Res 067-2006 5/23/2006 RESOLUTION NO. 67-2006
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, TO AUTHORIZE THE USE OF MORTGAGE REVENUE
BONDS TO FINANCE HOME MORTGAGES FOR PROPERTIES
WITHIN THE CITY; FINDING AND DETERMINING THAT THE MEETING
AT WHICH THIS RESOLUTION WAS PASSED WAS OPEN TO THE
PUBLIC AS REQUIRED BY LAW.
WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter
394, Local Government Code (the "Act'�, NORTEX Housing Finance Corporation (the
"Corporation'� was approved by resolution of the governing bodies of each of the Texas
Counties of Archer, Baylor, Clay, Cottle, Foard, Hardeman, Jack, Montague, Wichita,
Wilbarger and Young (the "Local Govemmental 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 low and moderate income; and
WHEREAS, the Corporation desires and intends to issue its Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) Series 2006A (the
"Bonds'� pursuant to the Act to defray, in whole or in part, the costs of purchasing or
funding the making of home mortgages, in an aggregate principal amount not to exceed
$21,000,000; 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 Wichita Falls, Texas
(the "City'�, 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 wants to allow mortgage loans financed
with proceeds of the Bonds to be available to low 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 WICHITA FALLS, 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 to finance mortgage loans 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, 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 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 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 NORTEX 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 23rd day of May, 2006.
� �
MAYOR
ATTEST:
y Clerk