2006-020i r
OFFICIAL RECORD
RESOLUTION NO. 06-020
A RESOLUTION OF THE CITY OF SOUTHLAKE,
TEXAS, GRANTING APPROVAL TO THE
TARRANT COUNTY HOUSING FINANCE
CORPORATION FOR THE USE OF THE
PROCEEDS OF ITS SERIES 2006 SINGLE FAMILY
MORTGAGE REVENUE BONDS TO FINANCE
HOME MORTGAGES FOR SINGLE FAMILY
HOMES LOCATED WITHIN THE CITY.
WHEREAS, pursuant to the Texas Housing Finance Corporations 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
governing body of Tarrant County, Texas (the "County"), 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
governing body of the City of Southlake, 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 2006 Single Family Mortgage Revenue Bonds (the
Bonds");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SOUTHLAKE, 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 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.
K
PASSED AND APPROVED this day of 1 Y Q0.T
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Andy Wambsganss, Mayor
ATTEST:
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Lori A. Farwell, City Secretary Ca
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2006.