HomeMy WebLinkAboutRES 2002-020 RESOLUTION NO. 2002-20
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 2002 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, 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 2002 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 4th day of June, 2002.
APPROVED:
William D. Tate
Mayor
ATTEST:
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Linda Huff
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr(
City Attorney
RES. Na 2002-20 2