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<br />98 <br /> <br />RESOLUTION NO. 1982-14R <br /> <br />RESOLUTION APPROVING ARTICLES OF MIENDMENT TO <br />THE ARTICLES OF INCORPORATION OF SAN HAR.COS <br />HOUSING FINANCE COR.PORATION; AND CONTAINING <br />OTHER PR.OVISIONS R.ELATING TO THE SUBJECT <br /> <br />WHER.EAS, by resolution adopted on December 27, 1979, <br />the governing body of the City of San Marcos, Texas (the <br />"City"), authorized and approved the creation of San Marcos <br />Housing Finance Corporation pursuant to and in accordance <br />with the Texas Housing Finance Corporations Act, Article <br />12691-7, Vernon's Civil Statutes, as amended (the "Act"), <br />and approved the form of the articles of incorporation <br />thereof, which provide that San ~1arcos Housing Finance <br />Corporation shall have all power conferred on housing <br />finance corporations by the Act, including the power to make <br />or acquire home mortgages or to make loans to lending <br />institutions, the proceeds of which will be used to make <br />home mortgages or to make loans on residential developments; <br />and <br /> <br />"IHER.EAS, by resolution adopted on October 12, 1981, <br />pursuant to Section 4B of the Act, the governing body of the <br />City approved and authorized the creation of Capital Area <br />Housing Finance Corporation as a joint housing finance <br />corporation acting on behalf of the City of San Marcos, <br />Texas, and the Counties of Bastrop, Blanco, Caldwell, <br />Fayette, Hays, Llano and Williamson, Texas, and approved the <br />form of the articles of incorporation thereof, which provide <br />that Capital Area Housing Finance Corporation shall have all <br />powers conferred on housing finance corporations by the Act, <br />including the power to make or acquire home mortgages or to <br />make loans to lending institutions, the proceeds of which <br />will be used to make home mortgages or to make loans on <br />residential developments; and <br /> <br />vIHEREAS, Section 4A of the Act provides that the <br />governing body of a local governmental unit shall not permit <br />the existence of more than one corporation created on its <br />behalf under the Act having the power to make or acquire <br />home mortgages or to make loans to lending institutions, the <br />proceeds of which will be used to make home mortgages or to <br />make loans on residential developments; and <br /> <br />WHER.EAS, in order to ensure compliance with Section 4A <br />of the Act, the governing body of the City has determined to <br />restrict the powers of San Marcos Housing Finance <br />Corporation so that, as of the date of creation of Capital <br />