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2003-103-RES ASSIGN AUTHORITY TO SINGLE FAMILY MORTGAGE REVENUE BONDS TO LAMAR COUNTY RESOLUTION NO. 2003-103 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 I 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. Section 4. That this resolution shall become effective immediately upon execution and the assignment herein granted shall expire October 31, 2006. PASSED AND APPROVED this 9th day of June, 2003. . ATTEST: ~ ~'a~'-.~__ ~ Mattie Cunningham, City Clerk APPROVED AS TO FORM: CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS ) ) THE CITY OF PARIS ) We, the undersigned officers of the City of Paris, Texas hereby certify as follows: 1. The City Council of said City convened in REGULAR MEETING ON THE 9TH DAY OF JUNE, 2003, at the designated meeting place in Paris, Texas, and the roll was called of the duly constituted officers and members of said City Council were represented by the following members, thus constituting a quorum, to-wit: Council Member Name Curtis Fendley Joe E. McCarthy Willie Weekly Benny Plata Jay Guest Francine Neeley Jim Bell Position Mayor, District 5 Mayor Pro Tem, District 1 Council Member, District 2 Council Member, District 3 Council Member, District 4 Council Member, District 6 Council Member, District 7 Whereupon, among other business, the following was transacted at said Meeting: 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. was duly introduced in writing for the consideration of said City Council and read in full. It was then duly moved and seconded that said Resolution be adopted; and, after due discussion, said motion carrying with it the adoption of said Resolution, prevailed and carded by the following vote: AYES: 6 NOES: -0- ABSTENTIONS: -0- 2. A true, full, and correct copy of the aforesaid Resolution adopted at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; said Resolution has been duly recorded in said City Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full, and correct excerpt from said City Council's minutes of said Meeting pertaining to the adoption of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified, and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council as indicated therein was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered for adoption at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose. Said Meeting was open to the public, and public notice of the time, place, and purpose of said Meeting was given, all as required by Chapter 551 of the Texas Government Code. SIGNED AND SEALED this 9th day of June, 2003. ~~...,..~ Mattie Cunningham, City Clerk (SEAL)