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<br />RESOLUTION NO. 97-031 <br /> <br />WHEREAS, the Northeast Texas Housing Finance Corporation (the "Corporation") is an <br />existing joint housing finance corporation created in accordance with the Texas Housing Finance <br />Corporations Act, as amended, Chapter 394, Local Government Code (the "Act"), on behalf of <br />the counties of Bowie, Cass, Delta, Franklin, Hopkins, Lamar, Morris, Red River, and Titus, <br />Texas (the "Sponsoring Counties"), for the purposes of providing a means of financing the costs <br />of residential ownership and development that will provide decent, safe, and sanitary housing for <br />persons of low and moderate income at prices they can afford; and, <br /> <br />WHEREAS, the Corporation intends to issue its bonds entitled "Northeast Texas Housing <br />Finance Corporation GNMA/FHLMC Collateralized Home Mortgage Revenue Bonds, Series <br />1997" (the "Bonds") for the purpose of providing financing for home mortgage loans to eligible <br />borrowers for the purchase of qualifying single family residences within the Sponsoring Counties; <br />and, <br /> <br />WHEREAS, in accordance with Section 394.005 of the Act, the Corporation must receive <br />the approval of each municipality within its jurisdiction which has more than 20,000 inhabitants <br />in order for the proceeds of the Bonds to be used to make home mortgage loans within the <br />boundaries of such municipality; and, <br /> <br />WHEREAS, it is hereby determined that it is in the best interests of the citizens of the City <br />of Paris to approve the making of home mortgage loans within the City of Paris from the proceeds <br />of the Bonds; and, <br /> <br />WHEREAS, this meeting is open to the public as required by law, and public notice of <br />the time, place, and purpose of this meeting was given as required by the Texas Open Meetings <br />Act; NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS: <br /> <br />1. The findings and declarations contained in the recitals of this Resolution are <br />incorporated herein as part of this Resolution, <br /> <br />2, The City Council of the City of Paris hereby authorizes and approves the <br />application of the Act to the property located within the City of Paris in accordance <br />with Texas Local Government Code, Section 394.005, and authorizes use of the <br />proceeds of the Bonds to finance home mortgages for homes located within the City <br />of Paris. <br /> <br />3. All resolutions and orders, or parts thereof, in conflict with this Resolution are <br />hereby repealed to the extent of such conflict. <br /> <br />4. This Resolution shall take effect immediately from and after its adoption. <br /> <br />PASSED AND ADOPTED this 7th day of April, 1997. <br /> <br />~~~ <br /> <br />Eric S, Clifford, Mayor <br />