HomeMy WebLinkAboutResolution 3494-06-2007RESOLUTION NO 3494-06-2007
A RESOLUTION GRANTING APPROVAL TO THE TARRANT
COUNTY HOUSING FINANCE CORPORATION FOR THE USE
OF THE PROCEEDS OF ITS SERIES 2007 SINGLE FAMILY
MORTGAGE REVENUE BONDS TO FINANCE HOME
MORTGAGES FOR SINGLE FAMILY HOMES LOCATED
WITHIN THE CITY
WHEREAS, the creation of the Tarrant County Housing Finance Corporation (the
"Corporation"), pursuant to the Texas Housing Finance Corporations Act, Chapter 394
Local Government Code, V T C.A. (the Act"), was approved by resolution of the
governing body of Tarrant County Texas (the "County"), adopted on April 14 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 governing body of the City of Fort Worth, 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 2007 Single Family Mortgage Revenue Bonds (the
'Bonds");
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS, THAT
SECTION 1
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 be effective from and after its passage.
45906947 1/10704052
Resolution No. 3494-06-2007
ADOPTED AND APPROVED on this 5th day of June, 2007 at a regular meeting of the
Fort Worth City Council.
APPROVi;D
CITY COUf~CIL
JUN - 5 2007
Sec~of the
City of Fort Worth, Texas
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