HomeMy WebLinkAboutResolution 1982-015
RESOLUTION NUMBER 82-15
A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY
HOUSING FINANCE CORPORATION FOR THE USE OF PROCEEDS
OF ITS SERIES 1982 SINGLE FAMILY MORTGAGE REVENUE
BONDS FOR ACQURING 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 sani-
tary 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 issued 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 $150 times the population of the County as determined by the Corpora-
tions' rules or regulations, resolutions relating to the issuance of bonds, or
financing documents relating to such issuance, or (iii) an amount equal to twenty-
five (25%) percent of the total dollar amount of the market demand for home mort-
gages during such calendar year as determined by the Corporations' rules or regula-
tions, resolutions relating to the issuance of bonds, or financing documents relat-
ing 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 (the "City")
to acquire home mortgages related to homes within the City with the proceeds of
a Series 1982 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 Corpora-
tion 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 this 10th day of May, 1982 at a regular meeting of
the City Council of the City of North Richland Hills, Texas.
APPROVED: /
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Dic aram, Mayor
ATTEST:
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nette Moore, City Secretary
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Rex McEntire, City Attorney