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HomeMy WebLinkAboutRES 92-005 RESOLUTION RESOLUTION ASSIGNING TO THE JEFFERSON COUNTY HOUSING FINANCE CORPORATION THE AUTHORITY OF THE BEAUMONT HOUSING FINANCE CORPORATION TO ISSUE QUALIFIED MORTGAGE BONDS IN CALENDAR YEAR 1992; 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 joint housing finance corporation created in accordance with the Texas Housing Finance Corporations Act, TEX. LOC. GOV'T CODE ch. 394 (Vernon 1988) (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 the authority of the Beaumont Housing Finance Corporation to issue qualified mortgage bonds on behalf of the City to another housing finance corporation; 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 Beaumont Housing Finance Corporation to issue qualified mortgage bonds in calendar year 1992, and to approve the making of home mortgage loans within the City from the proceeds of bonds issued by the Corporation during such calendar year; 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 TEX. REV. CIV. STAT. ANN. art. 6252-17 (Vernon Supp. 1990); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the findings and declarations contained in the recitals of this Resolution are incorporated herein as part of this Resolution. The City Council hereby assigns to the Corporation the authority of the Beaumont Housing Finance Corporation to issue qualified mortgage bonds in calendar year 1992. The City Council hereby authorizes and approves the application of the Act to the property located within the City in accordance with Section 394.005 of the Act and authorizes use of the proceeds of the Corporation's bonds to be issuedd in calendar year 1992 to finance house mortgages for homes located within the City. All resolutions and orders, or parts thereof, in conflict with this Resolution are hereby repealed to the extent of such conflict. PASSED BY THE CITY COUNCIL of the City of Beaumont this the / day of �_ 1992. - Mayor - ATTEST: CITY C R ' J - -