HomeMy WebLinkAboutResolution - 5271 - Approves Application Ch 394, TLGC - SPHFC, SFRB - 1996A Mortgage Program - 09_10_1996RESOLUTION NO.5271
September 10, 1996
Item #31
RESOLUTION
WHEREAS, the Texas Housing Finance Corporations Act, Section 394.001 rA 5e
Texas Local Government Code as amended (the "Act"), enables -any city, town or county,
individually or jointly, of the State of Texas to authorize the creation of a housing finance
corporation as a public nonprofit corporation and instrumentality thereof to exercise and carry
out the public purposes and powers with which it is invested by the Act and its Articles of
Incorporation, including the power to issue its obligations for the purpose of acquiring from
mortgage lending institutions home mortgages made to low and moderate income persons with
respect to owner -occupied residences located within such city, town or county or group thereof,
and
WHEREAS, by appropriate resolution, the Commissioners Court (the "Governing
Body') of Lubbock County, Texas (the "County") has authorized the incorporation of South
Plains Housing Finance Corporation ("Corporation") in accordance with the provisions of the
Act; and
WHEREAS, the Corporation has been incorporated in accordance with the resolutions of
the Governing Body and the provisions of the Act; and
WHEREAS, the Corporation has determined to implement a program in accordance with
the purposes of the Act, to assist persons of low and moderate income to afford the costs of
acquiring and owning decent, safe and sanitary housing within the South Plains Association of
Governments area, including Lubbock County through the issuance of its South Plains Housing
Finance Corporation Single Family Revenue Bonds, Series 1996A to fund its 1996 Mortgage
Program (the "Program"); and
WHEREAS, pursuant to Section 394.005 of the Act, the Program cannot apply to
property located within a municipality with more than 20,000 inhabitants unless the governing
body of the municipality approves the application to the property; and
WHEREAS, the City of Lubbock has more than 20,000 inhabitants and the City Council
believes that it would be advantageous to the residents of the City of Lubbock to have the
Program apply to single family homes within the City of Lubbock;
THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council hereby approves the application of Chapter 394 of the Texas
Local Government Code to property within the City of Lubbock with respect to the South Plains
Housing Finance Corporation Single Family Revenue Bonds, Series 1996A Mortgage Program
and any future single family mortgage programs of the Corporation.
Passed by the City Council this 10th day of September_ 1996.
YOR
Alex "Ty" Cooke, Mayor Pro Tem
ATTEST:
arold Willard, Interim City Se retary
APPROVED AS TO CONTENT:
a osqueda,
Managing Director Management Services
APPROVED AS TO FORM:
Linda L. Chamales,
Supervising Attorney, Office Practice
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September S, 1996