Loading...
HomeMy WebLinkAboutRES 2006-030 RESOLUTION NO. 2006-30 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS GRANTING APPROVAL TO TARRANT COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF THE PROCEEDS OF ITS SERIES 2006 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 Corporation 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 City Council of the City of Grapevine, Texas, Tarrant County, Texas (the "City"), 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 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 2006 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 hereby approves the application of the Act to the property within the City and grant 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. This Resolution shall take effect immediately from and after its adoption. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 18th day of April, 2006. APPROVED: William D. Tate Mayor ATTEST: Linda Huff 17rig City Secretary APPROVED AS TO FORM: John F. Boyle, Jr. City Attorney RES. NO. 2006-30 2