HomeMy WebLinkAboutResolution 1987-019
RESOLUTION NO. 87-19
A RESOLUTION GRANTING APPROVAL TO THE TARRANT
COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF
ITS SERIES 1987 SINGLE F AMIL Y MORTGAGE REVENUE BONDS
FOR ACQUIRING HOME MORTGAGES RELATED TO HOMES
WITHIN THE CITY.
WHEREAS, the creation of the Tarrant COW1ty Housing Finance Corporation
(the "Corporation"), pursuant to the Texas Housing Finance Corporations Act, was
approved by resolution of the governing body of Tarrant COW1ty (the "C, OW1ty")
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 COW1ty at prices they can afford; and
WHEREAS, the Corporation has the power W1der the Act to issue its bonds,
the aggregate principal amoW1t of which in any calendar year shall not exceed the
total of (a) the costs of issuance of such bonds, any reserves or capitalized interest
required by the resolution or resolutions authorizng the bonds, plus any bond
discoW1ts, and (b) the greater of (i) $20,000,000, (ii) a figure determined by
multiplying $100 times the population of the COW1ty as determined by the
Corporations's rules and regulations, resolutions relating to the issuance of bonds, of
(iii) an amoW1t equal to 25 percent of the total dollar amoW1t 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, to defray, in whole or in part, the costs of
purchasing, or fW1ding the making of home mortgages; and
WHEREAS, the Board of Directors of the Corporation has requested the
approval of the governing body of the City of North Richland Hills (the "City") to
acquire home mortgages related to homes within the City with the proceeds of a
Series 1987 Single Family Mortgage Revenue Bond issue (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF NORTH RICHLAND HILLS, TEXAS, THAT:
Section 1. The governing body of the City hereby grants its approval to the
Corporation for the use of proceeds of the Bonds for acquiring home mortgages
related to homes within the City.
Section 2. To indicate the City's desire to participate in this program, a copy
of this resolution will be forwarded to the Tarrant COW1ty Planning Department.
0672D/17
ATTEST:
ADOPTED AND APPROVED on this
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ecretary, City of North Richland Hills,
exas
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[SEAL]
APPROVED AS TO~YBfM AND
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Attorney or the
0672D/18
-2-
8th day of June, 1987
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Mayor, City of North Richland Hills,
Texas