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HomeMy WebLinkAboutResolution 915 RESOLUTI N FILE I RESOLUTION NO. C1l A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF ITS SERIES 1983A SINGLE FAMILY MORTGAGE REVENUE BONDS FOR ACQUIRING HOME MORTGAGES RELATED TO HOMES WITHIN THE CITY. WHEREAS, the creation of the Tarrant County Housing Finance Corporation (the "Corporation") , pursuant to the Texas Housing Finance Corporations Act, was approved by resolution of the governing body of Tarrant County (the "County") , adopted on the 14th day of April, 1980 , to provide a means of financing the cost of residential owner- ship and development that will provide decent, safe, and sanitary housing for residents of the County at prices they can afford and WHEREAS , the Corporation has the power under the Act to issue its bonds , the aggregate principal amount of which issued in any calendar year shall not exceed the total of (al the costs of issuance of such bonds, any reserves or resolutions authorizing the bonds, plus any bond discounts , and (b) the greater of (i) $20,000,000 , (ii) a figure determined by multiplying $100 times the population of the County as determined by the Corporation' s rules or regu- lations , resolutions relating to the issuance of bonds , or financing documents relating to such issuance, or (iii) an amount equal to 25 percent of the total dollar amount of the market demand for home mortgages during such calendar year as determined by the Corporation' s rules or regulations , resolutions relating to the issuance of bonds , or financing documents relating to such issuance, to defray, in whole or in part , the costs of purchasing, or funding the making of home mortgages , and WHEREAS, the Board of Directors of the Corporation has requested the approval of the governing body of the City of Fort Worth (the "City" ) to acquire home mortgages related to homes within the City with the proceeds of a Series 1983A Single Family Mortgage Revenue Bond issue (the "Bonds" ) . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, THAT: The governing body of the City hereby grants its approval to the Corporation for the use of proceeds of the Bonds for acquiring home mortgages related to homes within the City. To indicate the City' s desire to participate in this program, a copy of this resolution will be forwarded to the Tarrant County Planning Department.