HomeMy WebLinkAbout82-525 04-13-1982RESOLUTION NO. 82 -525
RESOLUTION AUTHORIZING INCLUSION OF
THE CITY OF EULESS, TEXAS, WITHIN THE
"ELIGIBLE LOAN AREA" IN CONNECTION WITH
TARRANT COUNTY HOUSING FINANCE CORPORATION
SINGLE FAMILY MORTGAGE REVENUE BONDS
REHABILITATION LOAN PROGRAM, SERIES 1982
WHEREAS, the Tarrant County Housing Finance
Corporation (the "Corporation ") was created by a Resolution
adopted by the Commissioners Court of Tarrant County, Texas
(the "County ") pursuant to Article 12691 -7, Vernon's Texas
Civil Statutes, as amended (the "Act ");
WHEREAS, pursuant to the Act, the Corporation
intends to issue its Single Family Mortgage Revenue Bonds
Rehabilitation Loan Program, Series 1982 (the "Bonds ") in
order to provide funds to purchase from participating
lenders mortgage loans that have been made to eligible
borrowers to finance owner occupied single family resi-
dential housing within the County.
WHEREAS, the Act requires that the governing body
of any city located within the County, the population of
which exceeds 20,000, must approve the use of the proceeds
of the Bonds to purchase home mortgages for homes located
within such city;
WHEREAS, it is found and determined that it is
within the best interest of the inhabitants of the City of
Euless, Texas (the "City "), and will promote the public
welfare and the public purposes of the Act for the proceeds
of the Bonds to be used to purchase home mortgages for homes
located within the City;
NOW, THEREFORE, be it resolved by the City Council
of the City of Euless, Texas, that:
1. The use of the proceeds of the Bonds to
purchase home mortgages for homes located within the terri-
torial limits of the City is hereby authorized and approved,
and the inclusion of the City within the "Eligible Loan
Area" as used and defined in the Sale, Servicing and Admin-
istration Agreements to be entered into by and between the
Corporation, PMI Mortgage Corporation, as Administrator, The
First National Bank of Fort Worth, as Trustee, and the .
participating lenders is hereby approved;
2. The Mayor, the City Manager, the City
Secretary and any member of the City Council and any other
officers of the City are hereby authorized, jointly and
severally, to execute and deliver such endorsements, instru-
ments, certificates, documents or papers necessary or vital
to carry out the intent and purposes of this Resolution.
PASSED AND APPROVED, this 13th
ATTEST:
0
City cretary, `jity of
Eule - - , Texas
(SEAL)
day of
April
, 1982.
;;41:41,4e fc54740tiotga,/
Mayor, City of Euless, Texas