R2006-016 01-24-06
RESOLUTION NO. R2006-16
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, ASSIGNING THE AUTHORITY TO ISSUE
SINGLE FAMILY MORTGAGE REVENUE AND REFUNDING
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 as a sponsoring political subdivision of 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.
Section 2. 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 and refunding bonds to BRAZORIA County as a sponsoring political
subdivision of The Southeast Texas Housing Finance Corporation.
Section 3. That the Mayor and City Manager 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, 2006.
HOUSTON: 022695,00002: ] 060568v2
2006.
PASSED, APPROVED and ADOPTED this the 23rd day of January
ATTEST:
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City Manager
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APPROVED AS TO FORM:
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City Attorney
HOUSTON: 022695.00002: 1060568v2
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Mayor Tom Reid
S.ET'
SOUTHEAST TEXAS HOUSING FINANCE CORPORATION
January 4,2006
Mayor Tom Reid
City of Pearl and
3519 Liberty Drive
Pearland, Texas 77581
Re: NEW Single Family Mortgage Revenue and Refunding Bond Program
Dear Mayor Reid:
Please find enclosed the Assignment of Authority Resolution for the proposed The Southeast
Texas Housing Finance Corporation's, Series 2006A Single Family Mortgage Revenue and
Refunding Bond Program. This program will provide up to $30,000,000 in low fixed-rate
mortgages with the option of down payment and closing cost assistance in the form of a second
loan.
We respectively request that you return four (4) executed originals of the Resolution in the
enclosed overnight envelope no later than January 27,2006. Please contact me directly if you or
your staff has any questions at 281-484-4663. 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,
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Ron Williams
Executive Director
ENCLOSURES (4)
xc: City Manager Bill Eisen
11111 South Sam Houston Parkway East · Houston, Texas 77089
phone (281) 484-HOME (4663). fax (281) 484-1971 . www .sethfc.com