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<br />ARTICLES OF AMENDlVlENT <br />TO THE <br />ARTICLES OF INCORPORATION <br /> <br />FILED <br />ON In the Office of the <br />SecretR.fY of State of Te:l<aS <br />\ MAR 111998 <br /> <br /> <br />corporations Section <br /> <br />CAPITAL AREA,HOUSING FINANCE CORPO <br /> <br />Pursuant to section 394.016, Local Government Code, the Capital Area Housing Finance <br />Corporation adopts the roHowing Articles or Amendment to its Articles of Incorporation that add <br />Burnet and Lee Countie3 as sponsoriaglocal governments of the Corporation and change the <br />formula for distributing the Corporation's net assets upon dissolution. <br /> <br />Article One <br /> <br />The name of the corporation is the Capital Area Housing Finance Corporation. <br /> <br />Article Two <br /> <br />The following amendments.to the Articles of Incorporation were adopted by the <br />Corporation 'on February 27, 1998. <br /> <br />1. Article VI.B is amended to read as follows: <br /> <br />"B. All powers of the Corporation shall be vested in a Board of Directors consisting often <br />individuals. Each of the sponsoring local governments named in Article X shall appoint one <br />director of the Corporation to serve a term of two years or until his or her successor is appointed. <br />However, a director may be removed from office at any time, with or without cause, by written <br />resolution of the governing body of the sponsoring local government that appointed the director." <br /> <br />2. ..A..rticle VI.D of the Articles of Incorporation is amended to read as follows: <br /> <br />"D. Upon dissolution the net earnings and funds and properties of the Corporation, if <br />any, shall be distributed to the sponsoring local governments named in Article X in the following <br />manner. If the total value of the net earnings and funds and properties equals or is less than <br />$1,400,000, the total value shall be distributed equally among Blanco, Bastrop, Caldwell, Fayette, <br />Hays, Llano, and Williamson counties and the City of San Marcos. If the total value pfthe net <br />earnings and funds and properties exceeds $1,400,000, $1,400,000 shall be distributed equally <br />among the eight sponsoring local governments named in the preceding sentence and the excess <br />over $1,400,000 shall be distributed equally among all ten sponsoring local governments named in <br />Article X." <br />