R2002-0024 02-11-02RESOLUTION NO. R2002-24
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 taws of the State of Texas ("Corporation"), and opemt'mg 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 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.
Section 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.
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, 2002.
PASSED, APPROVED and ADOPTED this the
ATTEST:
/
ROVED AS TO FORM:
City Attorney
ll dayof gohvi~a/v.y ,2002.
Mayor