04-C Assign Mort. Bond to CntyDRAFT
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.
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:
Curtis Fendley, Mayor
Mattie Cunningham, City Clerk
APPROVED AS TO FORM:
Larry W. Schenk, City Attorney
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 F1ND1NGS 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:
NOES:
AB STENTIONS:
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.
Curtis Fendley, Mayor
Mattie Cunningham, City Clerk
(SEAL)
Robert J. Dubbelde
(215) 988r7841
d ubbelder~gtlaw.com
A T T O I~ N E ¥ ~ A T
May 9, 2003
I A¥ 4 2003
CITY ATTORNE't
PARIS, TEXAS
La~yW. Schenk
P O Box 9037
135 S E 1st Street
Paris, Texas 75461
Re:
Northeast Texas Housing Finance Corporation Single Family Mortgage Revenue
Bonds, Series 2003A and 2003B
Dear Mr. Schenk:
Thc purpose of this letter is to inform you of an upcoming bond issuance by the Northeast
Texas Housing Finance Corporation (the "Corporation") of its single family mortgage revenue
bonds for the purpose of providing funds for mortgage loans to eligible low and moderate
income first-time home buyers to finance the purchase of qualified single-family residences
located within the sponsoring counties of the Corporation, pursuant to the Corporation's 2003
residential mortgage bond program (the "2003 Program"). As you know, Lamar County is one
of the sponsoring counties of the Corporation.
The Corporation proposes to issue two bond issues: (1) the Corporation's Single Family
Mortgage Revenue Bonds, Series 2003A, and the (2) the Corporation's Single Fanfily Mortgage
Revenue Bonds (GNrlvlA and Fannie Mae Mortgage-Backed Securities), Series 2003B, which
will be issued in one or more subseries in order to refund the Series 2003A Bonds. Each bond
issue will be in a principal amount aot to exceed $19,000,000.
As I'm sure you remember from the Corporation's similar progran~ in 1997, Section
394.005 of the Texas Local Government Code requires all cities in the jurisdiction of the
Corporation with a population over 20,000 to approve the application of the Program to
residences within the city limits of such city in order for the Corporation to be able to originate
mortgage loans in such city. In 1997, the Corporation's program resulted in over 300 low or
moderate income mortgage loans being originated for the residents within the jurisdiction of the
Corporation. The Corporation expects the 2003 Program to be even more successful than the
one in 1997.
Larry W. Schenk
May 9, 2003
Page 2
Enclosed with this letter are a Certificate of Resolution and a Resolution for the City
Council of Paris, Texas. The Resolution meets the requirements of Section 394.005 of the Texas
Local Government Code to allow the Corporation to originate mortgage loans under the 2003
Program within the city limits of Paris, Texas (the "City"). The Certificate of' Resolution is a
requirement of the Texas Attorney General for his author/zation of the Bonds.
I respectfully request that you have the enclosed Resolution placed on the agenda of the
City's next City Council meeting. If the Resolution is approved, please revise the Certificate of
Resolution, as necessary, and have five (5) copies of each the Resolution and the Certificate of
Resolution executed by the mayor and city secretary and then sealed. Please send all executed
and sealed documents to me using the address above.
I appreciate your assistance in this matter, and please do not hesitate to call me with any
questions or concerns.
Sincerely,
Robert J. Dubbelde
Enclosures: 2
cc: Richard M. Anderson
William L. Gehfig