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HomeMy WebLinkAbout02-23-95-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