HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-11RESOLUTION NO. FWHFC-2017-11
FORT WORTH HOUSING FINANCE CORPORATION
RESOLUTION CONFIRMING THE SIGNATORY AUTHORITY OF THE GENERAL
MANAGER AND ASSISTANT GENERAL MANAGER TO EXECUTE ALL
DOCUMENTS ON BEHALF OF THE CORPORATION AND ITS PARTNERSHIPS
AND RATIFYING ALL ACTIONS PREVIOUSLY TAKEN
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted the
development and revitalization of the City's affordable housing stock as a strategic goal, and the
City Council has determined that quality, accessible, affordable housing is needed for moderate,
low, and very low income City citizens;
WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the
"Corporation") in 1979 pursuant to the Texas Housing Finance Corporations Act, to facilitate
housing initiatives in the City, including but not limited to issuing tax exempt bonds, developing,
rehabilitating, 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 adopted Amended and Restated Bylaws in 2008 which
included the creation of the positions of General Manager and Assistant General Manager for
greater administrative efficiency in the management of the Corporation's projects and activities,
including the execution of documents when approved by resolutions of the Board of Directors (the
"Board");
WHEREAS, beginning in 2010, the Corporation entered into agreements with various
developers to form limited partnerships or limited liability companies to develop multifamily
housing projects for low to moderate income families and individuals. The Corporation created
Texas limited liability companies to serve as general partners or managing members (collectively,
the "GP LLCs") for each of the limited partnerships or limited liability companies (collectively,
the "Partnerships") which were formed to develop, construct, own and operate each multifamily
project. The Corporation is the Sole Member of each GP LLC;
WHEREAS, each Resolution passed by the Board for the creation of the GP LLCS and
approving the actions of the Corporation as the Sole Member of each of the GP LLCs and
approving the actions of the Partnerships in developing the multifamily projects have included
authorization for the General Manager and Assistant General Manager to execute all documents
pertaining to the development of the projects including but not limited to corporate documents,
partnership and company documents, loan documents, closing documents, land use restriction
agreements and other real property documents, bond documents, leases, equity documents,
certifications, applications and consents;
WHEREAS, from time to time different individuals have been appointed to be the General
Manager and the Assistant General Manager of the Corporation but each duly appointed successor
as General Manager and Assistant General Manager has all authority conferred on the original
RESOLUTION NO. FWHFC-2017-11
PAGE 2
General Manager and Assistant General Manager identified in each and every Resolution passed
by the Board conferring such authority;
WHEREAS, the Board of the Corporation desires to confirm the signatory authority of the
duly appointed General Manager and Assistant General Manager currently in office to execute all
documents and perform all functions approved by the Board by Resolution or as set forth in the
Corporation's Bylaws and ratify any actions taken by a duly appointed General Manager and
Assistant General Manager.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the authority of a duly appointed General Manager or Assistant General Manager
to execute any and all documents approved by Resolution of the Board of Directors is
hereby confirmed regardless of whether or not any General Manager or Assistant General
Manager was appointed at the time of the passing of a Resolution or is the duly appointed
successor to the General Manager or Assistant General Manager in office at the time such
Resolution was passed.
2. THAT all documents approved by Resolution of the Board of Directors executed by a duly
appointed General Manager or Assistant General Manager acting on behalf of the
Corporation are in each and every respect authorized, adopted, confirmed and ratified, and
effective as of the date such actions were taken, regardless of whether the executing
General Manager or Assistant General Manager was appointed at the time the Resolution
was passed or is the duly appointed successor of the General Manager or Assistant General
Manager in office at the time such Resolution was passed.
AND IT IS SO RESOLVED.
Adopted November 7, 2017.
FORT VyOR'XH HQF-nNG FINANCE CORPORATION
, President