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