R-07-11-08-10A1 - 11/8/2007 RESOLUTION NO. R-07-11-08-10A1
WHEREAS, The Capital Area Housing Finance Corporation (the
"Corporation" ) was incorporated 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' s Articles of Incorporation were amended
effective March 11, 1998 to add the Texas counties of Burnet and Lee as
Local Governmental Units of the Corporation; and
WHEREAS, The Corporation intends to issue its Capital Area
Housing Finance Corporation Single-Family Mortgage Revenue Bonds
(Guaranteed Mortgage-Backed Securities Program) , Series 2007A (the
"Bonds" ) ; and
WHEREAS, Section 394 . 005 of the Act provides that the Act does
not apply to property located within a municipality with more than
20, 000 inhabitants unless the governing body of the municipality
approves the application of the Act to the property; and
WHEREAS, The Corporation has requested the governing body of the
City of Round Rock, Texas, (the "City") to approve the use of the
proceeds of the issuance of the Corporation' s Bonds to finance home
mortgages for homes located in that area of the City located within
Williamson County, Texas; Now Therefore
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BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
THAT,
1 . The recitals are incorporated in and made a part of this
Resolution.
2 . The City Council approves the application of the Act to
property within the City that is located within Williamson County,
Texas, and 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.
3 . To demonstrate the City' s desire to participate in the
Corporation' s 2007 mortgage revenue bond program, a certified copy of
this Resolution will be forwarded to the 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 8th day of November, 20 7 .
NYLWEL M or
of Round ock, Texas
AT T:
CHRISTINE R. MARTINEZ, City Secreta y
2
DATE: November 1, 2007
SUBJECT: City Council Meeting - November 8, 2007
ITEM: 10A1. Consider a resolution indicating the City's desire to participate in
the 2007 Capital Area Housing Finance Corporation Single-Family
Mortgage Revenue Bond Program.
Deaartment: Planning
Staff Person: Mona Ryan
Justification:
Single Family mortgage bonds issued by the Capital Area Finance Corporation will be
available through qualified mortgage lenders to finance eligible single family residences by
qualified borrows in nine counties, including Williamson County. The total amount of the
bonds will not exceed $25,000,000.
Fundinci:
Cost: N/A
Source of funds: Capital Area Housing Finance Corporation
Outside Resources: Capital Area Housing Finance Corporation
Background Information:
The Capital Area Housing Finance Corporation issues single family mortgage revenue bonds
periodically on a forward delivery basis. The last bond program was in 2002. The bonds
are rated "AAA", and will be secured mortgage backed securities of the Government
National Mortgage Association, The Federal Home Loan Mortgage Corporation, and the
Federal National Mortgage Association ('Fannie Mae").
Public Comment:
Any requirements for public hearings are being met through the sponsoring agency, Capital
Area Housing Finance Corporation.