HomeMy WebLinkAbout2017/08/01-Minutes-Fort Worth Housing Finance Corporation (FWHFC)CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, AUGUST 1, 2017
Present:
Vice President Kelly Allen Gray
Secretary Gyna M. Bivens
Director Carlos Flores
Director Brian Byrd
Director Cary Moon
Director Jungus Jordan
Director Dennis Shingleton
Director Ann Zadeh
Absent:
Director Betsy Price
1. Call to Order
With a quorum present, Vice President Allen Gray called the meeting to order for the Board of
Directors of the Fort Worth Housing Finance Corporation (Corporation) at 2:03 p.m. on
Tuesday, August 1, 2017, in the City Council Conference Room, Room 290 of the Fort Worth
Municipal Building, 200 Texas Street, Fort Worth, Texas.
2. Approval of Minutes from the Meeting Held on June 20, 2017
Motion was made by Director Bivens and seconded by Director Shingleton to approve the
June 20, 2017, minutes of the Corporation as presented. The motion passed 6-0. (Directors
Flores and Jordan abstaining and Director Price absent.)
3. Election of Officers
Mr. Fernando Costa, General Manager, opened the floor for the election of officers to the Fort
Worth Housing Corporation Board as follows:
a. President:
b. Vice President:
c. Secretary:
d. Treasurer:
Director Shingleton made a motion, seconded by Director Bivens, that Kelly Allen Gray be
elected as President of the Fort Worth Housing Finance Corporation. The motion carried 8-0.
(Director Price absent.)
CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, AUGUST 1, 2017
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Director Shingleton made a motion, seconded by Director Bivens, that Jungus Jordan be elected
as Vice President of the Fort Worth Housing Finance Corporation. The motion carried 8-0.
(Director Price absent.)
Director Shingleton made a motion, seconded by Director Jordan, that Gyna M. Bivens be
elected as Secretary of the Fort Worth Housing Finance Corporation. The motion carried 8-0.
(Director Price absent.)
Director Shingleton made a motion, seconded by Director Zadeh, that Aaron Bovos, Chief
Financial Officer, be elected as Treasurer of the Fort Worth Housing Finance Corporation. The
motion carried 8-0. (Director Price absent.)
4. Written Reports
a. Unaudited Financial Reports through June 30, 2017
President Allen Gray referenced the written report and opened the floor for discussion on the
report. There was no discussion on this item.
5. Consider and Adopt Resolution Approving the Budget for the 2017-2018 Fiscal Year
Mr. Aubrey Thagard, Assistant General Manager, provided a PowerPoint presentation titled,
"Fort Worth Housing Finance Corporation FY 2017-1028 Proposed Operating Budget."
Director Moon made a motion, seconded by Director Shingleton, to approve Resolution No.
FWHFC-2017-06, Approving the Fort Worth Housing Finance Corporation Budget for the 2017-
2018 Fiscal Year. The motion carried 8-0. (Director Price absent.)
6. Consider and Adopt Resolution Authorizing Transfer of Certain Funds Among the
Corporation's Accounts at JPMorgan Chase Bank, N.A.
Mr. Aubrey Thagard, Assistant General Manager, provided a PowerPoint presentation titled,
"Consider and Adopt Resolution Authorizing Transfer of Certain Funds with JPMorgan Chase
Bank, N.A."
a. Transfer the Current Balance of $5.2 Million from the Corporation's Savings Account
into a 12-Month Certificate of Deposit; and
b. Transfer $4,571,329.00 from the Corporation's Checking Account into its Savings
Account
President Allen Gray and Directors Flores, Byrd, Moon, Bivens, Jordan and Zadeh disclosed that
they had banking relationships with JPMorgan Chase Bank, N.A.
Director Moon made a motion, seconded by Director Shingleton, to approve Resolution No.
FWHFC-2017-06 providing authorization for staff to move funds between the FWHFC checking
CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, AUGUST 1, 2017
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and savings accounts as needed to maximize investment earning based on projected cash flows
and staff will come back with a proposed investment policy. The motion carried 8-0. (Director
Price absent.)
7. Executive Session
President Allen Gray stated that she had been advised that an executive session was not
necessary on the following items:
a. Seek the advice of its attorneys concerning the following items that are exempt from
public disclosure under Article X, Section 9 of the Texas State Bar Rules, as authorized
by Section 551.071 of the Texas Government Code: (i) legal issues concerning any
current agenda item; and
b. Discuss the purchase, sale, lease or value of real property, as authorized by Section
551.072 of the Texas Government Code. Deliberation in an open meeting would have a
detrimental effect on the position of the Corporation in negotiations with a third party;
and
c. Discuss or deliberate negotiations relating to any economic development negotiations, as
authorized by Section 551.087 of the Texas Government Code.
8. Request for Future Agenda Items
President Allen Gray requested that staff provide an overview of the Fort Worth Housing
Finance Corporation and include information on present and past initiatives.
Director Zadeh referred to the Corporation's budget for permanent supportive housing and asked
for staff to look into the possibility of adding more funding to that area to participate more
towards the homelessness issue in the City.
9. Adjourn
With no further discussion, President Allen Gray adjourned the meeting of the Fort Worth
Housing Finance Corporation at 2:36 p.m. on Tuesday, August 1, 2017.
These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on
the 26th day of September, 2017.
CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, AUGUST 1, 2017
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ATTEST:
Mary J. kay
Assistant Sec ary