02 Housing CorporationDRAFT
ALICEhO. ESWORK\CURRENT\ TX Housing Finance Home Mortg Res
September 25, 2001
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
PARIS, TEXAS, AUTHORIZING AND APPROVING THE APPLICATION
OF THE TEXAS HOUSING FINANCE CORPORATIONS ACT TO
PROPERTY LOCATED WITHIN THE CITY OF PARIS IN ACCORDANCE
WITH TEXAS LOCAL GOVERNMENT CODE, SECTION 394.005, AND
AUTHORIZING THE USE OF BONDS ISSUED BY THE NORTHEAST
TEXAS HOUSING FINANCE CORPORATION TO FINANCE HOME
MORTGAGES FOR HOMES LOCATED WITHIN THE CITY OF PARIS;
MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE
SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
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 2001"
(the "Bonds") for the purpose of providing financing for home mortgage loans to eligible borrowers
for the purpose 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, PARIS,
TEXAS:
Section 1. That the findings and declarations contained in the recitals of this Resolution are
incorporated herein as part of this Resolution.
Section 2. That 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.
Section 3. That all resolutions and orders, or parts thereof, in conflict with this Resolution
are hereby repealed to the extent of such conflict.
Section 4. That this resolution shall be effective from and after its date of passage.
PASSED AND APPROVED this 28th day of September, 2001.
ATTEST:
Michael J. Pfiester, Mayor
Mattie Cunningham, City Clerk
APPROVED AS TO FORM:
Larry W. Schenk, City Attorney
09-2S-2001 03:31PM FROM RICHARD M. ANDERSON
facsimile transmittal
19037829721 P.O1
lo: lVl:'. Larry Schmk Fax: 903.782.9721
F,~,i.; Richard M. Anderson I~at~: 09/'25/01
Re: NETHFC Pa~: 4
MESSAGE
CONF1DEN'flALITY HOTIC;'
of 1he lr~FNidtml Of lf~ m'l~y named al:o~e- If yo~ are n,o~ ~-,,e irfatwtded mcili~n yo~ am hereby notilted Ihat any
discfl:~mre, cg~yino.:j, dl..s~ibt/lion m' taking of any action in refiance on the g;n~mfam~ o~ IJ~is irffonvm~ton is stticlJy
09-25-3001 03:32PM FROM RICHARD M. ANDERSON 19037829721 P.02
PJCHARD M. ANDERSON
ATTORNEY AT LAW
P.O, BOX 550
211 WEST AUSTIN STREET
MARSHALL, TEXAS 75670
(903) 938-8373
FACSIMILE (903) 938-3748
September 25, 2001
Mr. Larr7 Schenk
City Attorney
City of Paris
RE; NETHFC
Dear Mr. $chenk:
Endosed is a copy of the proposed form of resolution which you and I discu~___~,cl this
afternoon. P~ I explained, the Texas Bond Review Board has notified us that fl3ere is $18.5
million dollars available for Single Family Mortgage Revenue Bonds in the Northeast Texas area,
which includes Lamar CounW. In order for the City of Paris to parlicipate in the program, it is
nece~-~-~y for the City to pass a resdugon substantially in I~e form at~ched in order to include
the City's popula'don in the proposed new issue.
I also enclose a copy of Resolution No_ 97-O31 which was passed on A dl 7 1997
pursuant to the 1997 Program This is included simply by way of explaining to you that we are not
'plowing new ground".
We have been afforded a 72 hour deadline by the Bond Review Board. Please call me
subsequent to your opportun~ to review the enclosure.
Best regards,
Richard M Anderson
RMA/sr
Enclosure
09-25-20010~:~2PM FROM RICHARD M. ANDERSON TO 190~7829721 P.O~
09-25-2001 05:~JPM FROM RICHARD M. ANDERSON
19037829721 P.04
TOTAL P.04
P~OM RICHARD M. ANDERSON
RESOLUTION NO. 97-031
WI,[ERE.&S, thc Northc~t Texas Housing Finance Corl~rafiofi f~e "Corporati0r¢) is an
fxbdng joint housing fly. anco corporalion created in accordance with [he Texas Housing Finance
Corporatior~ Am, ~s am*haled, Chapter 3~. Local Gov~ent C~e (th~ 'AcI'), on ~half o[
rh~ courages of Bowie, ~s. Delta, Fra~in, Hopki~. ~mar, Morris, Red River, and Tiros.
Texas (the "Sponsoring Counties'), for thc pu~osfs o~ providing a means of financing ~he costs
of rasid~ntlal own~i~ and d~veI~m,m tha~ will provid~ dfc*m, safe, and sanirary housing for
p~rsom of Iow an~ moderate income a~ prices ~ey can affordl and,
WI'IE;REAS, me Corporaiion imends to issue its bonds entitled 'Northeast Texas Housing
Finance Co~oration GNMA/FH~C Colla~rallz~ Home Mortgage Revenue Bonds, Series
1997" (the "Bonds') for ~e pu~ose of providing fi~ncing for ho~ mo~gage loam to eligible
boxcars for ~e purchase of quali~g single ~ily ~side~s wi~in the 5~moring Coun
w'br~R.EA.~, in ac¢or&at~re with '%priori 394.005 Of the Act, ~e Co~omtion musI receive
th~appmval of each municipality wi~in its jurisdiction which has mor~ than 20,~ i~abitams
in ord*r for Ih~ proceeds of ~e Bonds t0 bo used to make home mortgage loans wilhin
~undari~$ of such municipality; an~,
WHEREAS, it is hereby determined that il/s in [he b~s[ interests of ~e citizen~ of b~e Ci~
of~Hs [o approve ~e ~ing of home mo~gage loa~ wi~ ~e Ci~y of Paris from ~he proceeds
of ~* Bonds; and,
WHEREAS, this meeting is open lo the public as required by law, and public nmice of
the time, place, end purpose of this m*edng was given as requi~d by the Texas Open Meetings
Act: NOW, TI.-I'EREFORE,
~BE Fi' R.~SOLVI~D BYTHE CITY COUNCIL OF THE CITY OF PARIS:
The findings and dectarationa conlained in the recitals of zhis Resolution are
incorporated herein as pan of this R~solutiou.
The City Council cf the City of Paris hereby authorizes and approves thc
application of th= Act to the proper~y located within the City of Paris in accordance
with T~xas L~al Gove~nt Code. Section 394.~5. and authorizes use of the
pr~eeds of~e Bonds to fi~ce home mortgages for homes lo.ted within ~e City
of Paris.
All resolutions and orders, or parts thereof, in conflict with this Resolulion are
hereby repealed to Ge extent of such conflict.
4. This Rfse'ladon shall take effect immedialely from and after irs adoption.
PASSED AND ADOPT'ED rh~s 7th day ~f April, 1997,
Eric S_ Clifford. Mayor
Mattie Cunningham, City Cierl~
i
TOTAL P.05