R2007-169 2007-10-22
RESOLUTION NO. R2007 -169
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AUTHORIZING THE ISSUANCE OF SINGLE FAMILY MORTGAGE
BONDS.
WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter 394,
Texas Local Government Code, (the '~ct"), the creation of The Southeast Texas Housing
Finance Corporation (the "Corporation') was approved by resolution of the governing
bodies of each of the Texas counties of Austin, Brazoria, Chambers, Liberty, Matagorda,
Walker, Waller and Wharton and the Texas cities of Baytown, Deer Park, Dickinson, La
Marque, La Port, League City, Pasadena, Santa Fe, Shoreacres, Texas City and Tomball
( the "Local Governmental Units'), to provide a means of financing the cost of residential
ownership and development that will provide decent, safe and sanitary housing for persons
and families of low and moderate income; and
WHEREAS, the Corporation desires and intends to issue its Single Family Mortgage
Revenue Bonds (Guaranteed Mortgage-Backed Securities Program) Series 2007B (the
"Bonds'), pursuant to the Act to defray, in whole or in part, the costs of purchasing or
funding the making of home mortgages, in the aggregate principal amount not to exceed
$35,000.000; and
WHEREAS, Section 394.005 of the Act provides that said Act does not apply to
property located within a municipality with more than 20,000 inhabitants unless the
governing body of such municipality approves the application of said Act to that property;
and
WHEREAS, the effect of said Section 394.005 is that the proceeds of the Bonds
may not be used to finance single family housing within the City of Pearland (the "City')
without the approval of its governing body; and
WHEREAS, the Corporation has requested the approval of the City Council of the
RESOLUTION NO. R2007 -169
City to allow mortgage loans for homes located in the City to be financed with the proceeds
of the Bonds; and
WHEREAS, it is the desire of the City Council of the City to make available to
citizens of low and moderate income of the City loans financed by the proceeds of the
Bonds since they provide favorable interest rates for first time home buyers who qualify for
such loans; and
WHEREAS, the Corporation has request the approval of the governing body of the
City to provide, with the proceeds of the issuance of the Corporation's Bonds, financing for
home mortgages for homes in the City; now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the recitals made above in this Resolution are hereby adopted in
their entirety and incorporated herein as though set forth in full herein.
Section 2. That the City Council hereby approves the application of the Act to
property within the City and grants it approval to the Corporation for the use of proceeds of
the Bonds to finance home mortgages for home located within the City.
Section 3. That it is officially found and determined that no provision of this
resolution shall make the City of Pearland, Texas, this Council, or any officer, agent,
employee, or official of the City of Pearland, Texas, liable in any respect whatsoever in
regard to the Bonds, it being understood that the Bonds are solely to be repaid and
secured from the sources described in the Indenture of Trust related thereto, none of which
sources impose any liability whatsoever upon this City, this City Council, or the officers,
agents, and employees of this City.
Section 4. To indicate the City's desire to participate in this program, a copy of
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RESOLUTION NO. R2007-169
this resolution will be forwarded to The Southeast Texas Housing Finance Corporation.
PASSED, APPROVED and ADOPTED this the 22nd day
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TOM REID
MAYOR
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APPROVED AS TO FORM:
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DARRIN M. COKER
CITY ATTORNEY
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