Res 1981-054 - Laserfiche WebLink

Home Browse Search

185 RESOLUTION 1981-54R RESOLUTION APPROVING THE CREATION OF CAPITAL AREA HOUSING FINANCE CORPORATION; APPROVING THE ARTICLES OF INCORPORATION THEREOF AND APPOINTING THE INITIAL DIREC- TORS 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 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 to create and utilize such public non-profit housing finance corpora- tions 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 San Marcos, Texas (the "City"), have filed with the governing body (the "Governing Body") of the City a written application pursuant to the Act (the "App- lication'') requesting that the Governing Body of the City approve the creation of a public non-profit corporation under the Act to be designated and known as (the "Corpora- tion''); that the Governing Body of the City approve the proposed Articles of Incorporation of the Corporation; and that the Governing Body 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 Governing Body 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 GOVERNING BODY OF SAN MARCOS, TEXAS: Section 1. That the Governing Body 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 Corporation under the Act as a duly constituted authority of the City 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.