HomeMy WebLinkAbout024025 RES - 05/09/2000RESOLUTION
Resolution of the City Council of the City of Corpus Christi,
Texas approving the Application of Chapter 394 (The Texas
Housing Finance Corporations Act) of the Texas Local
Government Code, to the City of Corpus Christi, Texas, for the
purpose of making property located within the City of Corpus
Christi, Texas, eligible for (I) single family housing for persons
of low and moderate income financed by loans made from the
proceeds of the Coastal Bend Housing Finance Corporation
Single Family Mortgage Revenue Bonds (GNMA and FNMA
Mortgage-backed Securities Program), Series 2000A, or (11) in
the alternative, or in combination therewith, a Mortgage Credit
Certificate Program.
WHEREAS, the Coastal Bend 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 2000A (the Bonds) in an amount not to exceed $17,438,925 (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 a portion of the
Bonds for the purpose of lowering borrowing costs for home mortgages; 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 finance single family housing within a city, nor may
MCCs be issued, without the approval of its governing body; and
WHEREAS, it is the desire of the City Council (the "City Council") of the City
of Corpus Christi, Texas (the "City"), to make available to citizens of low and
moderate income of this City loans financed by the proceeds of the Bonds, or
MCCs issued by the Corporation, or both;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI, 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
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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, 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 the 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.
ATTEST:
Armando
CITY OF CORPUS CHRISTI
Legal form approved ~ -- ~
,2000; James R. Bray, Jr., City Attorney
By:
Ja a
City Attorney ' '
Corpus Chdsti, Texas
C~d~of ~ 20~
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Henry Garrett
Dr. Arnold Gonzales
Rex A. Kinnison
Betty Jean Longoria
John Longoria
Mark Scott
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