HomeMy WebLinkAboutResolution No. 98-20 ORIGINAL
RESOLUTION NO. ~'-~
A RESOLUTION GRANTING APPROVAL TO THE DENTON
COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF
THE PROCEEDS OF ITS SERIES 1998 SINGLE FAMILY
MORTGAGE REVENUE BONDS TO FINANCE HOME
MORTGAGES FOR SINGLE FAMILY HOMES LOCATED WITHIN
THE CITY.
WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter 394, Local
Government Code, V.T.C.A. (the "Act"), the creation of the Denton County Housing Finance
Corporation (the "Corporation"), was approved by the governing body of Denton County, Texas (the
"County"), to provide a means of financing the cost of residential ownership and development that
will provide decent, safe and sanitary housing for residents of the County at prices they can afford;
and
WHEREAS, in accordance with the Act the Corporation is not permitted to provide financing
of home mortgages for homes which are located within a municipality with more than 20,000
inhabitants as determined by the Corporation's rules, resolutions relating to the issuance of bonds,
or financing documents relating to such issuance, unless the governing body of the municipality
approves the application of the Act to the property located within the municipality; and
WHEREAS, the Board of Directors of the Corporation has requested the approval of the
governing body of the City of The Colony, Texas (the "City") to provide financing for home
mortgages for homes within the City with the proceeds of the issuance of the Corporation's
proposed Series 1998 Single Family Mortgage Revenue Bonds (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS:
SECTION 1. That the preambles to this Resolution are hereby adopted in their entirety and
incorporated herein as though set forth in full herein.
SECTION 2. The governing body of the City hereby approves the application of the Act
to the property within the City and grants its approval to the Corporation for the use of proceeds of
the Bonds to finance home mortgages for single family homes located within the City.
SECTION 3. This Resolution shall be effective from and after its passage.
730634.1/986114
PASSED AND APPROVED this,~#z) day of ~ 1998.
Mayor, Ci~ of Th~ Colony, Texas
City Secretary, City of The Colony, Texas
730634.1/986114 2