HomeMy WebLinkAboutRES 011210-K - Revenue Bond Capital AreaRESOLi1TIONNO, all �4k
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, SUPPORTING THE ISSUANCE OF SINGLE
WILLY MORTGAGE REVERE BONDS TO BE ISSUED BY THE
CAPITAL AREA HOUSING FINANCE CORPORATION,
\VHEREAS, pursuant to the Texas Housing Finance Corporations Acc Chapter 394, Local
Government Code (the 'Act"), the Capital Area Housing Finance Corporation (the
"Corporation") was approved by resolution of the governing bodies of each of the Texas
Counties of Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano and urlliamson and
the City of San Marcos (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 lows and moderate income; and
WHEREAS, the Corporation desires and intends to issue its Single Family Mortgage
Revenue Bonds (Guaranteed Mortgage -Backed Securities Program) Series 2009A (the `Bonds")
pursuant to the Act to defray, in whole or in part, the costs of purchasing or funding the mating
of home mortgages, in an aggregate principal amount not to exceed S25,000,000; and
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 property located within the
municipality; 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 Georgetown, Texas (the airy"),
without the approval of its governing body; and
WHEREAS, the Corporation has requested the approval of the City Council of the City to
allow mortgage loans for homes located in the City to be financed with the proceeds of the
Bonds; and
WHEREAS, the City Council of the City waits to allow mortgage loans financed with
proceeds of the Bonds to be available to losv and moderate income residents of the City in order
to provide favorable interest rates for first time home buyers who qualify for such loans.
NOW THEREFORE, BE IT RESOLVED BY THE CITY .COUNCIL OF THE CITY OF
GEORGETOWN, TEMS, THAT;
Section I: The recitals made above in this Resolution are hereby adopted in their
entirety and inconorated 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 to finance mortgage loans for homes located within the City.
FIN 0C.�caesdmiun
T1J3953 1B
Section 3, That it is officially found and determined tmtno 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 with respect to the Bonds, it being understood hat 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 the City, this City Council or any officer,
agent, employee or official of the City,
Section 4, To indicate the City's desire to participate in this program, a copy of this
resolution will be forwarded to the Capital Area Housing Finance Corporation,
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PASSED AND APPROVED this 12th day of January, 2010
ATTEST:
APPROVED AS TO FORM:
Mark Sokolow, City Attorney
Mayor
City of Georgetovitn, Texas
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CERTIFICATE OF RESOLUTION
STATE OF TEXAS )
) SS
COUNTY OFWILLIAMSON )
We, the undersigned officials of the City of Georgetown, Texas (the 'Gill), do hereby
execute and deliver this certificate for the benefit of the Attorney General of the State of Texas
and all persons interested in the proceedings of the City Council of the City of Georgetown;
Texas (the "City Comer), and the validity thereof, and do certify as follows;
1. That we are the duly chosen, qualified and acting officials of the City for the offices
shown below our signatures; that as such we are familiar with the facts herein certified; and that
we are duly authorized to execute and deliver this certificate,
2, The City Council convened in Regular Session on the 12th day of January 2010, at
the regular meeting place thereof, and the roll was called of the duly constituted City Council and
all of said persons were present except the following, '31II seger , thus
constituting a quorum. Whereupon, among other business, the following was transacted at said
meeting; a written Resolution No, 011210• Iwas introduced for the consideration of the City. It
was then duly moved and seconded that said Resolution be adopted; and, after due discussion,
said motion, carrying with it the adoption of said Resolution, prevailed and carried by the vote of
Ayes, O Nays, and 0 Abstentions,
3, That a true and complete copy of the aforesaid Resolution adopted at the meeting is
attached to and follows this certificate.
4. That such Resolution has been duly and lawfully adopted by the City Council and
has been duly recorded in the minutes of the City Council for such meeting.
5, That a sufficient written notice of the date, hour, place and subject of this meeting
was posted on a bulletin board located at a place convenient to the public at the City Hall of the
City and was readily accessible to the general public at all times for at least 72 hours preceding
the scheduled time of the meeting, as required by the Open Meetings Act, Vemon's Texas Civil
Statutes, Govemment Code, Chapter 551, as amended; and that this meeting was open to the
public as required by law at all times during which such resolution and the subject matter thereof
was discussed, considered and formally acted upon
SIGNED this 12111 day of January, 2010,
ATTEST:
Ci ecretar " Mayor
Ci of Georgetown, Texas City of Georgetown, Texas
n Vaeik,d
City Attorney
Mark Sokolow
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