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<br />I <br /> <br />I <br /> <br />. <br /> <br />147 <br /> <br />RESOLUTION <br />TAKING SPECIFIC OFFICIAL ACTION WITH RESPECT <br />TO A PARTICULAR TAX-EXEMPT SINGLE FAMILY <br />MORTGAGE REVENUE BOND ISSUE INDICATING AN <br />INTENT AND A DECISION TO ACTUALLY ISSUE THAT <br />PARTICULAR BOND ISSUE AND AUTHORIZING THE <br />HIRING OF BOND UNDERWRITERS AND BOND COUNSEL <br />TO TAKE STEPS NECESSARY FOR THE ISSUANCE OF <br />THAT PARTICULAR BOND ISSUE. <br /> <br />WHEREAS, the creation of the San Marcos Housing Finance <br />Corporation (the "Corporation") pursuant to the Texas Housing <br />Finance Corporations Act (the "Act") was approved by resolu- <br />tion of the governing body of the City of San Marcos, adopted <br />on the 27th day of December, 1979, to provide a means of <br />financing the cost of residential ownership and development <br />that will provide decent, safe and sanitary housing for <br />residents of the City at prices they can afford; and <br /> <br />WHEREAS, the Corporation has the power under the Act <br />to issue its bonds, the aggregate principal amount of <br />which issued in any calendar year shall not exceed the total <br />of (a) the costs of issuance of such bonds, any reserves <br />or capitalized interest required by the resolution or resolu- <br />tions authorizing the bonds, plus any bond discounts, and (b) <br />the greater of (i) $20,000,000, (ii) a figure determined by <br />multiplying $150 times the population of the City as deter- <br />mined by the Corporation's rules or regulations, resolutions <br />relating to the issuance of bonds, or financing documents re- <br />lating to such issuance, or (iii) an amount equal to 25 <br />percent, of the total dollar amount of the market demand for <br />home mortgages (as defined in the Act) during such calendar <br />year as determined by the Corporation's rules or regula- <br />tions, resolutions relating to the issuance of bonds, or <br />financing documents relating to such issuance (the "Maximum <br />Annual Amount"), to defray, in whole or in part, the costs <br />of purchasing, or funding the making of, home mortgages (as <br />defined and described in the Act); and <br /> <br />WHEREAS, the Board of Directors of the Corporation has <br />made a determination to actually issue a particular tax- <br />exempt Single Family Mortgage Revenue Bond issue pursuant to <br />the Act in an aggregate principal amount equal to the <br />Maximum Annual Amount; and <br />