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HomeMy WebLinkAboutResolution 780 RESOLUTION MEN , 7 A Resolution RESOLUTION APPROVING THE CREATION OF TRINITY HOUSING FINANCE CORPORATION; APPROVING THE ARTICLES OF IN- CORPORATION THEREOF AND APPOINTING THE INITIAL DIRECTORS THEREOF; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, the Texas Housing Finance Corporations Act, Article 12691-7, Vernon' s Annotated Texas Civil Statutes, as amended (the "Act") , authorizes the creation and organiza- tion of public non-profit housing finance corporations to act as duly constituted authorities of cities to provide a means of financing the costs of residential ownership and develop- ment that will provide decent, safe and sanitary housing for persons of low and moderate income at prices they can afford; and WHEREAS, the Act authorizes such public non-profit housing finance corporations to issue revenue obligations and to utilize the proceeds from the sale 'of such obligations to Aio make or acquire mortgage loans on homes owned and occupied by persons of low and moderate income, and to provide financing for residential developments intended to be occupied substan- tially (at least 90 percent) by persons of low and moderate income; and WHEREAS, the Act further authorizes cities to create and utilize such public nonprofit housing finance corporations to accomplish such public purposes; and WHEREAS, three (3) persons , each of whom is at least eighteen (18) years of age, a citizen of the State of Texas and a resident of the City of Fort Worth, Texas (the "City") , have filed with the governing body (the "Governing Body"). of the City a written application pursuant to the :Act (the "Application")`., requesting that the Governing Body of the City approve the creation of a public non--profit corporation under the Act to be designated and known as Trinity Housing Finance Corporation (the "Corporation") ; that the Governing _ Body of the City approve the proposed Articles of Incorpora- tion of the Corporation; and that the Governing Body of the City appoint certain persons as members of the initial Board of Directors of the Corporation; and O L4,L, CITY OF FORT WORTH _ r WHEREAS , in order to promote and carry out the public purpose set forth in the Act, the Governing Body of the City has determined to grant the requests contained in the Application by approving the creation of the Corporation and by taking certain related actions set forth more fully hereinafter; NOW, THEREFORE , BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF FORT WORTH, TEXAS : SECTION 1. That the Governing Body of the City hereby finds,dete mines , recites and declares that it is wise, ex- pedient,, necessary and advisable that the Corporation be formed, that the creation and organization of the Corporation under the Act as a duly constituted authority of the City is hereby approved and that the Corporation is hereby authorized to act on behalf of the City for the limited and purely public purposes of financing the costs of residential owner- ship and development that will provide decent, safe and sanitary housing for persons of low and moderate income in the City at prices they can afford. SECTION 2. That the Governing Body of the City hereby approves the Articles of Incorporation of the Corporation in substantially the form attached hereto as Exhibit "A"; and authorizes the incorporators of the Corporation to file such Articles of Incorporation with the Secretary of State of the State of Texas in the manner provided in the Act. SECTION 3 . That the Governing Body of he Cit hereby appoints � ��� �/'�irlPSi9�S� and �4e (each of is at least eighteen years of age, a citizen of the State of Texas and a resident of the City) to serve as the members of the initial Board of Directors of the Corporation. SECTION 4. That the Governing Body of the City hereby finds,determines, recites and declares that the creation and organization of the Corporation will serve a valid public purpose by assisting persons of low and moderate income in the City to obtain decent, safe and sanitary housing, thereby helping to eliminate slums and blighted areas , to relieve unemployment and depressed economic conditions in the resi- dential construction industry, to expand the tax base of the State of Texas, the City and other political subdivisions , and to reduce public expenditures for crime prevention and control, public health, welfare and safety and for other public. purposes . 13 _'k"' CITY OF FORT IIYORT� SECTION 5 . That the Governing Body of the City hereby finds , determines , recites and declares that, notwithstanding that the Corporation shall be a duly constituted authority of the City, it is not intended to be nor shall it ever be deemed to be a political subdivision or municipal or politi- cal corporation of the State of Texas within the meaning of any Constitutional or statutory provision, including without limitation, Article III, Section 52 and Article XI, Section 3 of the Texas Constitution. SECTION 6 . That the Governing Body of the City hereby finds , determines, recites and declares that the obligations of the Corporation shall not be' deemed an indebtedness , liability, general , special or moral obligation or pledge or loan of the faith or credit or taxing power of the State of Texas, the City or any other political subdivision or governmental unit, nor shall such obligations constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction, or an agreement, obligation or indebtedness of the City or the State of Texas within the meaning of any constitutional or statutory pro- vision whatsoever. SECTION 7 . That the Governing Body of the City hereby finds, ernes , recites and declares that it is the pur- pose, intent and desire of the City in approving the creation of the Corporation and its Articles of Incorporation, that such actions comply with the requirements of the Internal Revenue Code of 1954, as amended, and the Treasury Regulations and Internal Revenue Service rulings promulgated thereunder, including, without limitation, Section 1 .103-1 of the Treasury Regulations and the Regulations issued pursuant thereto, to the end that the Corporation shall be deemed to be a constituted authority acting on behalf of the City pur- suant to the Act and that any bonds or notes issued by the Corporation shall be considered issued on behalf of the City by a duly constituted authority of the City empowered to, issue such bonds or notes . SECTION 