HomeMy WebLinkAbout10-1327 01-12-2010RESOLUTION NO. 10 -1327
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY
HOUSING FINANCE CORPORATION FOR THE USE OF THE
PROCEEDS OF ITS SERIES 2009 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 2009 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 AND ADOPTED at a regular meeting of the Euless City Council on
the 12th day of January 2010, by a vote of 7 ayes, 0 nays, and o
abstentions.
APPROVED:
Mary Lib" Saleh, Mayor
ATTEST:
Mr-
Susan Crim, T C, City Secretary
Resolution No. 10 -1327, Page 2 of 2