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0803 RESOLUTION NO. 97 -031 WHEREAS, the Northeast Texas Housing Finance Corporation (the "Corporation ") is an existing joint housing finance corporation created in accordance with the Texas Housing Finance Corporations Act, as amended, Chapter 394, Local Government Code (the "Act "), on behalf of the counties of Bowie, Cass, Delta, Franklin, Hopkins, Lamar, Morris, Red River, and Titus, Texas (the "Sponsoring Counties "), for the purposes 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 intends to issue its bonds entitled "Northeast Texas Housing Finance Corporation GNMA /FHLMC Collateralized Home Mortgage Revenue Bonds, Series 1997" (the 'Bonds ") for the purpose of providing financing for home mortgage loans to eligible borrowers for the purchase of qualifying single family residences within the Sponsoring Counties; and, WHEREAS, in accordance with Section 394.005 of the Act, the Corporation must receive the approval of each municipality within its jurisdiction which has more than 20,000 inhabitants in order for the proceeds of the 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 interests 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 the Bonds; 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 the Texas Open Meetings Act; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS: 1. The findings and declarations contained in the recitals of this Resolution are incorporated herein as part of this Resolution. 2. The City Council of the City of Paris hereby authorizes and approves the application of the Act to the property located within the City of Paris in accordance with Texas Local Government Code, Section 394.005, and authorizes use of the proceeds of the Bonds to finance home mortgages for homes located within the City of Paris. 3. All resolutions and orders, or parts thereof, in conflict with this Resolution are hereby repealed to the extent of such conflict. 4. This Resolution shall take effect immediately from and after its adoption. PASSED AND ADOPTED this 7th day of April, 1997. Eric S. Clifford, Mayor ATTEST: Mattie Cunningham, City Cler APPROVED FORM: T. K. Haynes, City Attorney