HomeMy WebLinkAboutResolution 2002-043
RESOLUTION NO. 2002-043
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY
HOUSING FINANCE CORPORATION FOR THE USE OF THE PROCEEDS OF
ITS SERIES 2002 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, VTC,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 2002 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.
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PASSED AND APPROVED, this 28TH day of May, 2002.
CITY OF NORTH RICHLAND HILLS, TEXAS
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APPROVED AS TO CONTENT:
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Director of ~nance
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