HomeMy WebLinkAboutRES 98-165 RESOLUTION NO.
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 1998 AND
1999; APPROVING THE MAILING 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 1998 and 1999, 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; and
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT, TEXAS, THAT:
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
1998 and 1999.
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 1998 and 1999 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.
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PASSED BY THE CITY COUNCIL of the City ofBeaumont this day
1998.
1jilau"Pimt
Mayor
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