R2004-082 05-24-04RESOLUTION NO. R2004-82
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, ASSIGNING THE AUTHORITY TO ISSUE
SINGLE FAMILY MORTGAGE REVENUE BONDS TO BRAZORIA
COUNTY AS A SPONSORING POLITICAL SUBDIVISION OF THE
SOUTHEAST TEXAS HOUSING FINANCE CORPORATION
WHEREAS, the City of PEARLAND ("City"), located in BRAZORIA 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 a s a sponsoring political subdivision o f a housing finance 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 bonds, the City is required to approve the application of Chapter 394 to its property by
assigning its authority to issue mortgage revenue bonds to BRAZORIA County;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PEARLAND, 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.
Section2. That the City hereby approves the application of Chapter 394,
Government: Code, to its property and assigns its authority to issue qualified single family
mortgage revenue bonds to BRAZORIA 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, 2004.
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Resolution No. R2004-82
PASSED, APPROVED
Iqay ,2004.
ATTEST:
APPROVED AS TO FORM:
City Attorney
and ADOPTED this
Mayor Tom Reid
the 24th
day
of
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I
SOUTHEAST TEXAS HOUSING FINANCE CORPORATION
May 5, 2004
Mayor Tom Reid
City of Pearland
3519 Liberty Dr.
Pearland, TX 77581
Dear Mayor Reid:
Please find enclosed the Assignment of Authority Resolution for the proposed Southeast
Texas Housing Finance Corporation's Single Family Mortgage Bond Programs, Series
2004B and 2004C.
These programs will provide $35,000,000 in mortgage loans and give the homebuyer 6%
of the loan amount in down payment and closing cost assistance as a GRANT.
We respectively request that you return four(4) executed originals for each bond issue
to our offices no later than June 4, 2004. Therefore,you will be returning eight(8)
executed Resolutions. A self-addressed stamped envelope has been included for your
convenience. Please contact me directly if you or your staff has any questions.
Again, I would like to thank you for all of the support you have provided in making the
American Dream of affordable homeownership a reality for many residents in the local
jurisdictions which comprise the Southeast Texas Housing Finance Corporation.
Sincerely,
("2?-1 .).L"'"'""*""gic"3
Ron Williams
Executive Director
12621 Featherwood Drive, Suite 280 • Houston,Texas 77034
phone(281)484-HOME(4663) • fax(281)484-1971 • www.sethfc.com