HomeMy WebLinkAboutResolution - 2007-R0126 - Approve Application - 03/22/2007Resolution No. 2007-RO126
March 22, 2007
Item No. 6.12
RESOLUTION
AUTHORIZING THE APPLICATION OF THE
SOUTH PLAINS HOUSING FINANCE CORPORATION SINGLE FAMILY MORTGAGE
REVENUE BONDS, SERIES 2007A MORTGAGE PROGRAM TO SINGLE FAMILY HOMES WITHIN
THE CITY OF LUBBOCK; AND
OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the Texas Housing Finance Corporations Act, Section 394.001 et sem., 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 the 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 area, including the County through the
issuance of its South Plains Housing Finance Corporation Single Family Mortgage Revenue Bonds,
Series 2007A to fund its 2007 and 2008 Mortgage Programs (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 that 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 THAT:
Section 1. 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 Program.
Section 2. This resolution shall be of full force and effect from and upon its adoption.
PASSED AND ADOPTED AS OF THE 22nd day of March, 2007.
David A. Mil er, Mayor
Attest:: ,
Rebee6a Garza, City Secretary
4846-8704,8449.1