HomeMy WebLinkAboutResolution 1982-012
Resolution No. 82-12
RESOLUTION AUTHORIZING INCLUSION OF
THE CITY OF NORTH RICHLAND HILLS, TEXAS, WITHIN THE
"ELIGIBLE LOAN A~EA" IN CONNECTION WITH
TARRANT COUNTY HOUSING FINANCE CORPORATION
SINGLE FAMILY MORTGAGE REVENUE BONDS
REHABILITATION LOAN PROGRAM, SERIES 1982
WHEREAS, the Tarrant County Housing Finance
Corporation (the "Corporation") was created by a Resolution
adopted by the Commissioners Court of Tarrant County, Texas
(the "County") pursuant to Article 12691-7, Vernon's Texas
civil Statutes, as amended (the "Act");
WHEREAS, pursuant to the Act, the Corporation
intends to issue its Single Family Mortgage Revenue Bonds
Rehabili taticm Loan Program, Series 1982 (the "Bonds ") in
order to provide funds to purchase from participating
lenders mort~gage loans that have been made to eligible
borrowers to finance owner occupied single family resi-
dential housing within the County.
wm~REAS, the Act requires that the governing body
of any city located wi thin the County, the population of
which exceeds 20,000, must approve the use of the proceeds
of the Bonds to purchase home mortgages for homes located
within such city;
WHEREAS, it is found and determined that it is
wi thin the best interest of the inhabitants of the city of
North Richland Hills, Texas (the "City"), and will promote
the public y¡elfare and the public purposes of the Act for
the proceeds of the Bonds to be used to purchase home mort-
gages for homes. located within the city;
NOW, THEREFORE, be it resolved by the city Council
of the city of North Richland Hills, Texas, that:
1. The use of the proceeds of the Bonds to
purchase home mortgages for homes located within the terri-
torial limits of the City is hereby authorized and approved,
and the inclusion of the city wi thin the "Eligible Loan
Area II as used and defined in the Sale, Servicing and Admin-
istration Agreements to be entered into by and between the
Corporation, PMI Mortgage Corporation, as Administrator, The
First National Bank of Fort Worth, as Trustee, and the
participating lenders is hereby approved;
2. The Mayor, the city Manager, the city
Secretary and any member of the City Council and any other
officers of the city are hereby authorized, jointly and
severally, to execute and deliver such endorsements, instru-
ments, certificates, documents or papers necessary or vital
to carry out the intent and purposes of this Resolution.
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PASSED AND APPROVED, this 12th day of April
, 1982.
ATTEST:
Secretary,
N th Richl and
Texas
(SEAL)