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HomeMy WebLinkAboutResolution - 3746 - Mortgage Loans - SPHFC - Single Family Mortagage Revenue Bonds - 10_22_1991Resolution No. 3746 October 22, 1991 Item #21 CERTIFICATE FOR RESOLUTION AUTHORIZING MORTGAGE LOANS TO BE MADE TO THE RESIDENTS OF THE CITY OF LUBBOCK PURSUANT TO THE SOUTH PLAINS HOUSING FINANCE CORPORATION SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA MORTGAGE -BACKED SECURITIES PROGRAM) SERIES 1991 We, the undersigned Mayor and City Secretary of the City of Lubbock, Texas (the "City"), hereby certify as follows: 1. The City Council (the "Council") of the City of Lubbock convened in regular session at 10:00 a.m. on October 22, 1991 (the "Meeting") at the designated meeting place, and the role was called of the duly constituted members of the Council, to wit: Name: B. C. McMinn T. J. Patterson M. J. Aderton Bill Maloy Gary Phillips Joan Baker Maggie Trejo Office: Mayor Mayor Pro-Tem Councilman Councilman Councilman Councilwoman Councilwoman All such persons were present, except the following absentees: thus constituting a quorum. Whereupon a written: RESOLUTION AUTHORIZING MORTGAGE LOANS TO BE MADE TO THE RESIDENTS OF THE CITY OF LUBBOCK PURSUANT TO THE SOUTH PLAINS HOUSING FINANCE CORPORATION SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA MORTGAGE -BACKED SECURITIES PROGRAM) SERIES 1991 (the "Resolution) was duly moved discussion, said motion, carrying Resolution, prevailed and carried Ayes: 7 and seconded and, after due with it the adoption of the by the following votes: Noes: 2. A true, full, and correct copy of the Resolution is attached to and follows this Certificate; the Resolution has been duly recorded in the minutes of the Meeting; the above and foregoing paragraph is a true, full and correct excerpt from the minutes of the Meeting pertaining to the adoption of the Resolution. The persons named in the Resolution No. 3746 October 22, 1991 Item #21 RESOLUTION AUTHORIZING MORTGAGE LOANS TO BE MADE TO THE RESIDENTS OF THE CITY OF LUBBOCK PURSUANT TO THE SOUTH PLAINS HOUSING FINANCE CORPORATION SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA MORTGAGE -BACKED SECURITIES PROGRAM SERIES 1991) WHEREAS, the South Plains Housing Finance Corporation (the "Corporation"), a public non-profit corporation, was created by Resolutions adopted by the Commissioners Court of fourteen counties and the City Council of Plainview, Texas, including the County of Lubbock, Texas, pursuant to and in accordance with the Texas Housing Finance Corporations Act, 394.001 at seq. Texas Local Government Code, as amended (the "Act"); WHEREAS, the City of Lubbock, Texas (the "City") is located within the County of Lubbock, Texas, and has, pursuant to the Act, created a public non-profit housing finance corporation authorized to issue single family mortgage revenue bonds in accordance therewith, on behalf of the City; WHEREAS, pursuant to the Act, the Corporation intends to issues its single family mortgage revenue bonds (GNMA Mortgage - Backed Securities Program) Series 1991 (the "Bonds") in the approximate aggregate amount $18,410,000 in order to provide funds to purchase mortgage loans from participating lenders that have been made to eligible borrowers to finance owner -occupied single family residential housing within the jurisdiction of the local governmental units on whose behalf the Corporation was created; - 1 - J. WHEREAS, Section 394.005 of the Act requires that for the Act to apply to property located within a municipality having more than 20,000 inhabitants, the governing body of the municipality must approve the application of the Act to that property; and WHEREAS, it is found and determined that it is within the best interest of the inhabitants of the City, and will promote the public welfare and public purposes of the Act for the proceeds of the Bonds issued by the Corporation to be used to purchase home mortgages for homes located within the City. NOW, THEREFORE, be it resolved by the City Council of the City of Lubbock, Texas that: 1. The use of the proceeds of the South Plains Housing Finance Corporation Single Family Mortgage Revenue Bonds (GNMA-Mortgage-Backed Securities Program) Series 1991 to purchase home mortgages for homes located within the territorial limits of the City is hereby authorized and approved, and the inclusion of the City within the "eligible loan area" as used and defined in the Sale, Servicing and Administration Agreement, to be entered into by and between the Corporation, the party named as Trustee therein, and the participating lenders named therein in connection with South Plains Housing Finance Corporation Single Family Mortgage Revenue Bonds (GNMA Mortgage -Backed Securities Program) Series 1991 is hereby approved. 