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Item 4ECity of Southlake, Texas M E M O R A N D U M May 31, 2007 TO: Shana Yelverton, City Manager FROM: Ben Thatcher, Assistant to the City Manager Resolution No. 07-029, Granting approval to the Tarrant County Housing SUBJECT: 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. __________________________________________________________________________ Action Requested: Approval of Resolution No. 07-029 Background The Tarrant County Housing Finance Corporation (the “Corporation”) is Information: anticipating issuing single family mortgage revenue bonds. The program will offer individuals and families who have not purchased a home within the last three years to access a below market interest rate (6.00% estimated) with 4.50% cash assistance at closing to offset down payment and/or closing costs. State law and the Attorney General require that cities within Tarrant County with a population greater than 20,000 pass a resolution, as you have done in the past, to allow qualifying residents of the City to participate in the program. In order to meet the submission deadlines City Council adoption of the attached resolution is required. The Corporation’s board, who oversees this program, is comprised of the County Judge and Commissioners. Financial Considerations: The City of Southlake will have no financial obligation related to this program. Citizen Input/ Board Review: N/A Legal Review: A copy of the resolution has been provided to the city attorneys. Alternatives: Council may decline participation. Supporting Documents: Resolution No. 07-029 Staff Recommendation: Staff recommends approval of Resolution No. 07-029. Shana Yelverton, City Manager November 8, 2010 RESOLUTION NO. 07-029 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 2007 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 2007 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. Shana Yelverton, City Manager November 8, 2010 PASSED AND APPROVED this ________ day of ________________________, 2007. Andy Wambsganss, Mayor ATTEST: Lori A. Payne, City Secretary