HomeMy WebLinkAboutRES 2007-031 RESOLUTION NO. 2007-31
A RESOLUTION GRANTING APPROVAL TO THE
TARRANT COUNTY HOUSING FINANCE CORPORATION
FOR THE USE OF THE PROCEEDS OF ITS SERIES 2007
SINGLE FAMILY MORTGAGE REVENUE BONDS TO
FINANCE HOME MORTGAGES FOR SINGLE FAMILY
HOMES LOCATED WITHIN THE CITY
WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter
394, Local Government Code, V.T.C.A. (the "Act"), the creation of the Tarrant County
Housing Finance Corporation (the "Corporation"), was approved by resolution 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, 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
q*A. w 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 City Council 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 2007 Single Family Mortgage Revenue
Bonds (the "Bonds").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That the preambles to this resolution are hereby adopted in their
entirety and incorporated herein as though set forth in full herein.
Section 2. The City Council of the City of Grapevine 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. That this resolution shall become effective from and after the date
of its passage.
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PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 5th day of June, 2007.
APPROVED:
William D. Tate
Mayor
ATTEST:
/ .
Linda Huff r,
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
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RES.. ,NO.. 2007-31 2