R99-063 09-13-99 RESOLUTION NO. R99-63
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 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 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 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
1
RESOLUTION NO. R99-63
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 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. Effective Date. This Resolution shall become effective immediately
upon execution and the assignment herein granted shall expire December 31, 2000
PASSED, APPROVED, and ADOPTED this the ) 3+11 day of
$ jo+ery be , A.D , 1999
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TOM REID
MAYOR
ATTEST
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APPROVED AS TO FORM
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DARRIN M COKER
CITY ATTORNEY
2
SOUTHEAST TEXAS
HOUSING FINANCE CORPORATION
August 25, 1999
Via Certified Mail
The Honorable Tom Reid
Mayor of the City of Pearland
3519 Liberty Dnve
Pearland,Texas 77581
RE. Southeast Texas Housing Finance Corporation("SETH")
$30,000,000 Taxable Single Family Mortgage Revenue Bond Program
Dear Mayor Reid.
As you are well aware, the County of Brazoria has been a long standing participant in
SETH's Mortgage Revenue Bond Programs. The Texas Bond Review Board requires that cities
with populations exceeding 20,000 within a local governmental unit of SETH, such as Pearland,
assign authority to issue qualified mortgage bonds to the local governmental unit.
SETH, on behalf of Brazoria County, asks that you review the enclosed resolution and
present same for adoption by the City Council at your earliest possible convenience,but not later
than September 10, 1999
Thank you for your attention to this matter Should you have any questions,please do not
hesitate to contact me at(281)484-HOME (4663).
Sincerely,
Sharon Campbell
Deputy Director
Enclosure
12621 FeatherwoodDr. • Suite 280 • Houston, Texas 77034
(281) 484-HOME(4663) • FAX (281) 484-1971