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HomeMy WebLinkAbout15150 RES - 09/26/1979• A RESOLUTION APPROVING FORMATION OF CORPUS CHRISTI HOUSING FINANCE CORPORATION; AND DECLARING AN EMERGENCY WHEREAS, an application in writing seeking the incorpora- tion of a housing finance corporation under the provisions of the "Texas Housing Finance Corporation Act" has been filed with the City Council of the City of Corpus Christi (the "City") by at least three individuals, each of whom is a citizen of the State of Texas, of the age of 18 years or more and resi- dents of the City; Now, Therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: Section 1. That, the City Council of the City has found and determined, and hereby finds and determines, that it is wise, expedient, necessary, or advisable that the corporation be formed. Section 2. That, the City Council of the City hereby approves the form of articles of incorporation proposed to be used in organizing the corporation, a copy of which is attached hereto as "Exhibit A", and hereby grants authority for the incorporation of the corporation. Section 3. That, the City Council of the City hereby designates the Corporation for purposes of subparagraph D of paragraph (b)(1) of Section 4 of H. B. 3712 as reported by the House Ways and Means Committee of the United States House of Representatives by vote of the Committee on July 30, 1979. Section 4. That it is hereby officially found and deter- mined that an emergency and urgent public necessity exists which requires the adoption of this Resolution at the earliest practicable date, such emergency being that the adoption of this Resolution is necessary for the existence of a housing finance corporation under the Texas Housing Finance Corporation Act; and that the proceeds from the issuance of such corpora- tion's bonds are needed as soon as possible and without delay for necessary and urgently needed residential housing for persons of low and moderate income within the City; that such emergency requires the suspension of the Charter rule that no ordinance or resolution shall be passed finally on the date of its intro- duction and that such ordinance or resolution shall be read at three several meetings of the City Council, and the Mayor having declared that such emergency and necessity exist, having request- ed the Charter rule be suspended and that this resolution be passed finally on the date of its introduction and take effect and be in full force and effect from and after its passage; 15110 that such publices e ding of the was openinat tog the public as required by law; and that public notice of the time, place, and purpose of said meeting was given as required by Vernon's Ann. Civ. Stat. Art. 6252-17, as amended; IT IS ACCORDINGLY SO RESOLVED, this the ZG day of OPT' , 1979. ATTEST: t Secretary APPROVED: 24 1t- DAY OF , 1979: J. BRUCE AYCOCK, CITY ATTORNEY By Asstant City Attorney THE IITY OF CORPUS CHRISTI, TEXAS • Corpus' Christi, Texas ?..G day of 5pr- , 197y TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of the foregoing ordinance, a public emergency and imperative necessity exist for the suspension of the Charter rule or requirement that no ordinance or resolution shall be passed finally on the date it is introduced, and that such ordinance or resolution shall be read at three meetings of the City Council; I, therefore, request that you suspend said Charter rule or requirement and pass this ordinance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Luther Jones Edward L. Sample Dr. Jack Best David Diaz Jack K. Dumphy Betty N. Turner Cliff Zarsky alte4 The above ordinance was passed by the following vote: Luther Jones Edward L. Sample pyo_ Dr. Jack Best David Diaz Jack K. Dumphy Betty N. Turner Cliff Zarsky ARTICLES OF INCORPORATION OF CORPUS CHRISTI HOUSING FINANCE CORPORATION THE STATE OF TEXAS COUNTY OF NUECES WE, THE UNDERSIGNED, natural persons of the age of eighteen (18) years or more, citizens of the State of Texas and residents of the City of Corpus Christi, Texas, (the "City") acting as incorporators of a public instrumentality and non-profit corporation (the "Corporation") under the Texas Housing Finance Corporations Act, having been granted auth- ority by the governing body of the City as evidenced by the resolution attached hereto as Exhibit "A", do hereby adopt the following Articles of Incorporation for the Corporation: ARTICLE ONE The name of the Corporation is Corpus Christi Housing Finance Corporation. ARTICLE TWO The Corporation is a public instrumentality and non- profit corporation. ARTICLE THREE The period of duration of the Corporation is perpetual. -ARTICLE FOUR The Corporation is organized solely to carry out the purposes of the Texas Sousing Finance Corporations Act, i.e., exclusively for the purpose of benefiting and accomplishing public purposes of, and on behalf of, the City, by financing the cost of residential ownership and development 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 industry and commercial activity and economic development so as to reduce the evils attendant upon un- employment; (c) provide for efficient and well-planned urban growth and development including the elimination and preven- tion of potential urban blight and the proper coordination of industrial facilities with public services, mass trans- portation and residential development; (d) assist persons of low and moderate income in acquiring and owning decent, safe and sanitary housing which they can afford; and (e) preserve and increase ad valorem tax bases of local governmental units; and the foregoing have been determined and declared by the Legislature of the State of Texas to lessen the burden of government and to be public purposes and functions. ARTICLE FIVE The Corporation has no members. ARTICLE SIX These articles of incorporation may at any time and from