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2003-103-RES ASSIGN AUTHORITY TO SINGLE FAMILY MORTGAGE REVENUE BONDS TO LAMAR COUNTY
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2003-103-RES ASSIGN AUTHORITY TO SINGLE FAMILY MORTGAGE REVENUE BONDS TO LAMAR COUNTY
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Last modified
8/18/2006 4:28:10 PM
Creation date
7/9/2003 7:55:50 PM
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CITY CLERK
Doc Name
2003
Doc Type
Resolution
CITY CLERK - Date
6/9/2003
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<br />RESOLUTION NO. 2003-103 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />PARIS, TEXAS, ASSIGNING THE AUTHORITY TO ISSUE SINGLE <br />FAMILY MORTGAGE REVENUE BONDS TO LAMAR COUNTY AS A <br />SPONSORING POLITICAL SUBDIVISION OF THE NORTHEAST TEXAS <br />HOUSING FINANCE CORPORATION; MAKING OTHER FINDINGS AND <br />PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, the City of Paris, Paris, Texas ("City"), is located in Lamar County, Texas, <br />which said county is a sponsoring political subdivision of the Northeast Texas Housing Finance <br />Corporation, a public non-profit corporation duly organized under the laws of the State of Texas <br />("Corporation"), and operating pursuant to the Texas Housing Finance Corporation Act, Chapter <br />394, Local Government Code, as amended (the "Act"); and, <br /> <br />WHEREAS, one of the powers of the Corporation is to issue qualified mortgage revenue <br />bonds; and, <br /> <br />WHEREAS, pursuant to the Act, a municipality with a population over 20,000 inhabitants <br />located within a county which is a sponsoring political subdivision of a housing finance <br />corporation is excluded from the county for purposes of assessing eligibility for bond issuance by <br />the county as a sponsoring political subdivision of a housing finance corporation unless the <br />governing body of the municipality adopts a resolution approving the application of the Chapter <br />394 to its property; and, <br /> <br />WHEREAS, in order to participate under the Corporation I s single family mortgage <br />revenue bond programs, the City is required to approve the application of Chapter 394 to its <br />property by assigning its authority to issue mortgage revenue bonds to Lamar County; NOW, <br />THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, <br />TEXAS: <br /> <br />Section 1. That the recitals hereinabove are found to be true and correct to the best <br />knowledge of the members of the City Council. <br /> <br />Section 2. That the City hereby approves the application of Chapter 394, Government <br />Code, to its property and assigns its authority to issue qualified mortgage bonds to Lamar County <br />as a sponsoring political subdivision of The Northeast Texas Housing Finance Corporation. <br /> <br />Section 3. That the Mayor and City Clerk are hereby authorized to execute and attest this <br />Resolution as the act and deed of the City. <br />
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