HomeMy WebLinkAboutR82-527 BRESOLUTION APPROVING THE CREATION OF SOUTH PLAINS
HOUSING FINANCE CORPORATION; APPROVING THE
ARTICLES OF INCORPORATION THEREOF AND APPOINTING
THE INITIAL DIRECTORS THEREOF; AND CONTAINING
OTHER PROVISIONS RELATING TO THE SUBJECT
WHEREAS, the Texas Housing Finance Corporations Act,
Article 12691-7, Vernon's Annotated Texas Civil Statutes, as
amended (the "Act"), authorizes the creation and organiza-
tion of public non-profit housing finance corporations to
act as duly constituted authorities of cities and counties
to provide a means Of financing the costs of residential
ownership and development that will provide decent, safe and
sanitary housing for persons of low and moderate income at
prices they can afford; and
WHEREAS, the Act authorizes such public non-profit
housing finance corporations to issue revenue obligations
and to utilize the proceeds from the sale of such obliga-
tions to make or acquire mortgage loans on homes owned and
occupied by persons of low and moderate income, and to
provide financing for residential developments intended to
be occupied substantially (at least 90 percent) by persons
of low and moderate income; and
WHEREAS, the Act further authorizes cities and counties
to create and utilize such public non-profit housing finance
corporations to accomplish such public purposes; and
WHEREAS, three (3) persons, each of whom. is at least
eighteen (18) years of age, a citizen of the State of Texas
and a resident of the City of Ptainview, Texas (the "City"),
have filed with the governing body (the "City Council") of
the City a written application pursuant to the Act (the
"Application") requesting that the Ci~ty Council of the City
approve the creation of a public non-profit corporation
under the Act to be designated and known as South Plains
Housing Finance Corporation (the "Corporation"); that the
City Council of the City approve the proposed Articles of
Incorporation of' the Corporation; and that the City Council
of the City appoint certain persons as members of the
initial Board. of Directors of the Corporation; and
WHEREAS, in order to promote and carry out-the public
purposes set forth in.the Act, the City Council of the City
has determined to grant, the requests contained in the
Application by approving the creation of the Corporation and
by taking certain related actions set forth more fully
hereinafter;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLAINVIEW, TEXAS:
Section 1. That the City Council of the citY hereby
finds, determines,~ recites and declares that it is wise,
expedient, necessary and advisable that the Corporation be
formed, that the creation and organization of the CorPo-
ration under the Act as a duly constituted authority of the
County and the other sponsoring local governmental units
referred to in the proposed Articles of Incorporation of the
Corporation is hereby approved and that the Corporation is
hereby authorized to act on behalf of the City and such
other local governmental units for the limited and purely
public purposes of financing the costs of residential
ownership, and development that will provide decent, safe and
sanitary housing for persons of low and moderate income in
the City and such other local governmental units at prices
they can afford.
Section 2. That the City Council of the City hereby
approves the Articles of Incorporation of the Corporation in
substantially the form attached hereto as Exhibit "A", and
authorizes the incorporators of the Corporation to file such
Articles of Incorporation with the Secretary of State of the
State of Texas in the manner provided in the Act.
Section 3. That the City Council of the City hereby
appoints E. T. Ford, Glenn W. Thompson, Bob Harber, Eric
Swenson, Jack King, James Betk, R. L. Bowman, Steve Webb,
Boyd O. Roberts, Jim Solomon, Lucretia Campbell, Bill Noble,
Jerry Corbin, Bobby James a-nd Susan Garms (each of whom is
at least eighteen' (18) years of age, a citizen of the State
of Texas and a resident of one of the sponsoring local
governmental units referred to in the Articles of
Incorporation of the Gorporation) to serve as the members of
the initial Board of Directors of the Corporation.
