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R-91-1546 - 1/10/1991ti RESOLUTION No. )5 1 440 WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code, V.T.C.A. (the "Act "), the creation of the Capital Area Housing Finance Corporation (the "Corporation ") was approved by resolution of the governing bodies of the City of San Marcos, Texas and each of the Texas counties of Bastrop, Blanco, Caldwell, Fayette, Hays, Llano and Williamson (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 has the power under the Act to issue its bonds (the "Bonds ") to defray, in whole or in part, the costs of purchasing or funding the making of home mortgages, provided that the aggregate principal amount of such bonds in any calendar year shall not exceed the total of (a) the costs of issuance of such bonds, any reserves or capitalized interest required by the resolution or resolutions authorizing the bonds, plus any bond discounts, and (b) the largest of (i) $20,000,000, (ii) a figure determined by multiplying $150 times the population of the Local Governmental Units as determined by the Corporation's rules and regulations, resolutions relating to the issuance of bonds, or financing documents relating to such issuance, or (iii) an amount equal to 25% of the total dollar amount of the market demand for home mortgages during such calendar -year as determined by the Corporation's rules or regulations, resolutions relating to the issuance of bonds, or financing documents relating to such issuance; and WHEREAS, the Internal Revenue Code of 1986, as amended, requires that the Corporation obtain a portion of the volume cap allocated to Texas before issuance of bonds such as the Bonds (other than refunding bonds); and WHEREAS, Article 5190.9a, V.T.C.A. (the "Allocation Act "), provides that in determining the amount of volume cap available to the Corporation the population of any governmental unit within one of the Local Governmental Units, with a population of 20,000 or more as determined in the most recent federal census can be included only if such governmental unit assigns its authority to issue bonds such as the Bonds to the Corporation; and WHEREAS, the Corporation has requested the approval of the governing body of the City of Round Rock, Texas (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 Williamson County, Texas; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ROUND ROCK, TEXAS THAT: Section 1: The preambles to 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 and the Allocation Act to property within the City that is located within Williamson County, Texas, grants its approval to the Corporation for the use of proceeds of the Bonds to finance home mortgages for homes located within such portion of the City and hereby assigns to the Corporation its authority to issue single family mortgage revenue bonds in 1991, based upon that portion of the City's population that resides in Williamson County, Texas. Section 3: 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. RESOLVED this )0 .-.);‘) day of OA4_ , 1991. ATTEST: ANNE LAND, City Secretary MIKE ROBINSON, Mayor City of Round Rock, Texas DATE: January 8, 1991 SUBJECT: City Council Meeting, January 10, 1991 ITEM: 13.D. Consider a resolution indicating the City's desire to participate in the 1991 Capital Area Housing Finance Corporation Single Family Mortgage Revenue Bond Program, STAFF RESOURCE PERSON: Joe Vining The attached resolution authorizes the participation in the 1991 Capital Area Housing Finance Corporation Single Family Mortgage Revenue Bond Program. This program is designed to help first time homebuyers by providing below market rate mortgage loans. The City involvement is limited to the passage of this resolution. The funds are provided by the sale of bonds then administered by local banks. Please see item 3.A. for additional information. Economic Impact: This program will provide an additional $3,741,000 for mortgage loans in the Round Rock city limits.