RESO 2000-09 - Mortgage Revenue BondsRESOLUTION NO. 2000-09
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
(Corporation), and operating pursuant to the Texas Housing Finance Corporations
Act, Chapter 394, Local Government Code, as amended (Act); and
WHEREAS
WHEREAS
One of the powers of the Corporation is to issue qualified mortgage revenue bonds;
and
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 finance
corporation unless the governing body of the municipality adopts a resolution
approving the application of 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, 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 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: 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, 2000.
PASSED AND APPROVED this 21st day of March, 2000.
THE CITY OF TTSVI E
William B. Green, Mayor
Danna Welter, City Secretary
APPROVED AS TO FORM:
Paul C. Isham, City Attorney