HomeMy WebLinkAboutOrdinance 9071a~
' ~ ORDI`NANCE NO ~~/
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS AUTHORIZING AND APPROVING THE
CREATION OF AN INDUSTRIAL DEVELOPMENT CORPORA-
TION FOR LIMITED PURPOSES PURSUANT TO THE
DEVELOPMENT CORPORATION ACT OF 1979, AS AMENDED,
APPROVING THE ARTICLES OF INCORPORATION THEREFOR
AND APPOINTING THE FNITIAL DIRECTORS THEREOF,
CONTAINING OTHER PROVISIONS AND MAKING CERTAIN
FINDINGS RELATING TO THE SUBJECT
WHEREAS, pursuant to Section 4 of the Development
Corporation Act of 1979, as amended (the "Act"), not less
than three (3) natural persons, each of whom is at least
eighteen (18) years of age and is a qualified elector of the
City, has filed with this City Council their written
application requesting that the City authorize and approve
the creation of an industrial development corporation under
the provisions of the Act to act on behalf of the City for
the purpose of promoting, developing and providing for the
expansion and improvement of that portion of the City of
Fort Worth, Texas located in the North Fort Worth Stockyards
Historic District (the "Stockyards District"), and
WHEREAS, the Stockyards District is economically
depressed and a blighted area and such expansion and improve-
ment is necessary to promote and implement the full and
proper development and use of such area of said City and to
encourage and protect the public welfare, and
WHEREAS, the City Council has found and determined and
hereby finds and determines that all prerequisites of law
have been satisfied, and
WHEREAS, the City Council by this Ordinance desires to
and intends to take all steps necessary and prerequisite t~
the creation of said corporation for said limited purposes,
and
WHEREAS, the meeting at which this Ordinance is consid-
ered is open to the public as required by law, and public
notice of time, place and purpose of said meeting was given
as required by Article 6252-17, Vernon's Texas Civil
Statutes, as amended;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
FORT WORTH, TEXAS
Section 1. That the findings and declarations con-
tained in the preambles to this Resolution are hereby
repeated and incorporated herein as part of this Ordinance
Section 2 That this City Council hereby finds and
determines that it is advisable that a corporation, to be
named the "Stockyards Improvement Authority, Inc " (the
"Corporation"), be authorized and created with the powers
granted in the Act to act on behalf of the City as its duly
constituted authority and public instrumentality solely for
the purposes specified in Article IV of the Articles of
Incorporation thereof herein approved and incorporated
herein
Section 3 That the City Council hereby approves the
Articles of Incorporation for the Corporation in substan-
tially the form attached hereto as Attachment "A", and
authorizes the incorporators of the Corporation to file the
same with the Secretary of State in accordance with the
requirements and provisions of the Act. In the event the
name chosen for the Corporation is not available, the
incorporators are authorized to change the name without the
further approval of the City Council
Section 4 That the City Council hereby appoints
each of whom is at'le/ast eighteen (18) years of age and is a
duly qualified elector of the City on the date of appoint-
ment, to serve as the initial members of the Board of
Directors of the Corporation, such service to be at all
times subject to the powers of the City under the Act and
the Articles of Incorporation hereby approved
Section 5 That any and all bonds, notes or other
similar obligations issued by the Corporation shall contain
a provision, condition or recital substantially to the
effect that they shall never be deemed to be or create a
debt or liability or a special, general or moral obligation
payable out of any funds of the City, the same to be payable
solely out of funds and properties of the Corporation
pledged thereto
Section 6 That it is intended that the Corporation be
a duly constituted authority and a public instrumentality of
the City within the meaning of the regulations of the United
States Treasury Department and the rulings of the Internal
Revenue Service prescribed and promulgated under Section 103
of the Internal Revenue Code of 1954, as amended
Section 7 That for purposes of any bonds issued by
the Corporation which may require a public hearing to
satisfy the requirements of Section 103 of the Internal
Revenue Code of 1954, as amended, the Director of Finance of
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the City of Fort Worth is hereby appointed to act on behalf
of the City of Fort Worth to conduct such hearings, to
determine the time and location of such hearings, to publish
notice of such hearings and to establish procedures for such
hearings
Section 8 That the Director of Finance is hereby
directed to prepare and publish a notice of a public hearing
by the City Council with respect to the establishment of the
Stockyards District as a blighted area for purposes of the
Act and to provide notice to the Texas Economic Development
Commission, as required by the Act, of such public hearing
Section 9 By reason of the urgent necessity to form
such corporation, an emergency is hereby declared to exist
making it necessary to the preservation of the public peace,
property, health and safety that this ordinance become
effective immediately upon its passage, and it is so
enacted
