R97-53 03-08-97 RESOLUTION NO. R97-53
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, ASSIGNING THE AUTHORITY TO ISSUE QUALIFIED
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, more particularly, the Texas Housing Finance Corporations Act,
Chapter 394, Local Government Code, as amended ("Corporation"); and
WHEREAS, one of the powers of the Corporation is to issue qualified mortgage
revenue bonds by making application for an allotment from the State through the
Texas Bond Review Board; and
WHEREAS, pursuant to Title 34, Part IX, §190.1 (c)(33), Texas Administrative
Code, local governments such as the City with a population over 20,000 people
located within a county which is a sponsoring political subdivision of a housing finance
corporation must assign its authority to issue qualified mortgage bonds, based upon
its population, to the larger local governmental unit; and
WHEREAS, in order to participate under the Corporation's Single Family
Program, the City would like to assign its authority 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.
RESOLUTION NO. R97-53
Section 2. That the City hereby assigns its authority to issue qualified
mortgage bonds to Brazoria County as a participant of The Southeast Texas Housing
Finance Corporation's Single Family Program.
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. That this Resolution shall become effective immediately upon
execution and the assignment herein granted shall expire December 31, 1998.
A.D., 19
ATTEST:
CITY ATTORNEY
MAYOR
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