Res 056-99 6/1/1999RESOLUTION NO. ;Rio �-
RESOLUTION TO AUTHORIZE THE USE OF MORTGAGE REVENUE
BOND PROCEEDS TO FINANCE HOME MORTGAGES FOR
PROPERTIES WITHIN THE CITY OF WICHITA FALLS; 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, Texas Local Government Code (the `Act"), the creation of the 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 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 low and
moderate income; and
WHEREAS, the Corporation desires and intends to issue its Single Family
Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage- Backed Securities
Program) Series 1999 (the `Bonds'l pursuant to the Act to defray, in whole or in part,
the costs of purchasing or funding the making of home mortgages, in the aggregate
principal amount not to exceed $16,000,000; 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 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 Wichita Falls (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 low and moderate income of this City loans financed by the proceeds of the
Bonds since they provide favorable interest rates for first time home buyers who qualify
for such loans; 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 Corporation's Bonds,
financing for home mortgages for homes in that area of the City that is located within
Wichita County, Texas;
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 within the City and grants its approval to the Corporation for the use of
proceeds of the Bonds to finance home mortgages for homes located within the City.
SECTION 3. It is officially found and determined that no provision of this
resolution shall make the City of Wichita Falls, Texas, this Council, or any officer, agent,
employee, or official of the City of Wichita Falls, Texas, liable in any respect whatsoever
in regard 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 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 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 1 st day of June, 1999.
ATTEST:
City Clerk
CERTIFICATE OF RESOLUTION
STATE OF TEXAS
COUNTY OF WICHITA
We, the undersigned officials of the City of Wichita Falls, Texas (the "City'), 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 Wichita Falls (the "City Council') 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 I day of
1999, at the regular meeting place thereof, and the roll was called of the
du )y constituted City Council and all of said persons were present except the following,
C�, , thus constituting a quorum. Whereupon, among other
business, the following was transacted at said meeting: a written Resolution was
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, (�) 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, Vernon's Texas Civil Statutes, Government 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 AND SEALED this —L day of , 1999.
Attest:
City Clerk I
City of WiAita Falls, Texas
Mayor
City of Wichita Falls, �exad//
Reviewed as to,.F6rm & Legality:
City(Att'omey