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HomeMy WebLinkAboutResolution 1983-012 · ~ 'j.. RESOLUTION NO. 83-12 .. A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF ITS SERIES 1983A SINGLE F Alvl.IL Y MORTGAGE REVENUE BONDS FOR ACQUIRING HOME MORTGAGES RELATED TO HOMES -VHTHIN 'I'HE CITY. WHEREAS, the creation of the Tarrant County Housing Finance Corporation (the "Corporation"), pursuant t.o 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 ot residential owner- ship and development that \viIl 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 i~sued in ftny 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 I s rules or regu- lations, resolutions relating to the issuance of bonds, or financing documents relating to su~h issuance, or (~~i) 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 þart, the costs of purchasing, or funding the making of home mortgages, and WhEREAS1 the Board óf 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 wi thin the Ci ty wi th the proceeds of a Series 1983A Single Family Mortgage Revenue Bond issue (the "Bonds") . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RIGHLAND HILLS, TEXAS, THAT: The approval bonds for the City. governing body of the City hereby grants its to the Corporation for the use of proceeds of the acquiring home mortgages related to homes w1thin 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 APPROVEI{ on thi s l..l..tb..- day 0 f April 1983, ..~t a 'RPg,,1.<:1T meeting of the North Richland . Ci ty Council. , Hills i"'7'I't.: S T : -