R-09-12-17-8F1 - 12/17/2009RESOLUTION NO. R -09-12-17-8F1
WHEREAS, pursuant to the Texas Housing Finance Corporation
Act, Chapter 394, Local Government Code (the "Act"), the Capital
Area Housing Finance Corporation (the "Corporation") was approved by
resolution of the governing bodies of each of the Texas Counties of
Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano and
Williamson and the City of San Marcos (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 Round Rock, Texas (the "City"), without
the approval of its governing body; and
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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 ROUND ROCK,
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.
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Section 4: To indicate the City's desire to participate in
this program, a copy of this resolution will be forwarded to the
Capital Area Housing Finance Corporation.
The City Council hereby finds and declares that written notice
of the date, hour, place and subject of the meeting at which this
Resolution was adopted was posted and that such meeting was open to
the public as required by law at all times during which this
Resolution and the subject matter hereof were discussed, considered
and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
RESOLVED this 17th day of December, 2009.
ATTEST:
444/Vt-'14101-
SARA L. WHITE, City Secretary
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ALAN MCGRAW, Mayor
City of Round Rock, Texas
DATE: December 8, 2009
SUBJECT: City Council Meeting — December 17, 2009
ITEM: 8F1. Consider a resolution indicating the City's desire to participate in the 2009
Capital Area Housing Finance Corporation Single -Family Mortgage Revenue
Bond Program.
Department:
Staff Person:
Justification:
Administration
Cindy Demers, Assistant City Manager
Single family mortgage revenue bonds issued by the Capital Area Finance Corporation will be available
to finance eligible single-family residences in nine counties, including Williamson County. The total
amount of the bonds will not exceed $25,000,000. The intent is to provide decent, safe and sanitary
housing for persons and families of low and moderate income by providing a means of financing
residential ownership.
Strategic Plan Relevance:
Among the Council's 12 Highest Priority Goals is Goal 1.0: Provide a range of employment, housing, and
lifestyle choices attractive to a diverse range of young professionals, students and empty nesters, as well
as families.
Funding:
Cost:
Source of funds:
N/A
Capital Area Housing Finance Corporation
Outside Resources: N/A
Public Comment: N/A