RESO 2007-10 - Allow SETHFC to issue Fingle Family Mortgage Revenue Bonds Series 2007BRESOLUTION No. (2?›407- / 0
WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter 394, Texas
Local Government Code (the "Act "), the creation of The Southeast Texas Housing Finance
Corporation (the "Corporation ") was approved by resolution of the governing bodies of each of
the Texas counties of Austin, Brazoria, Chambers, Liberty, Matagorda, Walker. Waller and
Wharton and the Texas cities of Baytown, Deer Park, Dickinson, La Marque, La Porte, League
City, Pasadena, Santa Fe, Shoreacres, Texas City and Tomball (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 persons and families of low and moderate
income; and
WHEREAS, the Corporation desires and intends to issue its Single Family Mortgage
Revenue Bonds (Guaranteed Mortgage- Backed Securities Program) Series 2007B (the "Bonds "),
pursuant to the Act to defray, in whole or in part, the costs of purchasing or funding the making
of home mortgages, in the aggregate principal amount not to exceed $35,000,000; and
WHEREAS, Section 394.005 of the Act provides that said Act does not apply to property
located within a municipality with more than 20,000 inhabitants unless the governing body of
such municipality approves the application of said Act to that property; and
WHEREAS, the effect of said Section 394.005 is that the proceeds of the Bonds may not
be used to finance single family housing within the City of Huntsville (the "City") without the
approval of its governing body; and
WHEREAS, the Corporation has requested the approval of the City Council of the City to
allow mortgage loans for homes located in the City to be financed with the proceeds of the
Bonds; and
WHEREAS, it is the desire of the City Council of the City to make available to citizens of
low and moderate income of this City loans financed by the proceeds of the Bonds since they
provide favorable interest rates for first time home buyers who qualify for such loans; and
WHEREAS, the Corporation has requested the approval of the governing body of the City
to provide, with the proceeds of the issuance of the Corporation's Bonds, financing for home
mortgages for homes in the City;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS THAT:
Section 1: The recitals made above in this Resolution are hereby adopted in their
entirety and incorporated herein as though set forth in full herein.
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Section 2: The City Council hereby approves the application of the Act to property
within the City and grants its approval to the Corporation for the use of proceeds of the Bonds to
finance home mortgages for homes located within the City.
Section 3: That it is officially found and determined that no provision of this resolution
shall make the City of Huntsville, Texas, this Council, or any officer, agent, employee, or official
of the City of Huntsville, Texas, liable in any respect whatsoever in regard to the Bonds, it being
understood that the Bonds are solely to be repaid and secured from the sources described in the
Indenture of Trust related thereto, none of which sources impose any liability whatsoever upon
this City, this City Council, or the officers, agents, and employees of this City.
Section 4: To indicate the City's desire to participate in this program, a copy of this
resolution will be forwarded to The Southeast Texas Housing Finance Corporation.
PASSED AND APPROVED this day
ATTEST:
Dfatu,otatz4tet,)
City Secretary
D
2007.
Ma
City of Huntsville, Texas
CERTIFICATE OF RESOLUTION
STATE OF TEXAS
) SS
COUNTY OF WALKER
We, the undersigned officials of the City of Huntsville, Texas (the "City "), do hereby
execute and deliver this certificate for the benefit of the Attorney General of the State of Texas
and all persons interested in the proceedings of the City Council of the City of Huntsville (the
"City Council ") and the validity thereof, and do certify as follows:
1. That we are the duly chosen, qualified and acting officials of the City for the offices
shown below our signatures; that as such we are familiar with the facts herein certified; and that
we are duly authorized to execute and deliver this certificate.
2. The City Council convened in Regular Session on the (O day of o'
2007, at the regular meeting place thereof, and the roll was called of the duly constituted City
Council and all of said persons were present except the following,
, thus constituting a quorum. Whereupon, among other
business, the following was transacted at said meeting: a written Resolution was introduced for
the consideration of the City. It was then duly moved and seconded that said Resolution be
adopted; and, after due discussion, said motion, carrying with it the adoption of said Resolution,
prevailed and carried by the vote of '1 Ayes, 0 Nays, and d Abstentions.
3. That a true and complete copy of the aforesaid Resolution adopted at the meeting is
attached to and follows this certificate.
4. That such Resolution has been duly and lawfully adopted by the City Council and
has been duly recorded in the minutes of the City Council for such meeting.
5. That a sufficient written notice of the date, hour, place and subject of this meeting
was posted on a bulletin board located at a place convenient to the public at the City Hall of the
City and was readily accessible to the general public at all times for at least 72 hours preceding
the scheduled time of the meeting, as required by the Open Meetings Act, Vernon's Texas Civil
Statutes, Government Code, Chapter 551, as amended; and that this meeting was open to the
public as required by law at all times during which such resolution and the subject matter thereof
was discussed, considered and formally acted upon.
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SIGNED AND SEALED this 407g day of v 2007.
Attest:
City Secretary
City of Huntsville, Texas
[SEAL]
M
Ci
Huntsville, Texas