6-24-99-12.13 - Resolution - 06/24/1999RESOLUTION NO. 6-24-99-12.13
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS APPROVING THE APPLICATION OF CHAPTER 394 (THE TEXAS
HOUSING FINANCE CORPORATIONS ACT) OF THE TEXAS LOCAL
GOVERNMENT CODE, TO THE CITY OF COLLEGE STATION, TEXAS, FOR THE
PURPOSE OF MAKING PROPERTY LOCATED WITHIN THE CITY OF COLLEGE
STATION, TEXAS, ELIGIBLE FOR (I) SINGLE FAMILY HOUSING FOR PERSONS
OF LOW AND MODERATE INCOME FINANCED BY LOANS MADE FROM THE
PROCEEDS OF THE BRAZOS COUNTY HOUSING FINANCE CORPORATION
SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA AND FNMA
MORTGAGE-BACKED SECURITIES PROGRAM), SERIES 1999A, OR (II) IN THE
ALTERNATIVE, OR IN COMBINATION THEREWITH, A MORTGAGE CREDIT
CERTIFICATE PROGRAM.
WHEREAS, the Brazos County Housing Finance Corporation desires and intends to issue its
Housing Finance Corporation Single Family Mortgage Revenue Bonds (GNMA and FNMA Mortgage-
Backed Securities Program), Series 1999 (the "Bonds") in an amount not to exceed $16,468,200 (provided
the amount of bonds to be issued may vary depending on demand made for the Bonds) or in the alternative
or in combination therewith, the Corporation desires to issue Mortgage Credit Certificates ("MCCs") in
lieu of issuing the Bonds or a portion thereof for the purpose of lowering borrowing costs for home
mortgages, the total proceeds of which do not exceed 25% of the principal amount of the Bonds elected not
to be issued; and
WHEREAS, said Bonds are being issued pursuant to Chapter 394 (the Texas Housing Finance
Corporations Act) of the Texas Local Government Code; and
WHEREAS, Section 394.005 of the Texas Housing Finance Corporations Act (the "Act")
provides that said Act does not apply to property located within a municipality with more than 20,000
inhabitants unless the governing body of such municipality approves the application of said Act to that
property; and
WHEREAS, the effect of said Section 394.005 is that the proceeds of the Bonds may not be used
to f'mance single family housing within a city without the approval of its governing body; and
WHEREAS, it is the desire of the City Council (the "City Council") of the City of College Station,
Texas (the "City"), to make available to citizens of low and moderate income of this City loans financed by
the proceeds of the bonds since they provide favorable interest rates for home buyers who qualify for such
loan assistance in lowering borrowing costs through the issuance of MCCs;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEGE STATION, TEXAS:
Section 1.
That the above recitals are true and correct.
Section 2. That the City Council hereby approves the application of the Act to property
located within the City and grants its approval to the Corporation for the use of proceeds of the Bonds to
finance home mortgages for homes located within the City or to issue MCCs to assist mortgagors
purchasing homes located within the City in lowering borrowing costs, it being the desire and intention of
the City Council to grant that approval required by Section 394.005 of the Act.
Section 3. That it is officially found and determined that no provision of this Resolution
shall make the City, this City Council, or any officer, agent, employee, or official of the City liable in any
respect whatsoever in regard to the Bonds or MCCs, it being understood that the Bonds are solely to be
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repaid and secured from the sources described in the Trust Indenture related thereto, none of which sources
impose any liability whatsoever upon this City, the City Council, or the officers, agents, and employees of
this City.
Section 4. That it is hereby officially found and determined that the meeting at which this
Resolution is passed is open to the public as required by law, and that public notice of the time, place and
purpose of said meeting was given as required by law.
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CERTIFICATE FOR RESOLUTION
I, Connie Hooks, City Secretary in and for the City of College Station, Texas, a municipal
corporation, do hereby certify that the attached photographic reproduction is a true and correct copy of
Resolution No. t~O ti ~q~-captioned:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS APPROVING THE APPLICATION OF CHAPTER 394 (THE TEXAS
HOUSING FINANCE CORPORATIONS ACT) OF THE TEXAS LOCAL
GOVERNMENT CODE, TO THE CITY OF COLLEGE STATION, TEXAS, FOR THE
PURPOSE OF MAKING PROPERTY LOCATED WITHIN THE CITY OF COLLEGE
STATION, TEXAS, ELIGIBLE FOR (I) SINGLE FAMILY HOUSING FOR PERSONS
OF LOW AND MODERATE INCOME FINANCED BY LOANS MADE FROM THE
PROCEEDS OF THE BRAZOS COUNTY HOUSING FINANCE CORPORATION
SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA AND FNMA
MORTGAGE-BACKED SECURITIES PROGRAM), SERIES 1999A, OR (II) IN THE
ALTERNATIVE, OR IN COMBINATION THEREWITH, A MORTGAGE CREDIT
CERTIFICATE PROGRAM
Such Resolution was duly adopted at a regularly scheduled meeting of the City Council held on
~J~m,s. ~t4, , 1999, and now appears of record in the official minutes of the City of College Station,
Texas. Said Resolution has not been amended, repealed, or otherwise modified, and remains in full force
and effect.
SEA[,
IN WITNESS WHEREOFa I have hereunto set my hand and caused the seal o~e Ciw of College
Station, Texas, to be affixed this
/)
Connie Hooks, City Secretary
City of College Station, Texas
Lynn' ~cI lhaney, Mayor /
City of College Station, Texas
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