HomeMy WebLinkAboutR07-172RESOLUTION R07-172
RESOLUTION AUTHORIZING THE APPLICATION OF THE SOUTH PLAINS HOUSING
FINANCE CORPORATION SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES
2007A MORTGAGE PROGRAM TO SINGLE FAMILY HOMES WITHIN THE CITY OF
PLAINVIEW; AND OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the Texas Housing Finance Corporations Act, Section 394.001 et sew.,
Texas Local Government Code as amended (the "Act"), enables any city, town or
county, individually or jointly, of the State of Texas to authorize the creation of a housing
finance corporation as a public nonprofit corporation and instrumentality thereof to
exercise and carry out the public purposes and powers with which it is invested by the
Act and its Articles of Incorporation, including the power to issue its obligations for the
purpose of acquiring from mortgage lending institutions home mortgages made to low
and moderate income persons with respect to owner-occupied residences located
within such city, town or county or group thereof; and
WHEREAS, by appropriate resolution, the Plainview City Council (the "Governing
Body") of the City of Plainview, Texas (the "City") has authorized the incorporation of
the South Plains Housing Finance Corporation (the "Corporation") in accordance with
the provisions of the Act; and
WHEREAS, the Corporation has been incorporated in accordance with the
resolutions of the Governing Body and the provisions of the Act; and
WHEREAS, the Corporation has determined to implement a program in
accordance with the purposes of the Act, to assist persons of low and moderate income
to afford the costs of acquiring and owning decent, safe and sanitary housing within the
South Plains area, including the City through the issuance of its South Plains Housing
Finance Corporation Single Family Mortgage Revenue Bonds, Series 2007A to fund its
2007 and 2008 Mortgage Programs (the "Program"); and
WHEREAS, pursuant to Section 394.005 of the Act the Program cannot apply to
property located within a municipality with more than 20,000 inhabitants unless the
governing body of the municipality approves the application to that property; and
WHEREAS, the City of Plainview has more than 20,000 inhabitants and the City
Council believes that it would be advantageous to the residents of the City of Plainview
to have the Program apply to single family homes within the City of Plainview;
WHEREAS, in accordance with Section 394.055, the City of Plainview is not
liable in any way regarding bonds issued by the housing finance corporation nor do
these bonds constitute any type of statutory or constitutional provision creating
indebtedness, obligation, or a loan of credit by the state or the City of Plainview;
THEREFORE, BE IT RESOLVED THAT:
Section 1. The City Council hereby approves the application of Chapter 394 of
Resolution R07-172 Page 1 of 2
the Texas Local Government Code to property within the City of Plainview with respect
to the Program and any future single family mortgage programs of the Corporation.
Section 2. The City Council assigns its authority to issue single family housing
bonds, based on its population, to the Corporation for purposes of Section 1372.026 of
the Texas Government Code as amended.
Section 3. This resolution shall be of full force and effect from and upon its
adoption.
PASSED AND ADOPTED AS OF THE 27th day Of
2007.
ATTEST: G`"~ ~''`'J
Belinda Hinojosa
City Secretary
G, rye
n C. Anderso
Mayor, City of PI inview, Texas
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