HomeMy WebLinkAboutResolution 1984-022
RESOLUTION NO.
84-22
A RESOLUTION GRANTING APPROV AL TO THE TARRANT COUNTY
HOUSING FINANCE CORPORATION FOR THE USE OF ITS SERIES 1984A
SINGLE FAMILY MORTGAGE REVENUE BONDS FOR ACQUIRING HOME
MOR TGAGES 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
WHEREAS, the Corporation has the power under the Act to issue its bonds, the
aggregate principal amount of which (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 costs of purchasing, or funding the marking
of home mortgages, and
WHEREAS, the Board of Directors of the Corporation has requests 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 1984A 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:
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.
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.
ADOPTED AND APPROVED on this 23rd day of Julv
Council meeting of the North Richland Hills City Council.
, 1984, at a
APPROVED:
~~
Mayor
ATTEST:
(=r-:i~ Øw~
(;' City Secretary