HomeMy WebLinkAbout90-720 01-23-1990RESOLUTION NO. 90 -720
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY HOUSING
FINANCE CORPORATION FOR THE USE OF THE PROCEEDS OF ITS SERIES
1990 SINGLE FAMILY MORTGAGE REVENUE BONDS TO FINANCE HOME
MORTGAGES FOR SINGLE FAMILY HOMES LOCATED WITHIN THE CITY.
WHEREAS, pursuant to the Texas Housing Finance Corporations
Act, Chapter 934, 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
calendear 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 disscounts, 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 1990 Single
Family Mortgage Revenue Bonds (the "Bonds ");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS:
SECTION 1.
That 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 single family 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 this 71r4 of
ATTEST:
City Secreta
APPROVED AS TO FORM:
41* '‘5
City Attorney
January , 19 9 0 .
Mayor