2. The Mayor, the City Manager, the City Secretary and any member of the City Council and any other officer of the City are hereby authorized, jointly and severally, to execute and deliver such endorsements, instruments, certificates, documents or papers necessary or vital to carry out the intent and purposes of this Resolution. JJ:XMMO\ISSUERS\SOPLAINS\Res.A - 2 - Prepared By Butler & Binion for October 22, 1991 City Council > Meeting RESOLUTION AUTHORIZING MORTGAGE LOANS TO BE MADE TO THE RESIDENTS OF THE CITY OF LUBBOCK PURSUANT TO THE SOUTH PLAINS HOUSING FINANCE CORPORATION SINGLE FAMILY MORTGAGE REVENUE BONDS (GNMA MORTGAGE -BACKED SECURITIES PROGRAM SERIES 1991) WHEREAS, the South Plains Housing Finance Corporation (the "Corporation"), a public non-profit corporation, was created by Resolutions adopted by the Commissioners Court of fourteen counties and the City Council of Plainview, Texas, including the County of Lubbock, Texas, pursuant to and in accordance with the Texas Housing Finance Corporations Act, 394.001 at seq. Texas Local Government Code, as amended (the "Act"); WHEREAS, the City of Lubbock, Texas (the "City") is located within the County of Lubbock, Texas, and has, pursuant to the Act, created a public non-profit housing finance corporation authorized to issue single family mortgage revenue bonds in accordance therewith, on behalf of the City; WHEREAS, pursuant to the Act, the Corporation intends to issues its single family mortgage revenue bonds (GNMA Mortgage - Backed Securities Program) Series 1991 (the "Bonds") in the approximate aggregate amount $18,410,000 in order to provide funds to purchase mortgage loans from participating lenders that have been made to eligible borrowers to finance owner -occupied single family residential housing within the jurisdiction of the local governmental units on whose behalf the Corporation was created; - 1 - WHEREAS, Section 394.005 of the Act requires that for the Act to apply to property located within a municipality having more than 20,000 inhabitants, the governing body of the municipality must approve the application of the Act to that property; and WHEREAS, it is found and determined that it is within the best interest of the inhabitants of the City, and will promote the public welfare and public purposes of the Act for the proceeds of the Bonds issued by the Corporation to be used to purchase home mortgages for homes located within the City. NOW, THEREFORE, be it resolved by the City Council of the City of Lubbock, Texas that: 1. The use of the proceeds of the South Plains Housing Finance Corporation Single Family Mortgage Revenue Bonds (GNMA-Mortgage-Backed Securities Program) Series 1991 to purchase home mortgages for homes located within the territorial limits of the City is hereby authorized and approved, and the inclusion of the City within the "eligible loan area" as used and defined in the Sale, Servicing and Administration Agreement, to be entered into by and between the Corporation, the party named as Trustee therein, and the participating lenders named therein in connection with South Plains Housing Finance Corporation Single Family Mortgage Revenue Bonds (GNMA Mortgage -Backed Securities Program) Series 1991 is hereby approved. 2. The Mayor, the City Manager, the City Secretary and any member of the City Council and any other officer of the City are hereby authorized, jointly and severally, to execute and deliver such endorsements, instruments, certificates, documents or papers necessary or vital to carry out the intent and purposes of this Resolution. JJ:RMMO\ISSUERS\SOPLAINS\Res.A - 2 - above and foregoing paragraph are the duly elected, qualified, and acting members of the Council; each of such members was duly and sufficiently notified officially and personally, in advance of the time, place and purpose of such meeting, and that the Resolution would be introduced and considered for adoption at that Meeting and each of such members consented, in advance, to the holding of the Meeting for such purpose. Signed and sealed this [Seal] By: Name: R nette Bo d Title: Ci Secretary JJ:RMMO\ISSUERS\SOPLAINS\Cert.A October 22 - 2 - day, 1991. By: 3e57- C -,00�e" Name B . C . McMinn Title: Mayor ,ecs 3 7`ilo ATTORNEYS AT LAW A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS By Telecopy and By Federal Express Mr. Robert Massengale 1625 13th Street Lubbock, Texas 79401 BUTLER £B BINION 1600 FIRST INTERSTATE BANK PLAZA 1000 LOUISIANA HOUSTON,TEXAS 77002-5093 WA5HINCTON, D.C. (713) 237-3111 (202) 466-6900 TELEX 775532 (WU) DALLAS TELECOPIER 237-3201 237-3202 (2(4)220-3100 SAN ANTONIO (512) 227-2200 October 15, 1991 Re: South Plains Housing Finance Corporation Single Family Mortgage Revenue Bonds (GNMA Mortgage -Backed Securities Program) Series 1991A Dear Mr. Massengale: Pursuant to Bill Hoop's conversation with you, I have enclosed a Resolution for consideration at the Council Meeting scheduled for October 22, 1991. The enclosed Resolution authorizes the South Plains Housing Finance Corporation to issue Bonds and the proceeds thereof to be used to make loans to residents of the City of Lubbock. If you have any questions regarding the enclosed, please feel free to call me at (713) 237-2044 or Bill Hoops at (713) 237-3267. Very truly yo s, Kristina Mordaunt KM: JJ Enclosures JJ:KMMO\ISSUERS\SOPLAINS\Council.ltr