time to time be amended so as to make any changes therein and add any provisions thereto which might have been included in the articles of incorporation in the first instance. Any such amendment shall be effected in either of the following manners: (i) the members of the board of directors of the Corporation shall file with the governing body of the City an application in writing seeking permission to amend the articles of incorporation, specifying in such application the amendment proposed to be made, such governing body shall consider such application and, if it shall by appropriate resolution duly find and determine that it is wise, expedient, necessary or advisable that the proposed amendment be made and shall authorize the same to be made, and shall approve the form of the proposed amendment, then the board of directors of the Corporation may amend the articles of incorporation by adopting such amendment at a meeting of the board of di- rections and delivering articles of amendment to the Secretary of State, or (ii) the governing body of the City may, at its sole discretion, and at any time, alter or change the structure, organization, programs, or activities of the Corporation (in- cluding the power to terminate the Corporation), subject to any limitation on the impairment of contracts entered into by the Corporation, by adopting an amendment to the articles of incorporation of the Corporation at a meeting of the governing body of the City and delivering articles of amendment to the Secretary of State. ARTICLE SEVEN The street address of the initial registered office of the Corporation is 302 S. Shoreline, Corpus Christi, Texas, 78408, and the name of its initial registered agent at such address is Luther Jones. ARTICLE EIGHT The affairs of the Corporation shall be managed by a board of directors which shall be composed in its entirety of persons appointed by the governing body of the City. The number of directors constituting the initial board of directors is Seven (7). The names and addresses of the persons who are to serve as the initial directors, and the dates of expiration of their initial NAMES Luther Jones David Diaz Edward L. Sample Betty N. Turner Cliff Zarsky Dr. Jack Best Jack R. Dumphy terms as directors, are as follows: ADDRESSES 6126 Boca Raton, Corpus Christi, Texas 3741 Liberty, Corpus Christi, Texas . 1437 Casa de Oro, Corpus Christi, Texas 4466 Ocean Drive, Corpus Christi, Texas 5202 Wooldridge, Corpus Christi, Texas 225 Bayshore, Corpus Christi, Texas 211 Ohio, Corpus Christi, Texas DATE OF EXPIRATION OF TERM September 1, 1985 September 1, 1985 September 1, 1985 September 1, 1985 September 1, 1985 September 1, 1985 September 1, 1985 provided, however, that the term of any Director who is a public official of the City shall not exceed the period for which such director shall be a public official of the City. Each of the initial directors resides within the City. Each director, including the initial directors, shall be eligible for reappointment. Directors are removable by the governing body of the City, for cause or at will, and must not be appoint- ed for a term in excess of six (6) years. Any vacancy occurring on the board of directors through death, resignation, or other- wise, shall be filled by appointment by the governing body of the City to hold office until the expiration of the term for which the vacating director had been appointed. The name Name ARTICLE NINE and street address of each incorporator Address 6126 Boca Raton, Corpus Christi, Texas 3741 Liberty, Corpus Christi, Texas 1437 Casa de Oro, Corpus Christi, Texas 4466 Ocean Drive, Corpus Christi, Texas 5202 Wooldridge, Corpus Christi, Texas 225 Bayshore, Corpus Christi, Texas 211 Ohio, Corpus Christi, Texas Luther Jones David Diaz Edward L. Sample Betty N. Turner Cliff Zarsky Dr. Jack Best Jack K. Dumphy is: Each incorporator resides within the City. ARTICLE TEN A resolution approving the form of these articles of incorporation has been duly adopted by the governing body of the City. The date of the adoption of such resolution is hereto as Exhibit A. , 1979. A copy of the resolution is attached No dividends ARTICLE ELEVEN shall ever be paid by the Corporation and no part of its net earnings (beyond that necessary for re- tirement of the indebtedness of the Corporation or to imple- ment the public purpose of the City for which the Corporation has been created) shall be distributed to or inure to the benefit of its directors or officers or any private person, firm, corpora- tion, or association except in reasonable amounts for services rendered. No substantial part of the Corporation's activities shall be carrying on propaganda, or otherwise attempting to influence legislation, and it shall not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of or in opposition to any candidate for public office. ARTICLE TWELVE If the Corporation ever should be dissolved when it has, or is entitled to, any interest in any funds or property of any kind, real, personal, or mixed, such funds or property or rights thereto shall not be transferred to private ownership, but shall be transferred and delivered to the City, after satisfaction or provision for satisfaction of debts and claims. IN WITNESS WHEREOF, we have hereunto set our hands, this day of , 1979. Incorporators TBE STATE OF TEXAS COUNTY OF NUECES I, the undersigned, a Notary Public, do hereby certify that on this 4 day of SEPT , 1979, personally appeared before me Luther Jones, David Diaz, Edward L. Sample, Betty N. Turner, Cliff Zarsky, Dr. Jack Best and Jack R. Dumphy, who, each being by me first duly sworn, severally declared that they are the persons who signed the foregoing document as incorporators, 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. Notary ublic in and for Nueces County Texas (NOTARY PUBLIC SEAL) My Commission Expires: 1.51EO