HomeMy WebLinkAbout87-652 06-09-1987RESOLUTION NO. 87 -652
A RESOLUTION GRANTING APPROVAL TO THE TARRANT
COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF
ITS SERIES 1987 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 capitalized interest
required by the resolution or resolutions authorizng 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
Corporations's rules and regulations, resolutions relating to the issuance of bonds, of
(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 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 making 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 1987
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.
STATE OF TEXAS §
COUNTY OF TARRANT §
CITY OF EULESS §
I, Kay Rainey
Texas, do hereby certify
Euless RESOLUTION N
of the City of Euless on
, City Secretary of the City of Euless,
that the attached is a true and correct copy of the City of
O. 87 -652 , which was passed by the City Council
June 9, 1987
WITNESS MY HAND AND SEAL OF THE CITY OF EULESS, TEXAS.
June 9, 1987
Date
[SEAL]