HomeMy WebLinkAboutRes 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:
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inger osswy, Town Secfclary
APPROVED AS TO FORM:
Paul C. Isham, Town Attorney