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HomeMy WebLinkAboutRES 83-087 72- �3 -7 RESOLUTION CONSENTING TO THE MAKING AND ACQUISITION OF HOME MORTGAGES BY JEFFERSON COUNTY HOUSING FINANCE COR- PORATION WITHIN THE CITY OF BEAUMONT, TEXAS , AND ASSIGN- ING TO JEFFERSON COUNTY, TEXAS, THE AUTHORITY OF THE CITY OF BEAUMONT, TEXAS , TO ISSUE HOUSING BONDS FOR HOME MORTGAGES PRIOR TO JUNE 1 , 1983. WHEREAS, Jefferson County Housing Finance Corporation, ( the " Corporation" ) has been duly created and organized under the pro- visions of the Texas Housing Finance Corporations Act , Article 12691 -7, Vernon' s Texas Civil Statutes , as amended, ( the "Act" ) , as a housing finance corporation acting on behalf of Jefferson County, Texas (the "County" ) , and having the power to make and acquire home mortgages to finance homes for persons of low and moderate income within the County; and WHEREAS, the Act provides that the Corporation may not make or acquire home mortgages to finance homes located within a city within the County having a population in excess of 20,000 without the consent and approval of the governing body of such city, and Article 12691 -8, Vernon ' s Texas Civil Statutes, as amended, pro- vides that, for purposes of determining the portion of the state ceiling on housing bonds for home mortgages imposed by Section 103A of the Internal Revenue Code of 1954, as amended, that the Corporation may reserve prior to June 1 , 1983, there shall be excluded from the population of the County that portion of the population of any city which has also created a housing finance corporation having the power to make and acquire home mortgages and which has a population (as determined in accordance with the 1980 decennial census) in excess of 20, 000, unless the governing body of such city assigns its authority to issue bonds prior to June 1 , 1983, to the County; and WHEREAS, the City of Beaumont, Texas (the "City" ) , is located within the County, has previously created a housing finance corpo- ration having the power to make and acquire home mortgages and has a population (based on the 1980 decennial census) in excess of 20, 000; and WHEREAS, the Corporation has advised the governing body of the City of the Corporation' s intention to issue its Single Family Mortgage Revenue Bonds, Series 1983, and to adopt and implement its Single Family Mortgage Purchase Program, and has requested that the governing body of the City consent to and approve the making and acquisition of home mortgages by the Corporation to finance homes located within the City, and that the governing body of the City assign to the County the City's authority to issue housing bonds for home mortgages prior to June 1 , 1983; and WHEREAS, in order to promote and enhance governmental effi- ciency and to assist the Corporation in meeting the goals and purposes of the Act to make available within the County home mort- gages for persons of low and moderate income, the governing body of the City has determined to comply with the Corporation ' s re- quest as set forth in the preceding paragraph; NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF BEAUMONT, TEXAS : Section 1 . That the governing body of the City hereby con- sents to and approves the making and acquisition by the Corpora- tion or its agents or representatives of home mortgages to finance homes located within the City, all under and in accordance with the Act. Section 2 . That, in accordance with the provisions of Arti- cle 12691-8,Vernon's Texas Civil Statutes , as amended, the City hereby assigns to the County and City' s authority to issue housing bonds for home mortgages prior to June 1 , 1983, to the end that the population of the City may be included within the population of the County for purposes of determining the portion of the local share of the state ceiling on such housing bonds imposed by Sec- tion 103A of the Internal Revenue Code of 1954, as amended, that the Corporation may reserve prior to June 1 , 1983. Section 3. That the governing body of the City hereby finds, determines and declares that the adoption of this resolution is in the best interests of the City and will help to accomplish the public purposes intended to be accomplished by the Act. Section 4 . The governing body has considered evidence of the posting of notice of this meeting and officially finds, deter- mines, recites and declares that a sufficient written notice of the date, hour, place and subject of this meeting and of the sub- ject matter of this resolution was posted for at least seventy-two ( 72) hours before the scheduled time of this meeting; that such notice was posted on a bulletin board located at a place conven- ient to the general public in the City Hall , within the City; that such place was redily accessible to the general public at all times from the time of posting until this meeting was convened; and that this meeting has been open to the public at all times during which this resolution and the subject matter hereof has been discussed, considered and formally acted upon; all as re- quired by the Open Meetings Law, Article 6252-17, Vernon ' s Anno- tated Texas Civil Statutes , as amended, and the governing body further ratifies , approves and confirms such written notice and the contents and the posting thereof. PASSED AND APPROVED this day of 1983. r AT 5 ✓ Mayor Cit Clerk