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HomeMy WebLinkAbout025702 RES - 04/13/2004RESOLUTION RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI AUTHORIZING THE COASTAL BEND HOUSING FINANCE CORPORATION TO ISSUE SINGLE FAMILY MORTGAGE REVENUE BONDS AND MORTGAGE CREDIT CERTIFICATES TO ASSIST IN FINANCING HOME MORTGAGES FOR HOMES LOCATED IN THE CITY OF CORPUS CHRISTI WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter 394, Texas Local Government Code (the "Act"), the creation of the Coastal Bend Housing Finance Corporation (the "Corporation") was approved by resolution of the governing bodies of each of the Texas Counties of Aransas, Bee, Brooks, Duval, Jim Wells, Kleberg, Nueces, Refugio and San Patricio (the "Local Governmental Units"), to provide a means of financing the cost of residential ownership and development that will provide decent, safe, and sanitary housing for persons and families of Iow and moderate income; and WHEREAS, the Corporation desires and intends to issue its Single Family Mortgage Revenue Bonds Series 2004A and its Single Family Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage-Backed Securities Program) Series 2004B (collectively, the "Bonds") and Mortgage Credit Certificates pursuant to the Act to defray, in whole or in part, the costs of purchasing or funding the making of home mortgages, WHEREAS, Section 394.005 of 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 the City of Corpus Christi, Texas, (the "City"), without the approval of its governing body; and WHEREAS, it is the desire of the City Council of the City to make available to citizens of Iow and moderate income of this City loans financed by the proceeds of the Bonds and Mortgage Credit Certificates in order to provide favorable interest rates for first time home buyers who qualifl/for such loans and assistance; and WHEREAS, the Corporation has agreed to make $4 million available to the Corpus Christi Housing Finance Corporation in Mortgage Credit Certificates and to provide up Co 50% of their single family issue to the City during the first year of that issue; and WHEREAS, the Corporation has requested the approval of the governing body of the City to provide, with the proceeds of the issuance of the Bonds and Mortgage Credit Certificates, financing for home mort~]a~es for homes located in the City; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, THAT: SECTION 1. The recitals made above in this Resolution are hereby adopted in their entirety and incorporated herein as though set forth in full herein. SECTION 2. 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 and Mortgage Credit Certificates to finance home mortgages for homes located within the City. SECTION 3. That it is officially found and determined that no provision of this Resolution shall make the City of Corpus Christi, Texas, this City Council, or any officer, agent employee or official of the City of Corpus Christi, Texas, liable in any respect whatsoever in regard to the Bonds or Mortgage Credit Certificates, it being understood that the Bonds are solely to be repaid and secured from the sources described in the Indenture of Trust 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. To indicate the City's desire to participate in this program, a copy of this Resolution will be forwarded to the Coastal Bend Housing Finance Corporation. SECTION 5. It is hereby officially found and determined that the meeting at which this Resolution was passed was open to the public as required by law. PASSED AND APPROVED this the I~f~day of /~f~4.~ , 2004. ATTEST: THE CITY OF CORPUS CHRISTI Samuel L. Neal, Jr. City Secretary ~. ~ Mayor ~[~s~ ant Ci~/A~orney ~ Fo~ Afforhey ~ Samuel L. Neal, Jr. Brent Chesney Javier D. Colmenero Melody Cooper Henry Garrett Bill Kelly Rex A. Kinnison Jesse Noyola Mark Scott CORPUS CHRISTI, TEXAS The above resolution was passed by the following vote: