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HomeMy WebLinkAbout02-28-2002-10.11 - Resolution - 02/28/2002 RESOLUTION NO. 02,28-2002 410.11 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 2002, OR (II) IN THE ALTERNATIVE, OR IN COMBINATION THEREWITH, A MORTGAGE CREDIT CERTIFICATE PROGRAM. WHEREAS, the Brazos County Housing Finance Corporation has expressed to the City that it desires and intends either (i) to issue its Housing Finance Corporation Single Family Mortgage Revenue Bonds (GNMA and FNMA Mortgage- Backed Securities Program), Series 2002 (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 (ii) in the alternative or in combination therewith, the Corporation desires to issue Mortgage Credit Certificates ( "MCCs," and together with the Bonds, the "Obligations ") 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 4 10 WHEREAS, the Obligations 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 benefits to be derived from the issuance of the Obligations may not be used to finance 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 financial assistance afforded by the issuance of the Bonds or the delivery of MCC's; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: Section 1. That the above recital expressing the desire of the City to assist citizens of low and moderate income is 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 064971.0001 AUSTIN 249497 v3 4 60 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 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. ADOPTED AND APPROVED this 28th day of February , 2002. City 'S:eretary Mayor -City of College Station, Texas City of College Station, Texas Prepared by: Akin, Gump, Strauss, Hauer & Feld, L.L.P. 816 Congress Avenue Suite 1900 Austin, Texas 78701 460 064971.0001 AUSTIN 249497 2 CERTIFICATE FOR RESOLUTION We, the undersigned Mayor and City Secretary of the City of College Station, Texas (the "City"), hereby certify as follows: 1. The City Council of the City (the "Council ") convened in regular session, open to the public, on February 28, 2002, at the meeting place designated in the notice (the "Meeting "), and the roll was called of the members, to wit: Lynn Mcllhaney, Mayor, Larry Mariott, Mayor Pro -Tem, and the following City Councilmembers: James Massey, Ron Silvia, Winnie Garner, Dennis Maloney, and Anne Hazen. All members of the Council were present, except , thus constituting a quorum. Whereupon among other business, the following was transacted at the Meeting: a written Resolution entitled 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 2002, OR (II) IN THE ALTERNATIVE, OR IN COMBINATION THEREWITH, A MORTGAGE CREDIT CERTIFICATE PROGRAM (the "Resolution ") was duly introduced for the consideration of the Council. It was then duly moved and seconded that the Resolution be finally passed and adopted; and after due discussion, such motion, carrying with it the adoption of the Resolution prevailed and carried by the following vote: YES: 7 NOES: 0 ABSTENTIONS: 2. A true, full, and correct copy of the Resolution adopted at the Meeting is attached to and follows this Certificate; the Resolution has been duly recorded in the Council's minutes of the Meeting; the above and foregoing paragraph is a true, full, and correct excerpt from the Council's minutes of the Meeting pertaining to the adoption of the Resolution; the persons named in the above and foregoing paragraph are duly chosen, qualified, and acting officers and members of the Council as indicated therein; each of the officers and members of the Council was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the Meeting, and that the Resolution would be introduced and considered for adoption at the Meeting and each of such officers and members consented, in advance, to the holding of the Meeting for such purpose; and the Meeting was open to the public, and public notice of the time, place, and purpose of the Meeting was given, all as required by Chapter 551, Texas Government Code. 3. Connie Hooks is the duly appointed and acting City Secretary of the City. 064971.0001 AUSTIN 249497 v3 SIGNED AND SEALED THIS • February 28, , 2002. City Secretary Mayor City of College Station, Texas City of College Station, Texas (CITY SEAL) 40 064971.0001 AUSTIN 249497 2