HomeMy WebLinkAboutResolution 1989-003
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RESOLUTION NO. 89-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NORTH RICHLAND HILLS, TEXAS GRANTING
APPROVAL TO THE TARRANT COUNTY HOUSING
FINANCE CORPORATION FOR THE USE OF THE
PROCEEDS OF ITS SERIES 1989 SINGLE FAMIhY
MORTGAGE REVENUE BONDS TO F I NANCE HOME
MORTGAGES FOR HOMES LOCATED WITHIN THE CITY.
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WHEREAS, pursuant to the Texas Housing Finance
Corporations ~ct, 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, 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
calendar year shall not exceed the total of (a) the costs of
issuance of such bonds, any rese rves or cap ita 1 i zed i nte res t
required by the resolution or resolutions authorizing the
bonds, plus any bond discounts, 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 arount
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 approva 1 of the governing body of the Ci ty 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 1989
Single Family Mortgage Revenue Bonds (the "Bonds");
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF NORTH RICHLAND HILLS, TEXAS, THAT:
Section 1. 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
approves the application of the Act
City and gr~nts its approval to the
proceeds' of the Bonds to finance
located within the City.
body of the City hereby
to the property within the
Corporation for the use of
home mortgages for homes
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.
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PASSED AND APPROVED on this 9th
day of January
Mayor,
Hills,
ATTEST:
Secretary,
North Richland Hills,
[SEAL]
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