RESO 1992-14 - SETH Home MortgagesRESOLUTION NO. 92-14
RESOLUTION OF THE
CITY COUNCIL OF THE CITY OF HUNTSVILLE
The City Council of the City of Huntsville, Texas (the
"City") met in regular session at its regular meeting place at
5:15 o'clock p .m. on December 15 , 1992. Notice of such meeting
was duly given in advance, and such meeting was open to the public,
as required by law. The roll was called, showing the following
members of the City Council to be present:
thus constituting a quorum. Among other business, the following
resolution was introduced and the passage of such resolution was
moved by council member
Gary Bell
council member Ila Gaines
and seconded by
A RESOLUTION AUTHORIZING THE ORIGINATION OF
HOME MORTGAGES WITHIN THE CITY IN CONNECTION
WITH SINGLE FAMILY MORTGAGE LOAN PROGRAMS
IMPLEMENTED BY THE SOUTHEAST TEXAS HOUSING
FINANCE CORPORATION; AND CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, The Southeast Texas Housing Finance
Corporation (the "Corporation") is a nonprofit
corporation organized under the Texas Housing Finance
Corporations Act, Texas Local Government Code, Chapter
394 (the "Act"), to act on behalf of Walker County,
within which the City of Huntsville is located; and
WHEREAS, the Act authorizes the Corporation,
among other things, to acquire and make home mortgages
originated, administered and serviced by qualified
lending institutions, and to make loans to qualified
lending institutions that agree to use substantially all
of the net proceeds of the loans to make home mortgages,
which mortgages are made to purchase, improve or
construct homes located within the boundaries of a local
governmental unit on whose behalf it acts, but the Act
requires the Corporation to obtain the approval of any
municipality with more than 20,000 inhabitants before
exercising its authority with respect to home mortgages
/4,
made in respect of homes located within the municipality;
and
WHEREAS, the Corporation has requested that the
City approve of the acquisition by the Corporation, in
connection with its single family mortgage loan programs
implemented from time to time, of home mortgages made in
respect of homes located within the City, and the City is
willing to grant that approval.
NOW, THEREFORE, BE IT RESOLVED, by the City
Council of the City as follows:
SECTION 1. The City approves the application
of the Act to homes located within the City with respect
to single family mortgage loan programs implemented by
the Corporation from time to time. The approval extends
to any action that the Corporation is authorized by the
Act (as it now exists or as it may be amended in the
future) to take in respect of home mortgages for homes
located within the City, including without limitation
making, contracting to make and entering into advance
commitments to make home mortgages; acquiring,
contracting to acquire home mortgages; and making loans
to lending institutions under terms that require the
lending institutions to use substantially all of the net
proceeds of the loans to make home mortgages.
SECTION 2. This resolution is to be liberally
construed to effectuate its purposes and to permit action
by the Corporation with respect to home mortgages for
homes located within the City to the fullest extent
permitted by the Act (as it now exists or as it may be
amended in the future).
SECTION 3. If any section, paragraph, clause
or provision of this resolution is held to be invalid or
enforceable for any reason, the invalidity or
enforceability of that section, paragraph, clause or
provision will not effect any of the remainder of this
resolution.
SECTION 4. All bylaws, orders, resolutions,
ordinances and other official actions, or parts thereof,
inconsistent with this resolution, are repealed, but only
to the extent of the inconsistency. This resolution will
not be construed as reviving any bylaw, order,
resolution, ordinance or other official action, or part
thereof.
SECTION 5. This resolution will take effect
immediately upon its adoption.
AUMAINO1 Doc: 9024.1
After due discussion, the question was called and the
motion for passage was voted upon, the results of such vote being
as follows:
Ayes: Nine
Nays: -0-
The requisite number of council members having voted for passage,
the resolution was declared adopted.
(SEAL)
Atte :
Cf_ttetiet2deL4
City Clerk
AUMAIN01 Doc: 9024.1
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