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R-93-12-09-10A - 12/9/1993RESOLUTION NO. - Ia - D a I - I fl WHEREAS, The Capital Area Housing Finance Corporation (the "Corporation ") was created pursuant to the Texas Housing Finance Corporations Act of 1979, as amended, chapter 394 of the Local Government Code (the "Act "), by 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 individuals and families of low and moderate income; and WHEREAS, The Corporation has power under the Act to issue its bonds (the "Bonds") to defray the costs of purchasing or funding the making of home mortgages, provided that the aggregate principal amount of the Bonds in any calendar year does not exceed the total of (1) the costs of issuance of the bonds, any reserves or capitalized interest required by the resolution(s) authorizing the Bonds, plus any bond discounts; and (2) the largest of (i) $20,000,000, (ii) an amount determined by multiplying $150 times the population of the Local Governmental Units as determined by the Corporation's rules, bond - issuance resolution(s), or the financing documents for the issue, or (iii) an amount equal to 25% of the total dollar amount of the market demand for home mortgages during the calendar year as determined by the Corporation's rules, bond - issuance resolution(s), or the financing documents for the issue; and WHEREAS, The Internal Revenue Code of 1986, as amended, requires the Corporation to obtain a portion of the volume cap allocated to Texas before issuance of 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 or more of the Local Governmental Units with a population of 20,000 or more, according to the most recent federal census, can be included in the Corporation's volume cap allocation only if the governmental unit assigns its authority to issue bonds like the Bonds to the Corporation; and WHEREAS, The Corporation has requested the governing body of the City of 1 • Round Rock, Texas (the "City ") to provide, with the proceeds of the issuance of the Corporation's Bonds, financing for home mortgages for homes located in that area of the City located within Williamson County, Texas; now, therefore, be it: RESOLVED By the City Council of the City of Round Rock, Texas: 1. The recitals are incorporated in and made a part 'of this Resolution. 2. The City Council approves the application of The Act and of the Allocation Act to property within the City that is located within Williamson County, Texas; grants its approval to the Corporation for use of the proceeds of the Bonds to finance home mortgages for homes located within that portion of the City; and assigns to the Corporation its authority to issue single - family mortgage revenue bonds in 1994, based upon that portion of the City's population that resides in Williamson County, Texas. 3. To demonstrate the City's desire to participate in the Corporation's 1994 mortgage revenue bond program, a copy of this Resolution will be forwarded to the Corporation. ATTEST: LAND, City Secretary RES- CAPITAL AREA HOUSING FINANCE ti DATE: December 7,1993 SUBJECT: City Council Meeting, December 9,1993 ITEM: 10.A. Consider a resolution indicating the City's desire to participate in the 1994 Capital Area Housing Finance Corporation Single Family Mortage Revenue Bond Program. STAFF RESOURCE PERSON: Joe Vining STAFF RECOMMENDATION: Approval This resolution provides for Round Rock's participation in the 1994 Capital Area Housing Finance Corporation Single Family Mortgage Revenue Bond Program. This Program can assist many families in low cost home ownership.