From
Megan Mahan
Title
Resolution Authorizing the Creation of the Grand Prairie Local Government Corporation as a Local Government Corporation; Approving the Form of the Bylaws and Certificate of Formation; Appointing the Initial Directors
Presenter
Megan Mahan, City Attorney
Recommended Action
Approve
Analysis
This is an instrumentality of the City. City Council approval will be required for the Local Government Corporation to issue debt and transfer assets, and the City Council approval of the annual budget will be required.
Financial Consideration
None
Body
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS AUTHORIZING THE CREATION OF GRAND PRAIRIE LOCAL GOVERNMENT CORPORATION AS A LOCAL GOVERNMENT CORPORATION; APPROVING THE FORM OF CERTIFICATE OF FORMATION FOR SAID CORPORATION; APPROVING THE FORM OF BYLAWS FOR SAID CORPORATION; APPOINTING THE INITIAL DIRECTORS OF SAID CORPORATION; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, pursuant to the provisions of Subchapter D of Chapter 431, Texas Transportation Code (the “Act”), and Chapter 394, Texas Local Government Code, the City of Grand Prairie (the “City”) desires to form a local government corporation for the purpose of aiding, assisting, and acting on behalf of the City in the performance of its governmental functions, to promote the common good and general welfare of the City on behalf of the City, the promotion of economic development, the acquisition, development and redevelopment of real property within the City, the construction and/or operation of City facilities; and to perform such other governmental purposes of the City as may be determined from time to time by the city council of the City (the “City Council”); and
WHEREAS, the City Attorney has prepared and recommends approval of a Certificate of Formation for the Grand Prairie Local Government Corporation and the Bylaws of the Grand Prairie Local Government Corporation; and
WHEREAS, the City Council of the City of Grand Prairie finds it to be in the public interest to authorize the creation of Grand Prairie Local Government Corporation, approve the form of Certificate of Formation and Bylaws for said corporation, and appoint the initial directors for said corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GRAND PRAIARIE, TEXAS:
SECTION 1: THAT the creation of the Grand Prairie Local Government Corporation (“the Corporation”) as a local government corporation pursuant to Chapter 431 of the Texas Transportation Code is hereby authorized and approved by the City of Grand Prairie.
SECTION 2: THAT the form of the Certificate of Formation for Grand Prairie Local Government Corporation, attached hereto as Exhibit “A” and incorporated herein by reference is hereby approved.
SECTION 3: THAT the form of the Bylaws of the Grand Prairie Local Government Corporation, attached hereto as Exhibit “B” and incorporated herein by reference, is hereby approved and is hereby authorized to be adopted by the Board of Directors of the Corporation as the bylaws of the Corporation.
SECTION 4: THAT the initial directors identified in the Certificate of Formation are hereby appointed to serve as the initial Board of Directors of the Corporation.
SECTION 5: THAT this resolution shall be in full force and effect from and after its passage and approval.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIARIE, TEXAS, IN REGULAR COUNCIL SESSION, THIS 17 DAY OF MARCH, 2020.