R2004-001 01-12-04 RESOLUTION NO. R2004-1
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 THE
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; now, therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS:
RESOLUTION NO. R2004-1
Section 1. That the recitals hereinabove are found to be true and correct
to the best knowledge of the members of the City Council.
Section 2. That the City hereby approves the application of Chapter 394,
Government Code, to its property and assigns its authority to issue qualified
convertible notes to B razoria County as a sponsoring political subdivision of the 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. That this Resolution shall become effective immediately upon
execution and the assignment herein granted shall expire December 31,2004
PASSED, APPROVED and ADOPTED this the 12th day of
January , A.D., 2004.
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
MAYOR
2
SETH.
SOUTHEAST TEXAS HOUSING FINANCE CORPORATION
December 19, 2003
Mayor Tom Reid
City of Pearland
3519 Liberty Dr.
Pearland, TX 77581
Dear Mayor Reid: 4.
Please find enclosed the Assignment of Authority Resolution for the proposed Southeast
Texas Housing Finance Corporation's Single Family Mortgage Revenue Refunding
Notes, Series 2004A. This proposed bond issuance is a renewal of the same program
that your County or City approved in 1997, 1999, 2000, and for a three-year period on
March 1, 2001.
We are again requesting the approval to continue this program for a three-year period
from March 1, 2004—March 1, 2007. This program has been very beneficial in making
below market interest rate mortgages and down payment assistance for the first-time
homebuyers throughout our jurisdictions. The Refunding Note Program or Convertible
Note Program allows Southeast Texas Housing Finance Corporation to recycle the
principal payments and prepayments from prior eligible bond issues thereby allowing us
to refund the bonds that might otherwise be redeemed.
Because Housing Finance Corporations in the State of Texas are very limited to the
amount of the State's Private Activity Bond Allocation that we receive, the Refunding
Note Program gives us more funds to assist first-time homebuyers within our
jurisdictions. Over the past six years,we have been able to offer more than$35,000,000
in mortgages and down payment assistance to over 450 families through the Refunding
Note Program.
We respectively request that you return four executed originals to our offices no later
than January 30, 2004. A self-addressed stamped envelope has been included for your
convenience. Please contact me directly if you or your staff has any questions.
•
12621 Featherwood Drive,.Suite 280 • Houston,Texas 77034
phone,(281)484-HOME(4663) • fax(281)484-1971 • www.sethfc.com
Again, I would like to thank you for all of the support you have provided in making the
American Dream of affordable homeownership a reality for many residents in the local
jurisdictions which comprise the Southeast Texas Housing Finance Corporation.
Sincerely,
O
Ron Williams
Executive Director
SETS