HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-07RESOLUTION NO. FWHFC-2017-07
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE TRANSFER OF CERTAIN FUNDS
AMONG THE CORPORATION'S ACCOUNTS AT JPMORGAN CHASE BANK,
N.A.
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted
development and revitalization of the City's affordable housing stock as a strategic goal
and City citizens and the City Council have determined that quality, accessible,
affordable housing is needed for moderate, low and very low income City citizens;
WHEREAS, the City Council established the Fort Worth Housing Finance
Corporation (the "Corporation") in 1979 pursuant to Chapter 394, Texas Local
Government Code, to facilitate housing initiatives in the City, including but not limited to
issuing tax exempt bonds, developing and promoting housing, and assisting low to
moderate income City citizens in acquiring quality, accessible, affordable housing
through lending and construction activities;
WHEREAS, the Corporation has its corporate funds deposited in checking and
savings accounts at JPMorgan Chase Bank, N.A. ("Chase Bank"), with approximately
$5.4 million in its checking account and approximately $5.2 million in its savings
account;
WHEREAS, all of the Corporation's funds on deposit with Chase Bank are
collateralized as required by the Public Funds Collateral Act, Texas Government Code
Chapter 2257, and all investments of its funds comply with the Public Funds Investment
Act, Texas Government Code Chapter 2256;
WHEREAS, Chase Bank has increased its interest rate on savings accounts;
WHEREAS, the Board of Directors (the "Board") desires to authorize the
transfer of certain of the Corporation's funds at Chase Bank from the Corporation's
checking account to its savings account in order to earn additional interest income for the
Corporation and from its savings account to its checking account in order to meet
liquidity needs for approved expenditures..
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS
OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board authorizes the transfer as needed of certain of the Corporation's
funds on deposit with JPMorgan Chase Bank, N.A. ("Chase Bank") from the
Corporation's checking account into its savings account in order to maximize
investment earnings based on projected cash flows.
2. THAT the Board authorizes the transfer as needed of certain of the Corporation's
funds on deposit with Chase Bank from the Corporation's savings account into its
checking account in order to meet liquidity needs for approved expenditures.
3. THAT Fernando Costa, General Manager of the Corporation, or Aubrey Thagard,
Assistant General Manager of the Corporation, or their respective duly appointed
successors, are each authorized to take all actions required to effect this
Resolution and to execute and deliver any related documents necessary to effect
the transfer of the Corporation's funds among its accounts at Chase Bank.
4. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 1, 2017.
FORT )OIUH HOUSJNG FINANCE CORPORATION
Kelly