HomeMy WebLinkAboutResolution 1984-031
RESOLUTION NO.
84-31
A RESOLUTION GRANTING APPROV AL TO THE TARRANT
COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF
ITS SERIES 1985A 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
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
capitalized interest required by the resolution 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 (iii) an 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 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, Texas
(the "City") to acquire home mortgages related to homes within the City with
the proceeds of a Series 1985A 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 County
Planning Department.
ADOPTED AND APPROVED on
November , 1984, at a regular
Richland Hills City Council.
this 12th day of
meeting of the North
APPROVED:
~&M
Mayor
ATTEST:
r£?C lJr)~
City Secretary