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HomeMy WebLinkAboutResolution 864 RESOLUTION FILE NO. ` A RESOLU APPROVING A14ENDMENTS TO THE ARTICLES OF INCORPORATION OF THE FORT WORTH HOUSING FINANCE CORPORATION AND APPOINTING AND RATIFYING APPOINTMENT OF MEMBERS TO THE BOARD OF DIRECTORS OF SUCH CORPORATION WHEREAS , the City Council of the City of Fort Worth, Texas (the "City" ) has heretofore approved the formation of the Fort Worth Housing Finance Corporation (the "Corpora- tion" ) and the form of its Articles of Incorporation pur- suant to the Texas Housing Finance Corporations Act , Art. 12691-7 , Vernon' s Ann. Tex. Civ. Stat. , as amended (the "Act=) ; and WHEREAS, it is deemed necessary and desirable to amend the Articles of Incorporation of the Corporation; and WHEREAS, it is also deemed necessary and desirable to appoint and ratify the appointment of members to the Board of. Directors of the Corporation; Now, Therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1 . That, pursuant to the Act, the Articles of Amendment to the Articles of Incorporation of the Corpora- tion are hereby adopted and approved, a copy of such Articles of Amendment being attached hereto as Exhibit A. Section 2 . That, the Mayor and the City Secretary are hereby authorized to execute the Articles of Amendment and deliver such Articles of Amendment to the Secretary of State and take whatever other action is necessary to accomplish the purposes of this Resolution. Section 3 . That, the City Council hereby appoints , and ratifies the appointment of, the following named persons, each of whom is a citizen of the State of Texas and a resident of the City, to serve as members of the Board of Directors of the Corporation for the term shown opposite their name and until their successor is appointed: NAME TERM Bob Bolen July 1 , 1984 Jim A. Bagsby July 1 , 1984 Dwaine Johnson July 1 , 1984 Russell Lancaster July 1 , 1984 Richard C. Newkirk July 1 , 1984 Herman F. Stute July 1 , 1984 Kathy Wetherby July 1 , 1984 Bert C. Williams July 1 , 1984 Louis J. Zapata July 1 , 1984 f Section 4 . That, all Ordinances an3 Resolutions and parts thereof in conflict herewith are hereby expressly repealed insofar as they conflict herewith. Section 5 . That, this Resolution shall take effect immediately from and after its adoption and publication in accordance with the law, and it is accordingly so resolved. VOW 2 ARTICLES OF AMENDMENT TO THE ARTICLES OF INCORPORATION OF FORT WORTH HOUSING FINANCE CORPORATION Pursuant to the provisions of Section 8 of the Texas Housing Finance Corporations Act , Art. 12691-7 , Vernon ' s Ann. Tex. Civ. Stat. , as amended, the City Council of the City of Fort Worth , Texas , hereby adopts the following Articles of Amendment to the Articles of Incorporation of the Fort Worth Housing Finance Corporation which: prohibits such Corporation from making loans for "residential development" and certain other purposes . ARTICLE ONE The name of the Corporation is Fort Worth Housing Finance Corporation. ARTICLE TWO The following amendment to the Articles of Incorpor- ation was adopted by the City Council of the City of Fort Worth, Texas on July 27 , 1982 . ARTICLE FOUR of the Articles of Incorporation is hereby amended so as to read as follows : ARTICLE FOUR The Corporation is organized exclusively for the purpose of benefiting and accomplishing public purposes of, and on behalf of the City by financ- ing the cost of residential ownership and develop- ment that will provide decent, safe and sanitary housing for residents of the City at prices they can afford. It has been determined and declared by the Legislature of the State of Texas that such residential ownership and development will : (a) provide for and promote the public health, safety, morals , and welfare; (b) relieve conditions of unemployment and encourage the increase of in- dustry and commercial activity and economic development so as to reduce the evils attendant upon unemployment; (c) provide for efficient and well-planned urban growth and development includ- ing the elimination and prevention of potential urban blight and the proper coordination of industrial facilities with public services , mass transportation and residential development; (d) assist persons of low and moderate income i.n acquiring and owning decent , safe and sanitary housing which they can afford; and (e) preserve and increase ad valorem tax bases of local govern- mental units ; and the foregoing have been de- termined and declared by the Legislature of the State of Texas to lessen the burden of government and to be public purposes and functions . The Corporation , however, shall not have the power to make loans to any person , including any lending institution , to defray , in whole or in part , the development costs of any "residential development" (as defined and used in the Texas Housing Finance Corporations Act) ; nor shall the Corporation have the power to make loans to lending institutions , the proceeds of which will be used by such lending institutions to make "home mortgages" (as defined and used in the Texas Housing Finance Corporations Act) . ARTICLE THREE The amendment was adopted in the following manner: The amendment was adopted at a duly called meeting of the City Council of the City of Fort Worth , Texas , on July 27 , 1982 , at which a quorum was present, and the amendment received the vote of a majority of the members of said City Council. IN WITNESS WHEREOF we, the presiding officer and secretary of the City of Fort Worth , have hereunto set our hands this 27th day of July, 1982 . CITY OF FORT WORTH, TEXAS By: Mayor C y Secretary SEAL) L '- 2