HomeMy WebLinkAbout85-617 12-10-1985RESOLUTION NO. 85 -617
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY
HOUSING FINANCE CORPORATION FOR THE USE OF ITS SERIES
1986A 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 Corporations 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 principal amount of which 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 $100 times the population of the County as
determined by the Corporation's rules and regulations, resolutions relating to the
issuance of bonds, or 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
Corporation's 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 marking of home mortgages; and
WHEREAS, the Board of Directors of the Corporation has requested the
approval 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 1986A
Single Family Mortgage Revenue Bond issue (the "Bonds ").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EULESS, TEXAS, THAT:
Section 1. 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.
Section 2. 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.
ADO TED ND APPROVED on this /D day of Zadaddr, 1985,
at a meeting of the Euless City Council.
APPROVED:
- ATTEST:
City Sec tary
Mayor