Section 4. That .the City Council of the C~ty hereby
finds, determines, recites and declares that the creation
and organization of the Corporation will serve a valid
public purpose by assisting pers6ns of low and moderate
income in the City to obtain decent, safe and sanitary
housing, thereby helping to eliminate slums and blighted
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areasj to relieve unemployment and depressed_ economic
conditions in the residential construction industry, to
expand the tax base of the State of Texas, the City and
other political subdivisions, and to reduce public expendi-
tures for crime prevention and control, public health,
welfare and safety and for otherpubtic purposes.
Section 5. That the City Council of the City hereby
finds, determines, recites and declares that, notwithstand-
ing that the Corporation shall be a duly constituted
authority of the City and Other local governmental units, it
is not intended to be nor shall it ever be deemed to be a
political subdivision or municipal or political corporation
of the State of Texas within the meaning of any Constitu-
tional or statutory provision, including without limitation,
Article III, Section 52 and Article XI, Section 3 of the
Texas Constitution.
Section 6. That the City Council of the City hereby
finds, determines, recites and declares that the obligations
of the Corporation shall not be deemed an indebtedness,
liability, general, special or' moral obligation or pledge or
loan of the faith or credit or taxing power of the State of
Texas, the City or any other political subdivision or
governmental unit, nor shall such obligations constitute an
indebtedness within the meaning Of any constitutional or
statutory debt limitation or restriction, or an agreement,
obligation or indebtedness of the City or the State of Texas
within the meaning of any constitutional or statutory
provision whatsoever.
Section 7. That the City Council of the City hereby
finds, determines, recites and declares that it is the
purpose, intent and desire of the City in approving the
creation of the Corporation and its Articles~ of Incorpora-
tion, that such actions comply with the requirements of the
Internal Revenue Code of 1954, as amended, and the Treasury
Regulations and Internal Revenue Service rulings promulgated
thereunder, including, without limitation, Section 1.103-1
of the Treasury Regulations and the Regulations issued
pursuant thereto, to the end that the Corporation shall be
deemed to be a constituted authority acting on behalf of the
City and the other sponsoring local governmental ~units
referred to in the Articles of Incorporation of the
Corporation pursuant to the Act a~d that any bonds or notes
· issued'by the Corporation shall be considered issued on
behalf of the City and'such other local governmental mni~s
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by a duly constituted authority of the City and such other
local governmental units empowered to issue such bonds or
notes.
Section 8. That, in recognition of the provisions of
the Act stating that a local governmental unit shall not
permit the existence of more than one housing finance
corporation created on its behalf which has the power to
make or acquire home mortgages, or to make loans to lending
institutions, the proceeds of which will be used to make
home mortgages or to make loans on residential developments,
the Governing Body hereby declares that it has not pre-
viously approved the creation of a housing finance
corporation under the Act and hereby determines not to do so
for as long as the City is one of the sponsoring local
governmental units of the Corporation.
Section 9. That the City Council of the City has
considered evidence of the posting of notice of this meeting
and officially finds, determines, recites and declares that
a sufficient written notice of the date, place, and hour of
this meeting and of the subject of this resolution was
posted for at least seventy-two (72) hours before this
meeting was convened; that such notice was posted' on a
bulletin board located at a place convenient to the general
public in the City Hall of the City; that such place was
readily accessible to the general public at all times from
the time of each such posting until this meeting was con-
vened; and that this meeting has been open to the public at
all times during which this resolution and the subject
matter thereof has been discussed, considered and formally
acted upon; all as required by the Open Meetings Law,
Article 6252-17, Vernon"s Annotated Texas Civil Statutes, as
amended. The City Council of the City further ratifies,
approves and confirms such written notice and the contents
and posting thereof-
PASSED AND APPROVED this day of 1982.
ATTE ST:
Secretary
(SEAL)
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ARTICLES OF INCORPORATION
OF
SOUTH PLAINS HOUSING FINANCE CORPORATION
We, the undersigned natural persons, each of whom is at
least eighteen (18) years of age, a citizen of the State of
Texas, and a resident of one of the sponsoring local govern-
mental units referred to in Article X hereof, acting as
incorporators of a corporation under the Texas Housing
Finance Corporations Act, Article 12691-7, Vernon's
Annotated Texas Civil Statutes, as amended, do hereby adopt
the following Articles of Incorporation for such
Corporation:
ARTICLE I
The name of the Corporation is South Plains Housing
Finance Corporation.
