eLaws | eCases | Texas Statutes | Texas Administrative Code | Texas Courts | Counties & Cities of Texas | Code of Federal Regulations | United States Code |
 Irving
 Code of Ordinances
 Chapter 2. ADMINISTRATION
 Article VIII. PROPERTY FINANCE AUTHORITY

  § 2-92. Created.  

Latest version.

  • In order to aid the city in the implementation of such programs, the governing body hereby authorizes the creation of a nonprofit corporation, to be named the "City of Irving Property Finance Authority, Inc." (the "authority"), the same to be authorized and created under and with the power granted in the Texas Non-Profit Corporation Act, Article 1396, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"); and in connection therewith, the governing body hereby:

    (a)

    Approves the articles of incorporation (the "articles") for the authority in substantially the form and substance attached hereto as Exhibit A and authorizes the named incorporators therein to file the articles with the Secretary of State of the State of Texas in accordance with law; provided that, in the event the name chosen for the authority is not available, the incorporators are authorized to select a different name without further action of the governing body;

    (b)

    Appoints those persons named in the articles, each of whom on the date of this appointment is duly qualified under the Act, to serve as the initial members of the board of directors of the authority, with the right hereby reserved in the governing body to remove and replace such persons as directors at any time and with or without cause;

    (c)

    Approves the initial bylaws for the authority in substantially the form and substance attached hereto as Exhibit B;

    (d)

    Directs that no security or debt instrument in the form of bonds, notes or other similar evidence of indebtedness shall be authorized or approved by the board of directors without the consent of the governing body, as evidenced by its duly adopted resolution;

    (e)

    Declares and orders that the authority shall not implement or administer any governmental program which has not been specifically authorized by ordinance or resolution adopted by the governing body, and it shall not engage in any business or other activity except in connection with a governmental program that has been approved and ordered implemented by the governing body;

    (f)

    Declares and orders that no bond, note or other obligation shall be or represent an indebtedness or obligation of the city, except only to the extent the same may be, with the consent of the governing body, made expressly payable from funds to be paid by the city pursuant to contracts or other agreements executed by the authority and the city for the purpose of accomplishing the public purposes of the city; and

    (g)

    States its intention that the authority be a duly constituted and authorized authority and instrumentality of the city acting on its behalf within all applicable regulations and revenue rulings of the Treasury Department and the Internal Revenue Service of the United States promulgated under sections 103 and 115 of the Internal Revenue Code of 1986, as amended, and under any successor provisions thereto.

(Ord. No. 5218, § 2, 5-28-87)

Editor's note

Exhibits A and B, referred to in this section, are not included in this Code.