RESO 2007-01 - Assign issuance of single-family convertible mortgage notes to SETHFCRESOLUTION No. 2007-01
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTSVILLE
TEXAS, ASSIGNING THE AUTHORITY TO ISSUE SINGLE FAMILY
CONVERTIBLE MORTGAGE NOTES 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 coproration duly organized under the laws of the
State of Texas ("Corporation"), and operating pursuant to the Texas Housing Finance
Corporations Act, Chapter 394, Local Government code, as amended (the "Act"); and
WHEREAS, one of the powers of the Corporation is to issue qualified mortgage revenue
bonds; and
WHEREAS, pursuant to the Act, a municipality with a population over 20,000
inhabitants located within a county which is a sponsoring political subdivsion of a
housing finance corporation is excluded from the county for purposes of assessing
eligibility for bond issuance by the county as a sponsoring political subdivision of a
housing finance corporation unless the govening body of the municipality adopts a
resolution approving the application of the Chapter 394 to its property; and
WHEREAS, in order to participate under the Corporation's single family mortgage
convertible note programs, the City is required to approve the application of Chapter 394
to its property by assigning its authority to issue mortgage revenue bonds 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 and correct to the best
knowledge of the members of the Council.
Section 2. The City hereby approves the application of Chapter 394,
Government Code, to its property and assigns its authority to issue qualified convertible
notes to Walker County as a sponsoring political subdivision of The
Southeast Texas Housing Finance Corporation.
Section 3. The Mayor and City Secretary (or other authorized officers) 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, 2007.
PASSED, APPROVED AND ADOPTED this 20th day of February , 2007.
THE CITY OF TSVILLE
ATTEST:
Danna Welter City Secretary
APPROVED AS TO FORM:
Thomas Leep