HomeMy WebLinkAboutRES 1994-022 ���
RESOLUTION N0. 94-22
;� A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS GRANTING APPROVAL TO THE
TARRANT COUNTY HOUSING FINANCE CORPORATION
FOR THE USE OF THE PROCEEDS OF ITS SERIES 1994
SINGLE FAMILY MORTGAGE REVENUE BONDS TO
FINANCE HOME MORTGAGES FOR SINGLE FAMILY
HOMES LOCATED WITHIN THE CITY; AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter
934, Local Government Code, V.T.C.A. (the "Act"), the creation of the Tarrant
County Housing Finance Corporation (the "Corporation"�,was approved by resolutions
of the governing body of Tarrant County, Texas (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 to
"'�"� defray, in whole or in part, the costs of purchasing or funding the making of home
mortgages; and
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WHEREAS, in accordance with the Act the Corporation is not permitted to
provide financing of home mortgages for homes which are located within a
municipality with more than 20,000 inhabitants as determined by the Corporation's
rules, resolutions relating to the issuance of bonds, or financing documents relating
to such issuance, unless the governing body of the municipality approves the
application of the act to the property located within the municipality; and
WHEREAS, the Board of Directors of the Corporation has requested the
approval of the governing body of the City of Grapevine, Texas (the "City") to provide
financing for home mortgages for homes within the City with the proceeds of the
issuance of the Corporation's proposed Series 1994 Single Family Mortgage Revenue
Bonds (the "Bonds").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
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Section 1 . That the preambles to this Resolution are hereby adopted in their
entirety and incorporated herein as though set forth in full herein.
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Section 2. That the governing body of the City hereby approves the application
of the Act to the property within the City and grants its approval to the Corporation
for the use of proceeds of the bonds to finance home mortgages for single family
� homes located within the City.
Section 3. To indicate the City's desire to participate in this program, a copy
of this Resolution will be forwarded to the Tarrant County Community Development
Division.
Section 4. This Resolution shall be effective from and after its passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 3rd day of May , 1994.
APPROVED:
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William D. Tate
�" � Mayor
�_-� ATTEST:
Lin a Huff
City Secretary
APPROVED AS TO FORM:
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John F. Boyle, Jr.
City Attorney
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RES. NO. qu_�� 2