HomeMy WebLinkAboutRES 85-293 RESOLUTION CONSENTING TO THE MAKING AND ACQUISITION OF
HOME MORTGAGES BY JEFFERSON COUNTY HOUSING FINANCE
CORPORATION WITHIN THE CITY OF BEAUMONT , TEXAS , AND
ASSIGNING TO JEFFERSON COUNTY, TEXAS , THE AUTHORITY OF
THE CITY OF BEAUMONT, TEXAS, TO ISSUE HOUSING BONDS FOR
HOME MORTGAGES PRIOR TO THE 31ST DAY OF DECEMBER, 1986 .
WHEREAS , Jefferson County Housing Finance Corporation (the
"Corporation" ) has been duly created and organized under the
provisions 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 the 31st day of December , 1986 ,
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 the 31st days of December , 1986 , to the
County; and
WHEREAS , the City of Beaumont , Texas ( the "City" ) , is
located within the County, has previously created a housing
finance corporation 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 1986 , 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 the
31st day of December , 1986; 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
mortgages for persons of low and moderate income , the governing
body of the City has determined to comply with the Corporation' s
request 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
consents to and approves the making and acquisition by the Corpo-
ration or its agents or representatives of home mortgages to
finance homes located within the City, all under and in accord-
ance 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, the City 's authority to issue hous-
ing bonds for home mortgages prior to the 31st day of December ,
1986 , 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 hous-
ing bonds imposed by Section 103A of the Internal Revenue Code of
1954 , as amended, that the Corporation may reserve prior to the
31st day of December , 1986 .
Section 3 . That the governing body of the City hereby
finds, determines and declares that the adoption of this resolu-
tion is in the best interests of the City and will help to accomp-
lish 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
convenient to the general public in the City Hall , within the
City ; that such place was readily 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 required by the Open Meetings Law , Article 6252-17 ,
Vernon ' s Annotated 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 , 1985 .
Mayor
ATTEST: ,
Ak
ity Clerk