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: