1991-021-RES WHEREAS, the Northeast Texas Housing Finance Corporation (Corporation) is an existing joint housing

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RESOLUTION NO. 91-021 WHEREAS, the Northeast Texas Housing Finance Corporation (Corporation) is an existing joint housing finance corporation created in accordance with the Texas Housing Finance Corporations Act, Tex.Loc.Gov't Code ch. 394 (Vernon 1988 & Supp. 1990), on behalf of the counties of Bowie, Cass, Delta, Franklin, Hopkins, Lamar, Morris, Red River and Titus, for the purpose 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 expects to issue bonds during calendar year 1991 for the purpose of providing financing for mortgage loans to eligible borrowers for the purchase of qualifying single family residences located within the Sponsoring Counties; and, WHEREAS, in accordance with Section 394.005 of the Act, the Corporation must receive the approval of each municipal- ity within its jurisdiction which has more than 20,000 inhabitants, in order for the proceeds of the Corporation's 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 interest of the citizens of the City of Paris to approve the making of home mortgage loans within the City of Paris from the proceeds of bonds issued by the Corporation during calendar year 1991; 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 Tex.Rev.Civ.Stat.Ann. art 6252-17 (Vernon Supp.1990); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, that: 1. The findings and recitals of this Resolution of this Resolution. declarations contained in the are incorporated herein as part 2. The City Council hereby authorizes and approves the application of the Act to the property located within the City of Paris in accordance with Section 394.005 of the Act and authorizes use of the proceeds of the Corporation's bonds to be issued in calendar year 1991 to finance home mortgages for homes located within the City of Paris. 3. conflict extent of All resolutions and orders, or parts thereof, with this Resolution are hereby repealed to such conflict. in the