HomeMy WebLinkAbout07-1245 05-08-2007RESOLUTION NO. 07 -1245
A RESOLUTION GRANTING APPROVAL TO THE TARRANT
COUNTY HOUSING FINANCE CORPORATION FOR THE USE
OF THE PROCEEDS OF ITS SERIES 2007 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 governing 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 2007 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 8`h day of May, 2007,
by a vote of 6 ayes, 0 nays, and 0 abstentions.
APPROVED:
Mary Lib aleh, Mayor
ATTEST:
�dir
san Crim RMC, City ecretary