HomeMy WebLinkAboutRES 111307-M - Tax Exempt Morgage BondsRESOLUTION NO. / / 3 0 %- M
A Resolution of the City Council of the City of Georgetown, Texas approving
the use of the proceeds of Tax -Exempt Single -Family Mortgage Revenue
Bonds (GNMA and Fannie Mae Mortgage -Backed Securities Program), Series
2007A issued by The Capital Area Housing Finance Corporation to finance
home mortgages for homes located in the City of Georgetown
WHEREAS The Capital Area Housing Finance Corporation (the "Corporation") was
incorporated pursuant to the Texas Housing Finance Corporations Act of 1979, as amended,
chapter 39z- of the Local Government Code (the "Act"), by the governing bodies of the City of San
Marcos, Texas, and each of the Texas counties of Bastrop, Blanco, Caldwell, Fayette, Hays, Llano,
and Williamson (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
individuals and families of low and moderate income; and
WHEREAS The Corporation's Articles of Incorporation were amended effective March
11, 1998 to add the Texas counties of Burnet and Lee as Local Governmental Units of the
Corporation; and
WHEREAS The Corporation intends to issue its Capital Area Housing Finance
Corporation Single -Family Mortgage Revenue Bonds (Guaranteed Mortgage -Backed Securities
Program), Series 2007A (the 'Bonds"); and
WHEREAS Section 394.005 of the Act provides that the Act does riot apply to property
located within a municipality with more than 20,000 inhabitants unless the governing body of the
municipality a Jproves the application of the Act to the pi operty; and
WHEREAS The Corporation has requestec. the governing body of the City of
Georgetown, Texas (the "City") to approve the use of the proceeds of the issuance of the Bonds to
finance home mortgages for homes located in the City; now, therefore, be it:
RESOLVED By the City Council of the City of Georgetown, Texas:
1. The recitals are incorporated in and iiiade a part of this Resolution.
2. The Cit, Council approves the application of the Act to property within the City and
grants its approval to the Corporation for use of the proceeds of the Bonds to finance home
mortgages for homes located within the City.
3. To demonstrate the City's desire to participate in the Corporation's 2007 bond program,
a certified copy of this Resolution will be forty ardec. to the Corporation.
Resolution No / 11 S t7 7
Capital Area Housing Finance Corporation
Tax -Exempt Single -Family Mortgage Revenue Bonds, Series 2007
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4. 1he City Council finds and declares that sufficient written notice of the date, hour,
location, and subject of the meeting was posted on a bulletinboard located at a place convenient to
the public at City Hall and was readily accessible to the general public at least 72 hours before the
scheduledmeeting time, and the meeting was open to the public at all times during discussion
and adoption of the Resolution, all in compliance with the Open Meetings Act, chapter 551 of the
Texas Government Code.
Adopted this 13th day of November 2007.
ATTEST:
Sandra D. Lee
City Secretary
APPROVED AS TO FORM:
Patricia E . Carls
City Attorney
THE CITY OF GEORGETOWN:
By: GarY Nelon
Mayor
Resolution No.
Capital Area Housing Finance Corporation
Tax -Exempt Single -Family Mortgage Revenue Bonds, Series 2007
MA
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