(A) It is hereby found and determined that the plan of the Corporation with respect to the Projects will tend to provide decent, safe and sanitary housing for persons and families of low and moderate income and is hereby approved.
(B) The filing of Articles of Incorporation and By-laws of the Corporation and the activity of the Corporation in furtherance of its corporate purposes are hereby ratified and approved in general concept. The Executive Director of the Housing Authority is authorized to review and give final approval and ratification to any necessary corporate document on behalf of the city and the Authority.
(C) The initial Board of Directors of the Corporation will be: Juan Vigil, Thomas Ortiz, and Robert Strell.
(D) The Directors of the Corporation will have a Certification of Incorporation issued by the Secretary of the State of New Mexico. The Directors of the Corporation will be authorized and directed to issue, sell and deliver the Notes of the Corporation pursuant to the applicable laws of the State of New Mexico and will permit the assignment and/or pledge of any security interest in the immovable and movable, and tangible and intangible, properties so acquired by the Corporation for the purpose of constructing the Projects and will enter into a Contract for the sale of the Notes and, upon payment or defeasance of all indebtedness, will convey title to any property or property rights owned by the Corporation to the city or to its lawful successor or assign for public purposes.
(E) The city and the Authority will be presented with a Note Resolution of the Corporation which will include provisions for the issuance and sale of the Notes, the form of Loan Agreements (including the restrictions on the loan to the developers of the Projects), the form of documents offering the Notes for sale, and such other documents and miscellaneous materials and certificates relating to the authorization and issuance of the Notes. Such activity is hereby approved in general principle and the Corporation is authorized to adopt and execute such documents and any other documents necessary and proper to carry out its purposes. The Executive Director is authorized to give final approval on behalf of the city and the Authority to such documents upon their presentation in final form.
(F) It is hereby further found and determined that the issuance of the Notes by the Corporation pursuant to the Note resolution will serve to enable the Corporation to carry out its public purposes and is hereby approved.
(G) The Executive Director is hereby authorized to execute much documents as are deemed necessary and proper to implement the construction, financing and leasing of the housing units of the Projects.
(H) The Notes of the Corporation shall not constitute a debt of the Authority, the city or the state of New Mexico or any of its political subdivisions.
(I) The city agrees to accept title to any and all assets of the Corporation, free and clear of any liens, charges or encumbrances of any rights or claims of any creditors, upon payment of the Notes in full, free and clear of all liens and encumbrances, and if the city is unable to accept such gift, conveyance and distribution, then the city will designate a body corporate and politic for political subdivision of the state of New Mexico to accept such gift, conveyance and distribution.
(J) The provision of construction financing for the Projects, and the Projects, are in the public interest of the citizens of the city, and are proper public purposes, and the city and the Authority desire to cooperate with agencies of the Federal Government and other public and private bodies to fulfill such public purposes.
(K) The Executive Director is authorized and empowered to execute any documents to accomplish the purposes of this section.
(L) If any division, paragraph or provision of this section shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of the section.
(M) All prior resolutions and orders or parts thereof in conflict herewith are, to the extent of such conflict, hereby repealed and this section shall take effect from and after its passage, the public welfare requiring it.
(N) This section shall be in full force and effect from and after its passage in accordance with the laws of the state of New Mexico.
(Res. 155-1981, approved 7-21-81)