORPORATION, hereinafter re- ferred to as Corporation, and aAprove the Articles of Incorporation and Bylaws to be used in creating the Corporation; and, WHEREAS, the Corporation will be created and organized as a Texas non-profit corporation, pursuant to the provisions of the Act, for such limited purposes; and, WHEREAS, the City Council of the City of Paris has reviewed and approved the Petition and the Articles of Incorporation and Bylaws and has determined to authorize and approve the creation of the Corporation, a not-for-profit entity, as its constituted author- ity and instrumentality to accomplish the specific public purpose of the promotion and development of commercial, industrial and manufacturing enterprises to promote and encourage employment and the public welfare; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS: Section l. That the CITY OF PARIS Ir1DUSTRIAL DEVELOPMENT CORPORATION is hereby authorized and approved for creation as an industrial develoPment corporation under the provisions of the Act. Section 2. That the Cor~oration 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 pre- scribed 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 manufact- uring 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, 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.