Loading...
Res 96-19 Authorizing Creation of a Public Facilities CorporationTOWN OF WESTLAKE RESOLUTION 96-19 A RESOLUTION AUTHORIZING CREATION OF A PUBLIC FACILITIES CORPORATION, APPROVING ARTICLES OF INCORPORATION AND BYLAWS FOR, AND APPOINTING THE INITIAL DIRECTORS OF, SUCH CORPORATION, AND RESOLVING RELATED MATTERS WHEREAS, the Board of Aldermen (the "Board") of the Town of Westlake, Texas (the "Town") hereby find that it is in the public interest of and to the benefit of its residents and the citizens of the State of Texas that the Town create a public facilities corporation (the "Corporation") pursuant to Article 717s, Vernon's Texas Civil Statutes, as amended (the "Public Facility Corporation Act") to finance, refinance, or provide the costs of public facilities of the Town; WHEREAS, the Public Facility Corporation Act empowers this Board, as the governing body of the Town, to approve articles of incorporation and bylaws (and amendments to either) for the Corporation, to appoint the directors of the Corporation, and, in the sole discretion of this Board, to alter the structure, organization, programs, or activities of the Corporations at any time, subject to any limitation provided by the law of the State of Texas and of the United States relating to the impairment of contracts entered into by such Corporation; WHEREAS, any obligations issued or otherwise incurred by such Corporation will not constitute obligations of the State of Texas, the Town, or any other political subdivision or agency of the State of Texas or a pledge of the faith and credit of any of them; WHEREAS, upon dissolution of any such corporation, the title to all funds and property then owned by such corporation shall (pursuant to the Public Facilities Corporation Act) automatically vest in the Town without further conveyance, transfer, or act of any kind; WHEREAS, the meeting at which this Resolution has been considered was open to the public as required by law, and public notice of the time, place, and subject of the meeting has been given in accordance with Chapter 551, Government Code; NOW, THEREFORE, BE IT RESOLVED by the Board of Aldermen of the Town of Westlake, Texas as follows: SECTION 1: The findings and declarations contained in the preamble of this Resolution are hereby incorporated as part of this Resolution. SECTION 2: This Board hereby finds and determines that it is in the public interest and to the benefit of the residents of the Town and the citizens of the State of Texas that the Corporation, to be named as specified in the Corporation's articles of incorporation (the "Articles"), be created pursuant to the Public Facilities Corporation Act to act of behalf of the Resolution 96-19 Page 2 Town as its duly constituted authority and instrumentality for the public purposes and with the powers and authority prescribed by the Public Facilities Corporation Act. SECTION 3: This Board hereby approves the Articles in substantially the form attached to this Resolution as an exhibit, and hereby authorizes the incorporators of the Corporation (as identified in the Articles) to file the Articles with the Secretary of State in accordance with the Public Facilities Corporation Act. In the event that the name for the Corporation specified in such Articles is not available, the incorporators are hereby authorized to change the Corporation's name in the Articles without the fiu-they approval of the Town. SECTION 4: This Board hereby appoints the persons identified in the Articles as initial directors to serve as the initial members of the board of directors of the Corporation. SECTION 5: This Board hereby approves the initial bylaws of the Corporation in substantially the form attached to this Resolution as an exhibit. SECTION 6. It is intended that the Corporation be a duly constituted authority and instrumentality of the County within the meaning of regulations and/or revenue rulings of the Treasury Department and/or the Internal Revenue Service of the United States promulgated under Sections 103 and 115 of the Code. SECTION 7: This Resolution shall take effect immediately upon its adoption. PASSED AND APPROVED by the Board of Aldermen of the Town of Westlake, Texas, this 14' day of October, 1996. Scott Bradley, Mayor ATTEST: z2t" csx�� inger osswy, Town Secfclary APPROVED AS TO FORM: Paul C. Isham, Town Attorney