R2007-032 2007-02-19
RESOLUTION NO. R2007 -32
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, ASSIGNING THE AUTHORITY TO ISSUE
SINGLE FAMILY CONVERTIBLE MORTGAGE NOTES 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 convertible note 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;
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
RESOLUTION NO. R2007 -32
to the best knowledge of the members of the Council.
Section 2. That the City hereby approves the application of Chapter 394,
Local Government Code, to its property and assigns its authority to issue qualified
convertible notes to Brazoria County as a sponsoring political subdivision of the
Southeast Texas Housing Finance Corporation.
Section 3. That the Mayor and City Secretary (or other authorized
officers) 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 , 2007.
PASSED, APPROVED and ADOPTED this the 19th day of
February
, AD., 2007.
~J0
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
O~ft~aL-
DARRIN M. COKER
CITY ATTORNEY
2
_ 9
sErrx
SOUTHEAST TEXAS HOUSING FINANCE CORPORATION
February 5, 2007
Mayor Tom Reid
City of Pearland
3519 Liberty Dr.
Pearland, TX 77581
Re: Southeast Texas Housing Finance Corporation
Single Family Revenue Note Program - Series 2007A
Dear Mayor Reid:
Please find enclosed four (4) copies of a Resolution assigning the authority to issue single
family notes to Brazoria County which is the sponsoring jurisdiction of The Southeast Texas
Housing Finance Corporation. We request that you return all four (4) signed copies of the
Resolution to our office no later than February 23, 2007 in the enclosed overnight envelope.
In accordance with the State's Housing Finance Corporation Act, a municipality with a
population over 20,000 must assign its authority to issue single family mortgage revenue
bonds and notes to the County which is a member of the housing finance corporation.
The Revenue Note Program gives The Southeast Texas Housing Finance Corporation the
ability to capture certain eligible payments from previous bond issues and recycle those funds
to make new mortgages to eligible first-time homebuyers. This Note Program is a
continuation of the Note Programs that have been previously approved in 1999, 2001 & 2004.
We have been able to recycle funds and provide over$20,000,000 in mortgages just from
this program.
If you or your staff have any questions, please do not hesitate to contact me or Nell Turk in
our office. We will be glad to assist in anyway we can. Again, please return the executed
forms no later than 2/23/07 to the Attention of Nell Turk, Southeast Texas HFC, 11111 S.
Sam Houston Parkway East, Houston, Texas 77089.
Sincerely,
ti
Ron Williams
Executive Director
Enclosures (4)
xc: Director Andy Zumwalt
11111 South Sam Houston Parkway East• Houston, Texas 77089
phone (281) 484-HOME (4663) • fax (281) 484-1971 • www .sethfc.com