HomeMy WebLinkAboutResolution 2010-011RESOLUTION NO. 2010-011
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY
HOUSING FINANCE CORPORATION FOR THE USE OF THE
PROCEEDS OF ITS SERIES 2009 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 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, 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 North Richland Hills, 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 2009
Single Family Mortgage Revenue Bonds (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, 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. This Resolution shall be effective from and after its passage.
Resolution No. 2010-011
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PASSED AND APPROVED this the 22nd day of February, 2010.
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o ATXEST: ~y
utson, City Secretary
CITY O
By. G
HLAND HI
Oscar Trevino, Mayor
APPROV S TO ORM AND LEGALITY:
George A. Stap ,City Attorney
APPROVED AS TO CONTENT:
Larry Ko e, Director of Finance
Resolution No. 2010-011
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