HomeMy WebLinkAboutR2002-019S:\Our Documents\Resolutions\02\Denton Couniy Housing Finance Resolution.doc
R~$OLUTION NO. ~7~--
A RESOLUTION GRANTING APPROVAL TO THE DENTON 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 Corporations Act, Chapter 394,
Local Government Code, V.T.C.A. (the "Act"), the creation of the Denton County Housing
Finance Corporation (the "Corporation"), was approved by the governing body of Denton
County, Texas (the "County"), 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 in_habitants as determined by the Corporation's roles, 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 Denton, 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,
THE COUNCIL OF THE CITY OF DENTON, TEXAS HEREBY RESOLVES:
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 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: This Resolution shall become effective immediately upon its passage and
approval.
PASSED AND APPROVEDthisthecm0/~Sayof ~/~ ,2002.
EUL1NE BROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
HERBE~~ATTORNEY
BY " ~