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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 &~ ecretary, City of North Richland Hills, exas / [SEAL] APPROVED AS TO~YBfM AND l~ f. 1 I !! ,·e¿a / Attorney or the 0672D/18 -2- 8th day of June, 1987 ~CJ~ Mayor, City of North Richland Hills, Texas