HomeMy WebLinkAboutResolution 1983-012
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RESOLUTION NO.
83-12
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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.
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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
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