HomeMy WebLinkAboutResolution No. 02-22 CITY OF THE COLONY
RESOLUTION NO. ~'
A RESOLUTION GRANTING APPROVAL TO THE DENTON
COUNTY HOUSING FINANCE CORPORATION FOR THE USE
OF THE PROCEEDS OF ITS SERIES 2002 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 2002 Single Family Mortgage Revenue Bonds (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
THE COLONY, TEXAS THAT:
SECTION 1. 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.
enwlle Shannon, Mayor
ATTEST:
~..i~y secretary, Cit~of ~l'he Col0"ny, Texas
APPROVED AS TO FORM:
Gordon Hikel, City Attorney
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