Loading...
HomeMy WebLinkAboutRES 02-201 RESOLUTION NO. 02-201 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: RESOLUTION ASSIGNING TO THE JEFFERSON COUNTY HOUSING FINANCE CORPORATION THE AUTHORITY OF THE CITY, ACTING THROUGH THE BEAUMONT HOUSING FINANCE CORPORATION, TO ISSUE QUALIFIED MORTGAGE BONDS IN CALENDAR YEARS 2002 THROUGH 2005, APPROVING THE MAKING OF HOME MORTGAGE LOANS WITHIN THE CITY FROM THE PROCEEDS OF BONDS ISSUED BY THE JEFFERSON COUNTY HOUSING FINANCE CORPORATION DURING SUCH CALENDAR YEAR; AND REPEALING PRIOR RESOLUTIONS OR ORDERS IN CONFLICT HEREWITH. WHEREAS,the Jefferson County Housing Finance Corporation(the"Corporation")is an existing housing finance corporation created in accordance with the Texas Housing Finance Corporations Act, Chapter 394, TEX. LOC. GOV'T CODE(the Act"); and, WHEREAS,the City Council of the City of Beaumont,Texas(the"city"),has heretofore authorized the formation of the Beaumont Housing Finance Corporation to act on behalf of the City in accordance with the Act; and, WHEREAS, in accordance with the Act, the City may assign to a housing finance corporation acting on behalf of a larger"local government"(as defined in Chapter 394,Texas Local Government Code)the authority of the City, acting through the Beaumont Housing Finance Corporation, to issue qualified mortgage bonds; and, WHEREAS, it is hereby determined that it is in the best interest of the citizens of the City to assign to the Corporation the authority of the City, acting through the Beaumont Housing Finance Corporation, to issue qualified mortgage bonds in calendar years 2002 through 2005, and to approve the making of home mortgage loans within the City from the proceeds of bonds issued by the Corporation during such calendar years; and, WHEREAS,this meeting is open to the public as required by law,and public notice of the time, place and purpose of this meeting was given as required by Chapter 551, Texas Government Code; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: Section 1. The findings and declarations contained in the recitals of this Resolution are incorporated herein as part of this Resolution. Section 2. The City Council hereby assigns to the Corporation the authority of the City, acting through the Beaumont Housing Finance Corporation,to issue qualified mortgage bonds in calendar years 2002 through 2005. Section 3. The City Council hereby authorizes and approves the application of the Act to the property located within the City in accordance with§394.005 of the Act and authorizes use of the proceeds of the Corporation's bonds to be issued in calendar years 2002 through 2005 to finance mortgages for homes located within the City. Section 4. All resolutions and orders, or part thereof, in conflict with this Resolution are hereby repealed to the extent of such conflict. Section 5. This Resolution shall take effect immediately from and after its adoption. PASSED BY THE CITY COUNCIL of the City of Beaumont on this the 20th day of August, 2002. - Mayor Evelyn M. Lord -