HomeMy WebLinkAboutResolution 1994-015
RESOLUTION NO. 94-15
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 Council 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
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 1994 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 the 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.
Resolution No. 94-15
Page Two
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 25th day of April, 1994.
APPROVED:
~~
Mayor ~.
ATTEST:
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y Secretary .
APPROVED AS TO FORM AND LEGALITY: