1991-021-RES WHEREAS, the Northeast Texas Housing Finance Corporation (Corporation) is an existing joint housing
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with this Resolution are hereby repealed to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
ATTEST:
Mattie Cunningham, Cl
APPROV~TO FORM:
J-K;rft~
T. K. Haynes, City Attorney