HomeMy WebLinkAbout022480 RES - 02/13/1996RESOLUTION
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS APPROVING THE MAKING OF HOME MORTGAGE LOANS WITHIN
THE CITY FROM THE PROCEEDS OF BONDS ISSUED BY THE COASTAL
BEND HOUSING FINANCE CORPORATION DURING THE 1996 CALENDAR
YEAR; AND ESTABLISHING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Corpus Christi has been informed that pursuant to the Texas
Housing Finance Corporations Act, as amended, Chapter 394, Local Government Code (the "Act") the Coastal
Bend Housing Finance Corporation (the "Corporation") has been duly created to act as a joint housing finance
corporation under the Act on behalf of the counties of Bee, Duval, Jim Wells, Kleberg, Nueces, and San Patricio,
Texas (the "Sponsoring Local Governments");
WHEREAS, it is hereby determined and declared by the City Council of the City of Corpus Christi, Texas
(the "City") that it is in the best interest of the citizens of the City to approve the making of home mortgage loans
within the City from the Proceeds of bonds issued by the Corporation during the 1996 calendar year under certain
City Council stipulated conditions;
WHEREAS, the City Council is being induced by and in reliance upon an opinion by Akin, Gump, Strauss,
Hauer and Feld, L.L.P. (Bond Counsel) and assurances by Morgan Keegan & Company, Inc. (Underwriter) that
passage of this resolution will in no manner whatsoever interfere with any proposed or future program of the
Corpus Christi Housing Finance Corporation; and
WHEREAS, this meeting is open to the public as required by law, and public notice of the time, place and
purpose of this meeting was given as required by Chapter 551, Texas Government Code, as amended:
TEXAS:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
SECTION 1: The findings and declarations contained in the recitals of this Resolution are incorporated
herein as part of this Resolution.
SECTION 2: The City Council hereby authorizes and approves the application of the Act to the property
located within the City in accordance with Texas Local Government Code, Section 394.005 and authorizes use
of the proceeds of the Corporation's bonds to be issued in calendar year 1996 to finance home mortgages for
homes located within the City.
SECTION 3: The City Council specifically reserves the right to review all phases of the proposed issue
including all documents associated therewith and to withdraw this approval at any time prior to sale of the bonds
at the sole discretion of the City Council. The City shall be released by the Corporation, its bond counsel and its
underwriter from any cause of action resulting from any such withdrawal or any other cause of action arising with
respect to this bond issue.
SECTION 4: This Resolution shall take effect immediately from and after its adoption.
PASSED AND APPROVED on the 15 day of 176)V &AC( VLI 1996.
CITY SECRETARY
APPROVED AS TO FORM:
CalecutAl/
—AS*CITY ATT RNEY
022439
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FILMED
Corpus Christi, Texas
13 Day of k b(,1961(c
The above resolution was passed by the following vote:
Mary Rhodes
Dr. Jack Best
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
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