Item 5ECity of Southlake, Texas
M E M O R A N D U M
April 26, 2006
TO: Shana Yelverton, City Manager
FROM: Ben Thatcher, Assistant to the City Manager
Resolution No. 06-020, Granting approval to the Tarrant County Housing
SUBJECT:
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.
__________________________________________________________________________
Action Requested:
Approval of Resolution No. 06-020
Background
The Tarrant County Housing Finance Corporation (the “Corporation”) is
Information:
anticipating issuing single family mortgage revenue bonds the end of April.
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. 06-020
Staff
Recommendation:
Staff recommends approval of Resolution No. 06-020.
Shana Yelverton, City Manager
November 23, 2010
RESOLUTION NO. 06-020
A RESOLUTION OF THE CITY OF SOUTHLAKE, TEXAS,
GRANTING APPROVAL TO THE TARRANT COUNTY HOUSING
Shana Yelverton, City Manager
November 23, 2010
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.
Shana Yelverton, City Manager
November 23, 2010
PASSED AND APPROVED this ________ day of ________________________, 2006.
Andy Wambsganss, Mayor
ATTEST:
Lori A. Farwell, City Secretary