HomeMy WebLinkAbout24-1900ORDINANCE NO. 24- 1900
AN ORDINANCE OF THE CITY OF DENTON, TEXAS, ESTABLISHING A PUBLIC
HOUSING FrNANCE CORPORATION FUND; COMMITTING REVENUES OF THE CITY
TO THE PUBLIC HOUsrNG FINANCE CORPORATION FUND; PROVIDING A
SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City 'of Denton elects to establish a Special Revenue
Fund to be called the Public Housing Finance Corporation Fund; and
WHEREAS, the Governmental Accounting Standards Board (“GASB”) has adopted
Statement 54, which states that Special Revenue Funds are used to account for and report the
proceeds of specific revenue sources that are restricted or committed to expenditures for
specified purposes other than debt service or capital projects; and
WHEREAS, the City Council of the City of Denton elects to commit revenue annually to
the Public Housing Finance Corporation Fund for the purpose of planning, designing, acquiring,
constructing, renovating, improving, and equipping affordable housing facilities and related
infrastructure for low and moderate-income persons and families, acquiring land and interests in
land and property necessary for such purposes, funding affordable housing and home repair
programs as may be permitted by law, and funding loans and grants for affordable housing
purposes; and
WHEREAS, the City Council of the City of Denton elects to determine and approve the
annual revenue to be accounted for and committed in the Public Housing Finance Corporation
Fund each year through adoption of the Annual Program of Services; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The City Council hereby creates the Public Housing Finance Corporation
Fund, an official fund of the City of Denton, Texas. The City Council commits revenues
annually to the Public Housing Finance Corporation Fund in conjunction with its financial
statement beginning with fiscal year ending September 30, 2025. Expenditures from the Public
Housing Finance Corporation Fund must be for affordable housing initiatives as determined by
the City Council.
SECTION 2. If any section, subsection, paragraph, sentence, clause, phrase or word in
this Ordinance, or application thereof to any person or circumstances is held invalid by any court
of competent jurisdiction, such holding shall not affect the validity of the remaining portions of
this Ordinance, and the City Council of the City of Denton, Texas hereby declares it would have
enacted such remaining portions despite any such validity.
SECTION 3. This Ordinance shall become effective immediately upon its passage and
approval.
The motion to approve this Ordinance was made by Brc-\aFB Chic fIG6'+
seconded by J :\I 'Jd+/ . This Ordinance was passed and approved
by the following vote Lr - X :
Aye
J
-1
-L
J
V
/
-Z
Nay Abstain Absent
Mayor Gerard Hudspeth:
Vicki Byrd, District 1 :
Brian Beck. District 2 :
Paul Meltzer, District 3 :
Joe Holland, District 4:
Brandon Chase McGee,
At Large Place 5 :
Jill Jester, At Large Place 6:
PASSED AND APPROVEDthisthe \--7 t- day of SCP),nAm , 2024.
DSPETH. MAYOR
ATTEST:
LAUREN THODEN, CITY SECRETARY
.„:
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
£MaLKeMt
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