PASSED this 10th day of April, 1984
Bob Bolen, Mayor
City of Fort Worth, Texas
ATTEST
Ruth Alexander, City Secretary
City of Fort Worth, Texas
AP ROVED AS TO F,~OR~M AND LEGALITY
Cl~--~-Jt~.-~.~~-/
Wade Adkins, City Attorney
City of Fort Worth, Texas
3
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~' ~~ 1 ~ ~ EXPIBIT A
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ATTACHMENT A
ARTICLES OF INCORPORATION
OF
STOCKYARDS fMPROVEMENT' AUTHORITY, INC
We, the undersigned natural persons, each being at
least eighteen (18) years of age, a citizen of the State of
Texas and a qualified elector of the City of Fort Worth,
Texas, and acting as incorporators of a corporation under
the Development Corporation Act of 1979, Article 5190 6,
Vernon's Texas Civil Statutes, as amended (the "Act"), do
hereby adopt the following Articles of Incorporation for
such Corporation
ARTICLE I
The name of the Corporation is STOCKYARDS IMPROVEMENT
AUTHORITY, INC
ARTICLE II
The Corporation is a non-profit corporation
ARTICLE 111
The duration of the Corporation is perpetual
ARTICLE IV
(a) The Corporation is organized solely for the
purpose of promoting, developing and providing for the
expansion and improvement of that portion of the City of
Fort Worth, Texas located in the North Fort Worth Stockyards
Historic District, as more particularly described in
Exhibit A hereto, so as to promote and implement the full
and proper development and use of such area of said City and
to encourage, promote and protect the public welfare
(b) The Corporation shall perform its functions,
duties, powers and rights as a duly constituted authority
and public instrumentality of the City of Fort Worth, Texas,
within the meaning of the regulations of the United States
Treasury Department and the rulings of the Internal Revenue
Service prescribed and promulgated pursuant to Section 103
of the Internal Revenue Code of 1954, as amended, at all
times subject to the provisions of and the limitations
contained in the Act, and no bonds, notes or other
obligations or liabilities, contractual or otherwise,
incurred or created by the Corporation shall ever be paid or
payable in whole or in part from any revenues or income of
said City and the same shall never constitute a debt,
obligation or liability thereof of any nature of kind
(c) For the purposes prescribed in paragraph (a) of
this Article IV, and subject to the limitations provided in
paragraph (b) of this Article IV, the Corporation may issue
bonds on behalf of the City for the purpose of financing any
"project", as such term is defined in the Act
ARTICLE V
The Corporation shall have no members and is a
non-stock corporation
ARTICLE VI
The street address of the initial registered office of
the Corporation is 1000 Throckmorton Street, Fort Worth,
Texas 76102 and the name of its initial registered agent at
such address is Morris Matson
ARTICLE VII
All powers of the Corporation shall be vested in a
Board of Directors consisting of any number of directors,
but not less than three (3) , as may be fixed by the bylaws
of the Corporation Each director shall be appointed by the
governing body of Fort Worth, Texas, and shall be a
qualified elector of said City Each director shall serve
for a term of three (3) years or until his or her successor
is appointed by the governing body of said City, provided,
however, that if any director shall at any time be also a
member of the governing body of said City, then the term of
such director shall never exceed the period for which such
director is a member of such governing body Any director
may be removed from office at any time, with or without
cause, by written resolution of the governing body of said
City All vacancies, for whatever cause, shall be filled by
the governing body of said City
All other matters pertaining to the internal affairs of
the Corporation shall be governed by the bylaws of the
Corporation, so long as such bylaws are not inconsistent
with these Articles of Incorporation, the Act or any other
law of the State of Texas
2
ARTICLE VIII
The number of directors constituting the initial Board
of Directors of the Corporation is (~) The names and
addresses of the initial directors, each of whom is a
qualified elector of the City of Fort Worth, Texas, are
NAME ADDRESS
ARTICLE IX
The names and street addresses of the incorporators,
each of whom, resides within the City of Fort Worth, Texas,
are
NAME ADDRESS
ARTICLE X
On April 10, 1984, the governing body of the City of
Fort Worth, Texas, duly adopted an ordinance approving the
form of these Articles of Incorporation, approving the
creation of the Corporation, and authorizing the Corporation
to act on its behalf to further the public purposes stated
in said ordinance and in Article IV of these Articles of
Incorporation
ARTICLE XI
These Articles of Incorporation may at any time and
from time to time be amended by either of the following
methods (a) the members of the Board of Directors of the
Corporation may file with the governing body of the City an
application in writing seeking permission to amend these
3
Articles of Incorporation, specifying in such application
the amendment proposed to be made, and if said governing
body by appropriate resolution shall duly find and determine
that it is wise, expedient, necessary or advisable that the
proposed amendment be made and shall approve the form of the
same and authorize it to be made, then the Board of
Directors of the Corporation may amend these Articles of
