RE 10-11-83.1 RESOLUTION NO. 101183.1
A RESOLUTION OF THE CITY COUNCIL OF TIlE CITY OF
COPPELL, TEXAS, AUTItORIZING AND APPROVING TIlE
CREATION OF COPPELL INDUSTRIAL DEVELOPMENT
CORPORAIION PURSUANT TO TItE DEVELOPMENT
CORPORATION ACT OF 1979, AS AMENDED, ARTICLE
5190.6, VERNON'S ANNOTATED TEXAS CIVIL SIATUTES;
APPROVING THE ARTICLES OF INCORPORATION ANt)
APPOINTING TIlE INITIAL DIRECTORS TIIEREOF;
APPROVING TItE BYLAWS AND LOCAI. REGIILATIONS
THEREOF; AND CONTAINING OTHER PROVISIONS AND
MAKING CERTAIN FINDINGS RELATING TO Tile SUBJECT
WHEREAS, the Development Corporation Act or 1979, as amended, Article
5190.6, Vernon's Annotated Texas Civil Statutes (the "Act"), authorizes this City
Com~cil, upon receipt of a proper application requestiug such action, to authorize
m~d approve the creation trod organization of m~ industrial development corpm'ation
to act on behalf of the City of Coppell, Texas (the "Uuit"), for, the pm'pose of
prmnoting and developiug commercial, industri~ and manufactm'ing enterprises in
order to promote and eneoarage employment und tile public welfare; and
WHEREAS, the Act authorizes troy such nonprofit corporation thus er'eared to
issue obligations on behalf of the Unit;.
WHEREAS, ptwsuant to the Act, not fewer th:m tin'ce .atto'al per. mm, each uf
whom is at least 18 years of age and is a qualified eleetor of the Unit, have filed
with this City Couneil their written application (the "Applieatiou") requesting that
the U~fit authorize and approve the creation or Coppell Industrial Development
Corporation under the Act to act on behalf of the Unit; und
WHEREAS, this City Council has found a~td determined that all prerequisites
of law have been satisfied; und
WHEREAS, the City Ccuneil by this Resolution intends to take all steps
necessary and prerequisite to the creation of the corporation; and
WIIEREAS, this meeting is open to the public as required by law, :md put)tie
notice of the time, place rind purpose of this meeting was given :ts required by
Article 6252-[7, Vernon's Aunotated Texas Civil Statutes;
NOW, THEREFORE, BE IT RESOLVED BY TIlE CITY COUNCIL OF 'rile
CITY OF COPPELL, TEXAS:
Section 1. That the findings and deeh~ratious contained In the preambles of
tbis Resolution are incorporated herein ms part of this Resolution.
Section 2. That this City Council hereby finds ;u~d determiues that it is
advisable m,d in the public interest :md benefit that a co,point[ion, to he u;uned the
"Coppell Industri;tl Development Corporatiou" (the "Issuer"), be authorized
created with the powers granted il, the Act to aot ~m })eh:df of the U,it :ks its duly
constituted authority m~d instrumentality for the public ptu'poses defined it/the Act.
Section 3. That tiffs City Council hereby approves the Articles of
hleorporation (the "Articles") for the Issuer In substantially the form attached
hereto and authorizes the incorporators thereof to file the Articles with the
Secretary of State in accordance with the Act; provided that, in the event the nmue
chosen for the Issuer is not available, the Ineorporatot~ are authorized to change the
name without the further approval of tiffs City Commil.
Section 4. That this City Council hereby appoints those persmm named In tt~e
Articles, each of whom on the date of his appointlnent is duly qualified In
accordance with the Act, to serve ~ the initial[ memhem of' the Bom'd of Directors
of the Issuer, such service to be at all times subieet to the powers of the Unit under
the Act md the Articles.
Section .5. That any and all bonds, notes or other similar obligations issued by
the Issuer shall contain a provision, condition or reeitul substantially to the effect
that they shall never be deemed to be or create an indebtedness or liability or a
special, general or moral obligation payable out of any funds o£ the Unit and that
they shall be payable solely out of funds and properties of the Issuer pledged thereto.
Section 6. That it is intended that the Issuer be a duly constituted authority
and Instrmnent,Mity of the U~fit within the mea~fing of re§xdations and revenue
rulings of the Treasury Department of the Internal l~evenue Service of the United
States promulgated under Seetim~s 103 and [15 of the Internal Revenue Code of
1954, as amended.
Section 7. That this City Counei[~hereby approves the Bylaws for the Issuer
in substantially the form attanhed hereto.
Section 8. That this City Cmmeil hereby approves the Local Regulations for
Receiving and Approving Apptieation.s for Financial Participation in Development
Proieets (the "Local Regulations") in substantially the form attanhed hereto.
Section 9. That this R, esointion shall take effect immediately from and after
its adoption.
PASSED AND APPROVED this October 11, 1983.
Andrew Brown, Jr,, Mayor
ATTEST:
[SEAL]
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