HomeMy WebLinkAboutResolution 1985-031
RESOLUTION NO. 85-31
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY
HOUSING FINANCE CORPORATION FOR THE USE OF ITS SERIES
1986A SINGLE FAMILY MORTGAGE REVENUE BONDS FOR
ACQUIRING HOME MORTGAGES RELATED TO HOMES WITHIN THE
CITY.
WHEREAS, the creation of the Tarrant County Housing Finance
Corporation (the "Corporation"), pursuant to the Texas Housing Finance
Corporations Act, was approved by resolution of the governing body of
Tarrant County (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
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WHEREAS, the Corporation has the power under the Act to issue its
bonds, the aggregate principal amount of which in any calendar year shall not
exceed the total of (a) the costs of issuance of such bonds, any reserves or
resolutions authorizing the bonds, plus any bond discounts, and (b) the
greater of (i) $20,000,000, (ii) a figure determined by multiplying $100 times
the population of the County as determined by the Corporation's rules and
regulations, resolutions relating to the issuance of bonds, or amount equal to
25 percent of the total dollar amount 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 cost
of purchasing, or funding the marking 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 1986A 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 the resolution will be forwarded to the Tarrant County Planning
Department.
PASSED AND APPROVED this 25th day of November, 1985.
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MAYOR
ATTEST:
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