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R-92-1691 - 1/9/1992STATE OF TEXAS § § COUNTY OF WILLIAMSON § CERTIFICATE OF RESOLUTION We, the undersigned officials of the City of Round Rock, 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 proceedings of the City Council of the City of Round Rock (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 9th day of January, 1992, 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: Ylbitk , 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 '7 Ayes, Noes, and _ 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 Law, Article 6252 -17, Vernon's Texas Civil Statutes, 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. /A-141 if C 1 y Secretary, City of R nd Rock, Texas Round Rock, Texas (SEAL) SIGNED AND SEALED this 9th day of January, 1992. \CAPAREA \CITYCERT -2- Mayor, City of RESOLUTION NO. /69/ "R WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter 394, Texas Local Government Code (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 Round Rock, 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 Government 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, required 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, Texas Revised Civil statutes, as amended (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 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 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 1992, 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. ATTEST: PASSED AND APPROVED this 2 /L, day of January, 1992. E LAND, City Secretary MIKE ROBINSON, Mayor City of Round Rock, Texas DATE: January 7, 1992 SUBJECT: City Council Meeting, January 9, 1992 ITEM: 10.E. Consider a resolution indicating the City's desire to participate in the 1992 Capital Area Housing Finance Corporation Single Family Mortgage Revenue Bond Program. STAFF RESOURCE PERSON: Joe Vining STAFF RECOMMENDATION: Approval This resolution provides for Round Rock's participation in the 1992 Capital Area Housing Finance Corporation Single Family Mortgage Revenue Bond Program. Although we indicated our interest last year, the program was not funded. This program can assist many families in low cost home ownership. To be eligible this year the resolution must be passed, signed and attested on January 9th and hand delivered on January 10th. ECONOMIC IMPACT: No cost to City.