Incorporation by adopting such amendment at a meeting of the
Board of Directors and delivering the articles of amendment
to the Secretary of State, or (b) the governing body of the
City may, in its sole discretion, and at any time, alter or
change the structure, organization, programs or activities
of the Corporation (including the power to terminate the
Corporation), subject to any limitation on the impairment of
contracts entered into by the Corporation, by adopting an
amendment to these Articles of Incorporation and delivering
articles of amendment to the Secretary of State
ARTICLE XII
No dividends shall ever be paid by the Corporation and
no part of its net earnings (beyond that necessary for
retirement of the indebtedness of the Corporation or to
implement the public purposes of the City for which the
Corporation has been created) shall be distributed to or
inure to the benefit of its directors or officers or any
private person, firm, corporation or association except in
reasonable amounts for services rendered No substantial
part of the Corporation's activities shall be carrying on
propaganda, or otherwise attempting to influence
legislation, and it shall not participate in, or intervene
in (including the publishing or distributing of statements)
any political campaign on behalf of or in opposition to any
candidate for public office
ARTICLE XIII
If the Corporation ever should be dissolved when it
has, or is entitled to, any interest in any funds or
property of any kind, real, personal or mixed, such funds or
property or rights thereto shall not be transferred to
private ownership, but shall be transferred and delivered to
the City, after satisfaction or provision for satisfaction
of debts and claims have been made
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IN WITNESS WHEREOF, we have hereunto set our hands,
this 10th day of Apri 1, 1984
Incorporator
Incorporator
Incorporator
Incorporator
5
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THE STATE OF TEXAS §
COUNTY OF TARRANT §
I, the undersigned, a Notary Public, do hereby certify
that this the day of April, 1984, personally
appeared before me ,
who, being by me first duly sworn, declared that he is the
person who signed the foregoing instrument as an
incorporator, and that the statements therein contained are
true
IN WITNESS WHEREOF, I have hereunto set my hand and
seal the day and year above written
Notary Public, in and for
the State of Texas
My commission expires
~~
[SEAL]
THE STATE OF TEXAS
COUNTY OF TARRANT
I, the undersigned, a Notary Public, do hereby certify
that this the _ day of April, 1984, personally
appeared before me ,
who, being by me first duly sworn, declared that he is the
person who signedt the foregoing instrument as an
incorporator, and that the statements therein contained are
true I
IN WITNESS WHEREOF, I have .hereunto set my hand and
seal the day and year above written
i
f
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r
~ Notary Public, in and for
~ the State of Texas
My commission expires
[ SEAL]
t~, ,,
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THE STATE OF TEXAS §
COUNTY OFTARRANT §
CITY OF FORT WORTH
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I, Ruth Alexander, City Secretary of the City of Fort
Worth, Texas, do hereby certify that I have compared the
attached and foregoing excerpt from the minutes of the
regular, open, public meeting of the City Council of the
City of Fort Worth, Texas, and of Ordinance No
which was duly passed at said meeting, and that said copy is
a true and correct copy of said excerpt and the whole of
said ordinance
In testimony whereof, I have set my hand and have
hereunto affixed the seal of said City of Fort Worth, this
day of April, 1984
[SEAL]
City Secretary,
City of Fort Worth, Texas
/MASTER FIL~•3
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CITY MANAGER 1 ~`r•j2t~ ®~ f' 1~'~~-t g~'®rth, ~ex~~
_ J"d
ACCOUNTIIG 2 a~/- ~~° ~/7// ~' ~/..
tRANSPORTATION~PIJ! N~~(,y/®U ~~tLW ~1(J'ILi1V~~~~ ~WI~UU IV~LUJ~~IL~{.N/1V~®~~
DEVELOPMHNfa3
DATE REFERENCE SUBJECT Consideration of an Ordinance Of PAGE
4/10/84 NuMeER
G-5963 the City Council of the City of Fort Wor h, 1
Texas, Authorizing and Approving the '°t--_---
Creation of an Industrial Development
Corporation for Limited Purposes Pursuant
to the Development Corporation Act of 1979,
as Amended, Approving the Articles of
Incorporation Therefor and Appointing the
Initial Directors Thereof; and Containing
. Other Provisions and Making Certain Findings
Relating to the Subject
Recommendation
It is recommended that the City Council;
1) Authorize and approve th.e attached ordinance creating the Industrial
Development Corporation fdr limited purposes pursuant to the Development
Corporation Ant of 1979, as emended;
2) Approve the Articles of Incorporation;
3) Appoint the Board of Directors; and,
4) Author~:ze the giving of notice for a Public Hearing regarding declaring
the area a blighted area.
MCM: j c
Attachment
APPROVED 8Y
CITY COUNCIL
SUBMITTED FOR TM
CITY MANAGER'S
DISPOSITION BY COUNCI~PR IO 198
PROCESSED BY
nFFIC.E BY ~ APPROVE
ORIGINATING
DEPARTMENT HEAD MOrriS C. MatS.On ~' OTHER IBE)
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,
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~.~RETARY
FOR ADDI f1ONAL INFORMATION C32y S@Ctetaiy o. ;,~
CONTACT Morris C . Matson ~' Xt . 614.3 «~ Of FOrt Wortb, Tezc~
DATE
Haoptea Urdonancc No, y