HomeMy WebLinkAbout02-1122 05-28-2002RESOLUTION NO. 02 -1122
A RESOLUTION GRANTING APPROVAL TO THE TARRANT
COUNTY HOUSING FINANCE CORPORATION FOR THE USE
OF THE PROCEEDS OF ITS SERIES 2002 SINGLE FAMILY
MORTGAGE REVENUE BONDS TO FINANCE HOME
MORTGAGES FOR SINGLE FAMILY HOMES LOCATED
WITHIN THE CITY.
WHEREAS, pursuant to the Texas Housing Finance Corporations Act,
Chapter 394, Local Government Code, V.T.C.A. (the "Act "), the creation of the
Tarrant County Housing Finance Corporation (the "Corporation "), was approved
by resolution of the governing body of Tarrant County, Texas (the "County "),
adopted on the 14th day of April, 1980, to provide a means of financing the cost
of residential ownership and development that will provide decent, safe and
sanitary housing for residents of the County at prices they can afford; and
WHEREAS, in accordance with the Act, the Corporation is not permitted
to provide financing of home mortgages for homes which are located within a
municipality with more than 20,000 inhabitants as determined by the
Corporation's rules, resolutions relating to the issuance of bonds, or financing
documents relating to such issuance, unless the governing body of the
municipality approves the application of the Act to the property located within the
municipality; and
WHEREAS, the Board of Directors of the Corporation has requested the
approval of the goveming body of the City of Euless, Texas (the "City') to provide
financing for home mortgages for homes within the City with the proceeds of the
issuance of the Corporation's proposed Series 2002 Single Family Mortgage
Revenue Bonds (the "Bonds ");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EULESS, TEXAS:
SECTION 1
That the preambles to this Resolution are hereby adopted in their entirety
and incorporated herein as though set forth in full herein.
SECTION 2
The governing body of the City hereby approves the application of the Act
to the property within the City and grants its approval to the Corporation for the
use of proceeds of the Bonds to finance home mortgages for single family homes
located within the City.
SECTION 3
This Resolution shall be effective from and after its passage.
APPROVED at a regular meeting of the Euless City Council on the 28th
day of May, 2002, by a vote of 7 ayes, 0 nays, and 0 abstentions.
APPROVED:
471711A-4/16°1L- /A)
Mary LiltiSSaleh, Mayor
ATTEST:
van Crim, MC, City Secretary