Res 170-2009 12/8/2009 RESOLUTION NO. 170-2009
Resolution Approving Of City Of Wichita Falls' Participation In Nortex
Housing Finance Corporation 2009 Single Family Mortgage Revenue
Bond Program.
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
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 (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 making of home mortgages, in an aggregate
principal amount not to exceed $25,000,000; 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:
1. The recitals made above in this Resolution are hereby adopted in their
entirety and incorporated herein as though set forth in full herein
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.
3. 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.
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.
PASSED AND APPROVED this the 8th day of December, 2009.
MAYOR
ATTEST:
y Clerk
CERTIFICATE OF RESOLUTION
STATE O F 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, Texas (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 Special Session on the 8th day of
December, 2009, 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:
None
thus constituting a quorum. Whereupon, among other business, the following
was transacted at said meeting: a written Resolution No. 170-2009 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 _Seven Ayes, _No Nays, and No 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 this 8th day of December, 2009.
ATTEST:
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City S r tary Mayor
City of i hita Falls, Texas City of Wichita Falls, Texa