HomeMy WebLinkAboutRES 042302-N - Rev Bond Finance MorgagesA 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 2002 ISSUED BY THE CAPITAL AREA
HOUSING FINANCE CORPORATION TO FINANCE
HOME MORTGAGES FOR HOMES LOCATED IN THE
CITY OF GEORGETOWN
VESOLUTION NO. / P #._`
WHEREAS, the Capital Area Housing Finance Corporation (the "Corporation ") was
incorporated pursuant to the Texas Housing Finance Corporations Act of 1979, as amended,
chapter 394 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 Tax - Exempt Single - Family Mortgage
Revenue Bonds (GNMA and Fannie Mae Mortgage- Backed Securities Program), Series 2002 (the
"Bonds "); and
WHEREAS, Section 394.005 of the Act provides that the Act does not apply to property
located within a municipality with more than 20,000 inhabitants unless the governing body of the
municipality approves the application of the Act to the property; and
WHEREAS, the Corporation has requested 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:
NOW, THEREFORE, BE IT RESOLVED AND ORDERED BY THE CITY COUNCIL OF
THE CITY OF GEORGETOWN, TEXAS THAT:
The recitals are incorporated in and made a part of this Resolution.
2. The City 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.
Capital Area Housing Finance Corporation Resolution No. Q -. Al
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3. To demonstrate the City's desire to participate in the Corporation's 2002 bond
program, a certified copy of this Resolution will be forwarded to the Corporation.
Adopted this 0r day of April, 2002.
THE CITY OF GEORGETOWN
`�MaryEllen Kersch, Mayor
Approved as to form:
2L
Patricia E. Carls, City Attorney
Attest:
12 /17
.Z11
Sandra D. Lee, City Secretary
Capital Area Housing Finance Corporation Resolution No. 6WIMZ—Al
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