ARTICLE II
The Corporation is a public non-profit corporation.
ARTICLE III
The duration of the Corporation shall be perpetual.-
ARTICLE IV
The Cprporation is organized solely to carry out the
purposes of the Texas Housing Finance Corporations Act.
ARTICLE
The Corporation shall have no members.
ARTICLE Vi
A. The Corporation shall have and possess all powers
conferred by the laws of the State of Texas on public non-
profit corporations created under the Texas Housing Finance
Corporations Act.
B. Ail powers of 'the Corporation shall be vested in'a
Board of Directors consisting of 'fifteen (15) persons. The
members of the initial Board of Directors named in Article
VIII hereof shall be appointed by written resolution of the
governing bodies of each of the local governmental units
referred to in Article X hereof, and shall serve for a term
of two (2) years or until his or her successor is appointed
as provided hereinafter. Thereafter, each of the sponsoring
local governmental units referred to in Article X hereof
shall appoint one (1) member of the Board of Directors, and
each such subsequent director shall serve for a term of two
(2) years or until his or her successor is appointed as
provided herein. Notwithstanding the foregoing, any
director may be removed from office at any time, with or
without cause, by w~itten resolution of the governing body
or governing bodies of the sponsoring local governmental
unit or units that appointed such director.
C. These Articles of Incorporation may be amended at
any time and from time to time by the Board of Directors
with the approval bf the governing bodies of each of the
sponsoring local governmental units referred to in Article X
hereof, or by written resolution of the governing bodies of
each of the sponsoring local governmental units referred to
in Article X hereof, in their sole discretion, subject,
however, to limitations on the impairment of contracts
entered into by the Corporation, all under and in accordance
with the Texas Housing Finance Corporations Act.
D. The net earnings of the Corporation, if any, and
all funds and properties of the Corporation upon dissolution
shall be distributed in fifteen (15) equal shares to each of
the sponsoring local governmental units referred to in
Article X hereof.
E. Ail Other matters pertaining to the internal
affairs of the Corporation shall be governed by the bylaws
of 'the Corporatio~ so long as such bylaws~ are not incon-
sistent with these Articles of Incorporation, the Texas
Housing Finance Corporations Act, or any other law of the
State of Texas.
ARTICLE VI I
The street address o.f the initial registered office of
the COrporation is 1709 26th Street, Lubbock, Texas, and the
name-of its initial registered agent, at such address is'
Jerry D. Casstevens. ~
ARTICLE VIII
The number of directors constituting the initial Board
of Directors of the Corporation is fifteen (15). The names
and addresses of the members of the initial Board of
Directors, each of whom resides within one of the sponsoring
local governmental units referred to in Article X hereof,
are:
NAME ADDRESS
Mr. E. T. Ford
720 Country Club Road
Mu!eshoe, Texas 79347
Mr. Eric Swenson
Spur Security Bank
P. O. Box 549
Spur, Texas 79370
Judge Glenn W. Thompson
610 East Lincoln
Morton, Texas 79346
Mr. Jack King
First National Bank
P. O. Box 430
Post, Texas 79356
Mr. Bob Harber
Lorenzo State Bank
P. O. Box 490
Lorenzo, Texas 79343
Judge R. L. Bowman
Hockley County Courthouse
Levelland, Texas 79336
Mr. James Be!k
P. O. Box 475
Edmonson, Texas
79032
Steve Webb
Webb, Webb & Wright CPA
823 LSD Drive
Littlefield, Texas 79336
Mr. Bobby James
Mr. Boyd O.'Roberts
City of Plainview
P. O. Box 1870
Plainview, Texas 79072
103 Lubbock County
Courthouse
Lubbock, Texas 79401