HomeMy WebLinkAbout94-848 04-26-1994RESOLUTION NO. 94 -848
A RESOLUTION GRANTING APPROVAL TO THE
TARRANT COUNTY HOUSING FINANCE CORPORATION
FOR THE USE OF THE PROCEEDS OF ITS SERIES 1994
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 resolutions 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; and
WHEREAS, in accordance with the Act the Corporation is not permitted to provide
fmancing 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 fmancing 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 fmancing for home
mortgages for homes within the City with the proceeds of the issuance of the Corporation's
proposed Series 1994 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
Community Development Division.
SECTION 4. This Resolution shall be effective from and after its passage.
PASSED AND APPROVED THIS 26th day of April . 1994.
APPROVED:
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�> Mary Li Saleh, Mayor
ATTEST:
Susan Crim, MC, City Secretary
APPROVE P AS TO FORM:
ity Attorney
RESOLUTION NO. 94 -848 PAGE 2 OF 2