04-C Assign Mort. Bond to Cnty - Laserfiche WebLink

Home Browse Search

DRAFT F:~Attorney\Lisa~esolutions\CURRENT~Mortgage Revenue Bond Opt Out Res.wpd May 28, 2003 RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, ASSIGNING THE AUTHORITY TO ISSUE SINGLE FAMILY MORTGAGE REVENUE BONDS TO LAMAR COUNTY AS A SPONSORING POLITICAL SUBDIVISION OF THE NORTHEAST TEXAS HOUSING FINANCE CORPORATION; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of Paris, Paris, Texas ("City"), is located in Lamar County, Texas, which said county is a sponsoring political subdivision of the Northeast Texas Housing Finance Corporation, a public non-profit corporation duly organized under the laws of the State of Texas ("Corporation"), and operating pursuant to the Texas Housing Finance Corporation Act, Chapter 394, Local Government Code, as amended (the "Act"); and, WHEREAS, one of the powers of the Corporation is to issue qualified mortgage revenue bonds; and, WHEREAS, pursuant to the Act, a municipality with a population over 20,000 inhabitants located within a county which is a sponsoring political subdivision of a housing finance corporation is excluded from the county for purposes of assessing eligibility for bond issuance by the county as a sponsoring political subdivision of a housing finance corporation unless the governing body of the municipality adopts a resolution approving the application of the Chapter 394 to its property; and, WHEREAS, in order to participate under the Corporation's single family mortgage revenue bond programs, the City is required to approve the application of Chapter 394 to its property by assigning its authority to issue mortgage revenue bonds to Lamar County; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the recitals hereinabove are found to be true and correct to the best knowledge of the members of the City Council. Section 2. That the City hereby approves the application of Chapter 394, Government Code, to its property and assigns its authority to issue qualified mortgage bonds to Lamar County as a sponsoring political subdivision of The Northeast Texas Housing Finance Corporation. Section 3. That the Mayor and City Clerk are hereby authorized to execute and attest this Resolution as the act and deed of the City.