RESO 1997-10 - Walker County Seth BondsRESOLUTION NO. 97-10
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS, ASSIGNING THE AUTHORITY TO ISSUE
QUALIFIED MORTGAGE REVENUE BONDS TO WALKER COUNTY AS
A SPONSORING POLITICAL SUBDIVISION OF THE SOUTHEAST
TEXAS HOUSING FINANCE CORPORATION.
WHEREAS The City of Huntsville (City), located in Walker County which is a sponsoring
political subdivision of The Southeast Texas Housing Finance Corporation, a public
non - profit corporation duly organized under the laws of the State of Texas, more
particularly, the Texas Housing Finance Corporations Act, Chapter 394, Local
Government Code, as amended (Corporation); and
WHEREAS One of the powers of the Corporation is to issue qualified mortgage revenue bonds
by making application for an allotment from the State through the Texas Bond
Review Board; and
WHEREAS Pursuant to Title 34, Part IX, § 190.1 (c)(33), Texas Administrative Code, local
governments such as the City with a population over 20,000 people located within
a county which is a sponsoring political subdivision of a housing finance corporation
must assign its authority to issue qualified mortgage bonds, based upon its
population, to the larger local governmental unit; and
WHEREAS In order to participate under the Corporation's Single Family Program, the City
would like to assign its authority to Walker County.
NOW, THEREFORE, be it resolved by the City Council of the City of Huntsville, Texas, that:
SECTION 1: The recitals hereinabove are found to be true to the best knowledge of the members
of the governing body of the City.
SECTION 2: The City hereby assigns its authority to issue qualified mortgage bonds to Walker
County as a participant of The Southeast Texas Housing Finance Corporation's
Single Family Program.
SECTION 3: The Mayor and City Secretary are hereby authorized to execute and attest this
Resolution as the act and deed of the City.
SECTION 4: This Resolution shall become effective immediately upon execution and the
assignment herein granted shall expire December 31, 1998.
PASSED AND APPROVED this 26th day of August, 1997.
THE CITY OF UNTSV LE
/txc__}
William B. Green, Mayor
LMI_IL
Danna Welter, City Secretary
APP OVED TO FORM:
Boun s, City Attorney