02-23-95-R1 - Resolution - 02/23/1995q so[ution
NO. 2-23-95-R1
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, ELIGI-
BLE FOR SINGLE FAMILY HOUSING FOR PERSONS OF LOW AND
MODERATE INCOME FINANCED BY LOANS MADE FROM THE
PROCEEDS OF THE BRAZOS COUNTY HOUSING FINANCE CORPO-
RATION SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA AND
FNMA MORTGAGE-BACKED SECURITIES PROGRAM), SERIES 1995
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 1995 ( the
"Bonds") in an amount not to exceed $12,186,200 (provided the amount of Bonds to be
issued may vary depending on demand made for the Bonds); 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
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 finance single family housing within this City without the approval of
its governing body; and
WHEREAS, it is the desire of the City Council of the City of COLLEGE
STATION, Texas, to make available to citizens of Iow 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 loans;
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 Chapter
394 (The Texas Housing Finance Corporations Act) of the Texas Local Government
RESOLUTION NO. 2-23-95-R1 PAGE 2
Code to property located within the City of College Station, Texas, financed with the
proceeds of the Bonds, it being the desire and intention of the City Council to grant that
approval required by Section 394.005 of the Texas Local Government Code
Section 3: That it is officially found and determined that no provision of this
Resolution shall make the City of College Station, Texas, this City Council, or any
officer, agent, employee, or official of the City of College Station, Texas, liable in any
respect whatsoever in regard to the Bonds, it being understood that the Bonds are
solely to be repaid and secured from the sources described in the Trust Indenture
related thereto, none of which sources impose any liability whatsoever upon this City,
this 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.
PASSED and APPROVED this ~-'~- day of February, 1995.
ATTEST:
CONNIE HOOKS, City Secretary
APPROVED:
APPROVED AS TO FORM AND CONTENT:
CAT~ City Attomey
CERTIFICATE FOR RESOLUTION
STATE OF TEXAS
COUNTY OF BRAZOS
CITY OF COLLEGE STATION
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. 2-23-95-1~1 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, ELIGI-
BLE FOR SINGLE FAMILY HOUSING FOR PERSONS OF LOW AND
MODERATE INCOME FINANCED BY LOANS MADE FROM THE
PROCEEDS OF THE BRAZOS COUNTY HOUSING FINANCE CORPO-
RATION SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA AND
FNMA MORTGAGE-BACKED SECURITIES PROGRAM), SERIES 1995
Such Resolution was duly adopted at a regularly scheduled meeting of the City
Council held on February 23, 1995, 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.
IN WITNESS WHEREOF, I have hereunto set my hand ,and caused the seal of
the City of College Station, Texas, to be affixed this the ~$~¥( day of February,
1995.
CONNIE HOOKS
City Secretary
City of College Station, Texas