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RESO 2002-07 - Southeast TX HousingRESOLUTION NO. 2002 -07 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, ASSIGNING THE AUTHORITY TO ISSUE SINGLE FAMILY 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 ( "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 subdivision 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 fmance corporation unless the governing 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 revenue bond 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: Section 1. That the recitals hereinabove are found to be true and correct to the best knowledge of the members of the City Council. Section 2. That the City hereby approves the application of Chapter 394, Government Code, to its property and assigns its authority to issue qualified mortgage bonds to WALKER County as a sponsoring political subdivision of The Southeast Texas Housing Finance Corporation. Section 3. That the Mayor and City Secretary are hereby authorized to execute and attest this Resolution as the act and deed of the City. Section 4. That this Resolution shall become effective immediately upon execution and the assignment herein granted shall expire December 31, 2002. PASSED, APPROVED and ADOPTED this the 5th ATTEST: APPROVED AS TO FORM: day of February , 2002.