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DRAFT <br /> <br />ALICEhO. ESWORK\CURRENT\ TX Housing Finance Home Mortg Res <br /> September 25, 2001 <br /> <br />RESOLUTION NO. <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />PARIS, TEXAS, AUTHORIZING AND APPROVING THE APPLICATION <br />OF THE TEXAS HOUSING FINANCE CORPORATIONS ACT TO <br />PROPERTY LOCATED WITHIN THE CITY OF PARIS IN ACCORDANCE <br />WITH TEXAS LOCAL GOVERNMENT CODE, SECTION 394.005, AND <br />AUTHORIZING THE USE OF BONDS ISSUED BY THE NORTHEAST <br />TEXAS HOUSING FINANCE CORPORATION TO FINANCE HOME <br />MORTGAGES FOR HOMES LOCATED WITHIN THE CITY OF PARIS; <br />MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE <br />SUBJECT; AND PROVIDING AN EFFECTIVE DATE. <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 the <br />counties of Bowie, Cass, Delta, Franklin, Hopkins, Lamar, Morris, Red River, and Titus, Texas (the <br />"Sponsoring Counties"), for the purposes of providing a means of financing the costs of residential <br />ownership and development that will provide decent, safe, and sanitary housing for persons of low <br />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 2001" <br />(the "Bonds") for the purpose of providing financing for home mortgage loans to eligible borrowers <br />for the purpose of qualifying single family residences within the Sponsoring Counties; 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 in <br />order for the proceeds of the Bonds to be used to make home mortgage loans within the boundaries <br />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 the <br />time, place, and purpose of this meeting was given as required by the Texas Open Meetings Act; <br />NOW, THEREFORE, <br /> <br /> <br />