Res 2446 12/26/1979RESOLUTION NO. 2446
A RESOLUTION APPROVING FORMATION OF WICHITA FALLS
HOUSING FINANCE CORPORATION; AND DECLARING AN
EMERGENCY.
WHEREAS, an application in writing seeking the incorportion
of a housing finance corporation under the provisions of the
Texas Housing Finance Corporation Act" has been filed with the
Board of Aldermen of the City of Wichita Falls 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 residents of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF
THE CITY OF WICHITA FALLS, TEXAS :
SECTION 1. That, the Board of Aldermen of the City has
found and determined, and hereby finds and determines, that
it is wise, expedient, necessary, or advisable that the corpor-
ation be formed.
SECTION 2 . That the Board of Aldermen 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 Board of Aldermen of the City hereby
designates the Corporation for purposes of Section 5 of H. R.
5471 as reported by the House Ways and Means Committee of the
United States House of Representatives by vote of the Committee
on November 16 , 1979.
SECTION 4 . That it is hereby officially found and
determined: that a case of emergency or urgent public necessity
exists which requires the holding of the meeting at which this
Resolution is adopted, such emergency being that the adoption
of this Resolution is necessary for the incorporation of a
housing finance corporation under the "Texas Housing Finance
Corporations Act" ; and that the proceeds from the issuance of
such corporation' 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 said meeting was open to 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. St. Art.
6252-17, as amended.
SECTION 5 . That all Ordinances and Resolutions and
parts thereof in conflict herewith are hereby expressly repeal-
ed insofar as they conflict herewith.
SECTION 6. That this Resolution shall take effect
immediately from and after its adoption, and it is accordinly
so resolved.
PASSED AND APPROVED, this the 26th day of December,
1979.
M A Y O R
ATTEST:
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EXHIBIT A
ARTICLES OF INCORPORATION
OF
WICHITA FALLS HOUSING FINANCE CORPORATION
THE STATE OF TEXAS
COUNTY OF WICHITA
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 Wichita Falls , Texas (the"City" )
acting as incorporators of a public instrumentality and non-
profit corporation (the "Corporation" ) under the Texas
Housing Finance C=c_crat ions Act , having been granted authority
by the governing body of the City as evidenced by the resolu-
tion attached hereto as Exhibit "A" , do hereby adopt the
following Articles of Incorporation for the Corporation :
ARTICLE ONE
The name of the Corporation is WICHITA FALLS 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 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 unemployment; (c)
provide for efficient and well-planned urban growth and
development including the elimination and prevention of
potential urban blight and the proper coordination of industrial
facilities with public services , mass transportation 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 shall11 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 permissiontoamendthearticlesofincorporation, specifying in such
application the amendment proposed to be made , such governingbodyshallconsidersuchapplicationand, 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 directions and delivering articles
of amendment to the Secretary of State , or (ii) the governingbodyoftheCitymay, at its sole discretion, and at anytime, alter or change the structure , organization , ro rPg ams ,or activities of the Corporation (including the power to
terminate the Corporation) , subject to any limitation on theimpairmentofcontractsenteredintobytheCorporation, b
adopting an amendment to the articles of incorporation
by
of
the Corporation at a meeting of the governing body of the
City and delivering articles of amendment to the SecretaryofState.
F
ARTICLE SEVEN
The street address of the initial registered office of
the Corporation is 1300 Seventh Street-, Wj chit-a Falls
Texas , 76301 , and the name of its initial registered
agent at such address is Wilma J. Thomas
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 four . The names and addresses of the persons who are
to serve as the initial directors , and the dates of expiration
of their initial terms as directors, are as follows :
DATE OF
EXPIRATION OF
NAMES ADDRESSES TERM
Kenneth Hill 5 Merryhill, Wichita Falls December 26, 1980H . P . Hodge , Jr. 4507 Nassau, Wichita Falls December 26, 1981RobertD. Haley 4404 Weeks Park Lane, Wichita
Falls December 26, 1982GeraldG. Fox 2703 Amherst, Wichita Falls December 26, 1983
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 appointed for a term in excess of six (6) years .( ) y Any
vacancy occurring on the board of directors through death,
resignation, or otherwise , shall be filled by appointment by
the governing body of the City to hold office until the ex-
piration of the term for which the vacating director had
been appointed .
ARTICLE NINE
The name and street address of each incorporator is :
Name Address
Kenneth Hill 5 Merryhill, Wichita Falls , TexasRobertD. Haley 4404 Weeks Park Lane, Wichita Falls,
Texas
H. P. Hodge, Jr. 4507 Nassau, Wichita Falls , Texas
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
December 26 , 1979 . A copy of the resolution is attached
hereto as Exhibit A.
ARTICLE ELEVEN
No dividends 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, corporation , 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 26th day of Dec. , 1979-
INCORPORATORS
THE STATE OF TEXAS
COUNTY OF WICHITA
I , the undersigned, a Notary Public , do hereby certify
that on this 2Gthday of Dec. , 1979 ,
personally appeared
before me Kenneth Hill Robert D. Haley
H. P. Hodge , Jr .and 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 Public in and for
Wichita County, Texas
My commission expires :
NOTARY PUBLIC SEAL