The Haltom City Public Facility Corporation is a nonprofit public facility corporation, and it is not organized for the private gain of any person. The Corporation is organized for the purpose of financing, refinancing, or providing a public senior housing facility for and on behalf of the City of Haltom City, Texas, a duly organized City of the State of Texas.
The Corporation may exercise all powers granted under the Act, subject to the provisions of the Articles of Incorporation, and any limitations that may be imposed on it from time to time by duly adopted orders or resolutions of the City Council of the City of Haltom City. No part of the net earnings of the Corporation shall inure to the benefit of, or be distributable to, its directors, officers, employees, agents or other private persons except that the Corporation shall be authorized to pay reasonable compensation for services and to make reasonable payments in furtherance of its charitable purposes.
All powers of the Corporation shall be vested in a Board of Directors, each member of which, subsequent to the initial directors, shall be appointed by the City Council of Haltom City, Texas. The number of directors shall initially be three (3). The number of Directors may be increased or decreased by adoption or amendment of the bylaws or the Articles of Incorporation of the Corporation, but at no time shall the Board of Directors be less than three (3) members. The terms of the Directors shall be set forth in the bylaws of the Corporation consistent with the Act. The Directors shall serve without compensation, except that they shall be reimbursed for their reasonable and actual expenses incurred in the performance of their actual duties. All other matters pertaining to the internal affairs of the Corporation shall be governed by the bylaws of the Corporation so long as such bylaws are not inconsistent with the Articles of Incorporation of the Act, or any ordinance or resolution of the City of Haltom City pertaining to the Corporation. Such bylaws and any amendments thereto shall not be adopted without the consent of the City Council of Haltom City, Texas.