Res 1981-054 - Laserfiche WebLink

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Section 2. That the Governing Body 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 Secreuary of State of the State of Texas in the manner provided in the Act. Section 3. That the Governing Body of the City hereby appoints Jack A. Griesenbeck, Kent L. Smith, Edward M. Yturri, B. R. Wranitzky, Mrs. Tess Norris, Leonard Scott, Fritz Lobpries, Clarence C. Tatsch, and Wesley Foust (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 Corporation) to serve as the members of the initial Board of Directors of the Corporation. Section 4. That the Governing Body of the City hereby finds, determines, recites and declares that the creation and organization of the Corporation will serve a valid public purpose by assisting persons of low and moderate income in the City to obtain decent, safe and sanitary housing, thereby helping to eliminate slums and blighted areas, 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 expenditures for crime prevention and control, public health, welfare and safety and for other public purposes. Section 5. That the Governing Body 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 Governing Body 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 Governing Body 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 Regula- tions issued pursuant thereto, to the end that the Corpora- tion shall be deemed to be a constituted authority acting on behalf of the City and the other sponsoring local govern- mental units referred to in the Articles of Incorporation of -2-