HomeMy WebLinkAbout89-696 01-10-1989RESOLUTION NO. 89 -696
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS GRANTING APPROVAL TO THE
TARRANT COUNTY HOUSING FINANCE CORPORATION
FOR THE USE OF THE PROCEEDS OF ITS SERIES
1989 SINGLE FAMILY MORTGAGE REVENUE BONDS TO
FINANCE HOME MORTGAGES FOR 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, the Corporation has the power under the Act to
issue its bonds to defray, in whole or in part, the costs of
purchasing or funding the making of home mortgages, provided
that the aggregate principal amount of such bonds 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 authorizing the
bonds, plus any bond discounts, and (b) the largest 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 and 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 Corporation's rules or regulations,
resolutions relating to the issuance of bonds, or financing
documents relating to such issuance; 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 1989 Single
Family Mortgage Revenue Bonds (the "Bonds ");
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EULESS, TEXAS, THAT:
Section 1. 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 homes
located within the City.
Section 3. 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.
Section 4. This Resolution shall be effective from and
after its passage.
PASSED AND APPROVED on this 10th day of January
198 9 .
2;44-ed fit444.44.-
Mayor, City of Euless, Texas
ATTEST:
ity Secre .ry,
City of Eu ss, Texas
[SEAL]
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