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<br />,\ <br /> <br />e <br /> <br />e <br /> <br />political subdivision or political corporation of the State of Texa!? within <br />the meaning l)f its constitution and laws, including, without limitation, <br />Article III, Section 52, of said constitution, and bonds of the Issuer shall <br />not constitute obligations of the State of Texas, the City or any other <br />political subdivision or agency of the State of Texas, or a pledge of the <br />faith and credit of any of them. No part of the net earnings of the Issuer <br />shall inure to the benefit of any private shareholder or individual; no sub- <br />stantial part of its activities shall be carrying on propaganda, or otherwise <br />attempting to influence legislation; and it shall not participate in, or <br />intervene in (including the publishing or distribution of statements), any <br />political campaign on behalf of or in opposition to any candidate for public <br />office. <br /> <br />ARTICLE FIVE <br /> <br />The Issue:r has no members and is a nonstock corporation. <br /> <br />ARTICLE SIX <br /> <br />These Articles of Incorporation may at any time and from time to time be <br />amended as pr.evided in the Act, so long as such Articles contain only su.ch <br />provisions as are lawful under the Act, when and if the Governing Body by <br />appropriate rE!solution finds and determines that such amendment is advisable <br />or authorizes and directs that such amendment be made. The Governing Body <br />may, in its sole discretion and at any time, alter the structure, organi- <br />zation, progra.ms or activities of the Issuer, subject only to any limitation <br />provided by the constitution and laws of the State of Texas and of the United <br />States relating to the impairment of contracts entered into by the Issuer. <br /> <br />ARTICLE SEVEN <br /> <br />The affairs of the Issuer shall be managed by a board of directors com- <br />posed of such number of natural persons (not less than three) as may be fixed <br />by the bylaws. Directors shall be appointed by the Governing Body for a term <br />of no more than six years. The number of directors constituting the original <br />board of directors shall be seven. The names and addresses of the persons who <br />shall serve as initial directors of the Issuer are and the date of expiration <br />of their initi,al terms as directors as follows: <br /> <br />DATE OF <br />EXPIRATIOO OF TERM <br /> <br />NAME <br /> <br />ADDRESS <br /> <br />Virginia Cline <br /> <br />328 South Blackwell <br /> <br />April 30, 1986 <br /> <br />la Porte, Texas 77571 <br /> <br />W. R. Springall <br /> <br />2713 Crescent View <br /> <br />April 30, 1986 <br /> <br />I.a Porte, Texas 77 5 71 <br /> <br />-2- <br />