R2000-030 03-13-00RESOLUTION NO. R2000-30
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.
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RESOLUTION NO. R2000-30
S ection 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.
S ection 3. That the Mayor and City Secretary are hereby authorized to execute
and attest this Resolution as the act and deed of the City.
S ection 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 13th day of
March , A.D., 2000. -
ATTEST:
. Lear
!.UNG, Purl G
ITY SECRETARY
APPROVED AS TO FORM:
DARRIN M COKER
CITY ATTORNEY
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TOM REID
MAYOR