HomeMy WebLinkAbout82-527 05-11-1982RESOLUTION NO. 82 -527
A RESOLUTION GRANTING APPROVAL TO THE TARRANT
COUNTY HOUSING FINANCE CORPORATION FOR THE USE
OF ITS SERIES 1982 SINGLE FAMILY MORTGAGE REVENUE
BONDS FOR ACQUIRING HOME MORTGAGES RELATED TO
HOMES WITHIN THE CITY.
WHEREAS, the creation of the Tarrant County Housing Finance
Corporation (the "Corporation "), pursuant to the Texas Housing Finance Cor-
porations Act, was approved by resolution of the governing body of Tarrant
County (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, the Corporation has the power under the Act to issue its
bonds, the aggregate princpal amount of which issued in any calendar year shall
not exceed the total of (a) the costs of issuance of such bonds, any reserves or
resolutions authorizing the bonds, plus any bond discounts, and (b) the greater of
(i) $20,000,000, (ii) a figure determined by multiplying $150 times the population
of the County as determined by the Corporation's rules or regulations, resolutions
relating to the issuance of bonds, or financing documents relating to such
issuance, or (iii) an amount equal to 25 percent of the total dollar amount of the
market demand for home mortgages during such calendar year as determined by
the Corporations' rules or regulations, resolutions relating to the issuance of
bonds, or financing documents relating to such issuance, to defray, in whole or in
part, the costs of purchasing, or funding the making of home mortgages, and
WHEREAS, the Board of Directors of the Corporation has requested the
appoval of the governing body of the City of Euless (the "City ") to acquire home
mortgages related to homes within the City with the proceeds of a Series 1982
Single Family Mortgage Revenue Bond issue (the "Bonds ").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EULESS, TEXAS, THAT:
The governing body of the City hereby grants its approval to the
Corporation for the use of proceeds of the Bonds for acquiring home mortgages
related to homes within the City.
To indicate the City's desire to participate in this program, a copy of
this resolution will be forwarded to the Tarrant County Planning Department.
ADOPTED AND APPROVED on this Ilth day of May, 1982, at a regular
meeting of the Euless City Council.
APPROVED:
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Harold D. Samuels, Mayor
ATTEST:
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Kay Pf: iney, City, cretary
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RESOLUTION NO. 82 -527, PAGE TWO OF TWO