8 . That the Governing Body of the City has con- sidere-tevidence of the posting of notice of this meeting and officially finds , determines , recites and declares that a sufficient written notice of the date, place, and hour of this meeting and of the subject of this resolution was posted for at least seventy-two (72) hours before this meeting was O G "X OF FORT WORTH convened; that such notice was posted on a bulletin board located at a place convenient to the general public in the City Hall of the City; that such place was readily acces- sible to the general public at all times from the time of each such posting until this meeting was convened; and that this meeting has been open to the public at all times during which this resolution and the subject matter thereof has been discussed, considered and formally acted upon; all as required by the Open Meetings Law, Article 6252-17 , Vernon' s Annotated Texas Civil Statutes , as amended. The Governing Body of the City further ratifies , approves and confirms such written notice and the contents and posting thereof. PASSED AND APPROVED this day of 1981 . O C1TY OF FORT 1NORTH Frr F� Secriiei���o�l'r-fit^.fh e+ati ARTICLES OF INCORPORATION JUN 17 1981 OF trrr:fiat TRINITY HOUSING FINKNL CE CORPORATION Corpurr+r r 1)r�rhrurr We, the undersigned natural persons, each of whom is at least eighteen (18) years of age, a citizen of the State of Texas, and a resident of the City of Fort Worth, Texas, act- ing as incorporators of a corporation under the Texas Housing Finance Corporations Act, Article 12691-7, Vernon's Annotated Texas Civil Statutes, as amended, do hereby adopt the follow- ing Articles of Incorporation for such Corporation: ARTICLE I The name of the Corporation is Trinity Housing Finance Corporation. ARTICLE II The Corporation is a public non-pro-fit corporation. P_RT I CLE I I I The duration of the Corporation shall be perpetual. ARTICLE IV The Corporation is organized solely to carry out the purposes of the Texas Housing Finance Corporations Act. ARTICLE V The Corporation shall have no members. ARTICLE VI A. The Corporation shall have and possess all powers conferred by the laws of the State of Texas on public non- profit corporations created under the Texas Lousing Finance Corporations Act; provided, however, tat the Corporation shall not have nor exercise any of the pokers specified in subsections (13) through (18) of Section 13 of the Act relat- ing to the making and acquiring of home rlortoage loans. B. All powers of the Corporation shall be rested in a Board of Directors consisting of nine (9 ) persons, each of whom shall be appointed by written resolution of the govern- ing body of the City of Fort Worth, Texas, and each of ;,hom shall be a resident of such city Each initial director named in Article VIII hereof, and each sabse"ent director, shall serve for a term of t.ao (2) years or until his or her successor is appointed by the governing body of the City of Fort worth, Texas; provided, however, tnat any director may be removed from office at any time, with or without cause, by written resolution of the governing body of the City of Fort Worth, Texas. C. These Articles of Incorporation ray be amended at any time and from time to time by the Board of Directors with the approval of the governing body of the City of Fort Worth, Texas, or by written resolution of the governing body of the City of Fort Worth, Texas, in its sole discietio_t, subject, however, to limitations on the impairxent of contracts enter- cd into by the Corporation, all under and in accordance with the Texas Housing Finance Corporations Act. D. 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 Texas Housing Finance Corporations Act, or any other law of the State of Texas. ARTICLE VII The street address of the initial registered office of the Corporation is 1000 Throckmorton, Fort Worth, Texas, 76102 and the nape of its initial registered agent at such address is Jack W. Green. ARTICLE VIII The number of directors constituting the initial Board of Directors of zhe Corporation is three (3). The names and addresses of the members of the initial Board of Directors, each of whom resides within the City of Fort Worth, Texas, are: NAME :�DDRE S S H. F. Stute 1000 Throckmorton Fort Worth, Texas Jim A. Bagsby 1000 Throckmorton Fort Worth, 'texas SerL C williamg 1000 Throckmorton Fort %.orth, Texas ARTICLE IX The names and street addresses of the incorporators, each of whom resides within the City of Fort Worth, Texas, are: A?4liy ADDRESS �ii,_E, srnra 1000 Throckmorton Fort Worth, Texas .Tim A gaggby 1000 Throckmorton Fort %orch, Texas Bert C. Williams 1000 Throckmorton Fort ',:ort'h, Texas ARTICLE X On June 16 1981, the governing body of the City of Fort %forth, Texas, duly adopted a resolution approving the form of these Articles of Incorporation and approving the creation of the Corporation. -2- IN WITNESS WHEREOF, we have hereulA s 7 a ds its 16th day of June 1981. c It "J THE STATE OF TEXAS § COUNTY OF TARRANT § I, Patricia L. Goodwin , a Notary Public, do hereby certify that on this 16th day of June 1981, H. F. Stute personally appeared before me, who being by me first duly sworn, declared that he or she is the person who signed the foregoing document as an incorporator, and that the statements therein contained are true. IN P7ITNESS WHEREOF, I have hereunto set my hand and seal the day and year above written. My Commission Expires: -Notary Public in and for September 30, 1984 the State of Texas (SEAL) THE STATE OF TEXAS § COUNTY OF TARRANT § I, Patricia L. Goodwin a Notary Public, do hereby certify that on this 16th day of June 1981, Jim A. Bastsby personally appeared before me, who being by me first duly sworn, declared that he or she is the person who signed the foregoing document 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. Idy Commission Expires: y Pu� ` Notar1ic in and for the _September 30, 1984 State of Texas (SEAL) THE STATE OF TEXAS § COUNTY OF TARRANT § I, Patricia L. Goodwin a Notary Public, do hereby c^rtify that on this 16th day of June 1981, Bert C. Williams personally appeared bef ore me, r:ho Laing b' me first duly sworn, declared that he or she is the person vho signed the foregoing document as an incorporator, and that the statements therein contained are true. IN WITNESS P;�IEREOF, I have hereunto set iry hand and seal zhe day and year above written. My Commission Expires: otary Pub11c in and for the September 30, 1984 State of Texas (SEAL) -4-