2001-162-RES AUTHORIZING/APPROVING APPLICATION OF TX HOUSING FINANCE CORPORATIONS ACT

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RESOLUTION NO. 2001-162 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, AUTHORIZING AND APPROVING THE APPLICATION OF THE TEXAS HOUSING FINANCE CORPORATIONS ACT TO PROPERTY LOCATED WITHIN THE CITY OF PARIS IN ACCORDANCE WITH TEXAS LOCAL GOVERNMENT CODE, SECTION 394.005, AND AUTHORIZING THE USE OF BONDS ISSUED BY THE NORTHEAST TEXAS HOUSING FINANCE CORPORATION TO FINANCE HOME MORTGAGES FOR HOMES LOCATED WITHIN THE CITY OF PARIS; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Northeast Texas Housing Finance Corporation (the "Corporation") is an existing joint housing finance corporation created in accordance with the Texas Housing Finance Corporations Act, as amended, Chapter 394, Local Government Code (the "Act"), on behalf ofthe counties of Bowie, Cass, Delta, Franklin, Hopkins, Lamar, Morris, Red River, and Titus, Texas (the "Sponsoring Counties"), for the purposes of providing a means of financing the costs of residential ownership and development that will provide decent, safe, and sanitary housing for persons of low and moderate income at prices they can afford; and, WHEREAS, the Corporation intends to issue its bonds entitled ''Northeast Texas Housing Finance Corporation GNMA/FHLMC Collateralized Home Mortgage Revenue Bonds, Series 200 I" (the "Bonds") for the purpose of providing financing for home mortgage loans to eligible borrowers for the purpose of qualifying single family residences within the Sponsoring Counties; and, WHEREAS, in accordance with Section 394.005 ofthe Act, the Corporation must receive the approval of each municipality within its jurisdiction which has more than 20,000 inhabitants in order for the proceeds ofthe Bonds to be used to make home mortgage loans within the boundaries of such municipality; and, WHEREAS, it is hereby determined that it is in the best interests of the citizens ofthe city of Paris to approve the making of home mortgage loans within the City of Paris from the proceeds of the Bonds; and, WHEREAS, this meeting is open to the public as required by law, and public notice of the time, place, and purpose of this meeting was given as required by the Texas Open Meetings Act; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings and declarations contained in the recitals ofthis Resolution are incorporated herein as part of this Resolution.