HomeMy WebLinkAboutRES 06-062 BFHC FOR * REQUESTED BY: Kyle Hayes
ADMINISTRATIVE * PURPOSE EXPRESSED BY REOUESTOR:
Assigning to the Jefferson County Housing Finance
Corporation the authority of the Beaumont Housing Finance
Corporation to issue qualified mortgage bonds in calendar
years 2006 through 2009 and approving the making of home
mortgage loans from the proceeds of bonds.
USE ONLY * LOCATION: City of Beaumont
RESOLUTION NO. 0 6`
A RESOLUTION ASSIGNING TO THE JEFFERSON COUNTY HOUSING FINANCE
CORPORATION THE AUTHORITY OF THE BEAUMONT HOUSING FINANCE
CORPORATION TO ISSUE QUALIFIED MORTGAGE BONDS IN CALENDAR
YEARS 2006 THROUGH 2009; 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.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT:
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, TEX. LOC. GOVT CODE CH. 394(the"Act"),-
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;
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;
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 years 2006 through 2009, 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, TEX. GOV'T CODE
ANN. (Vernon 1994& Supp. 200 1)(the"Texas Open Meetings Act");
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 Beaumont
Housing Finance Corporation to issue qualified mortgage bonds in calendar years 2006 through 2009.
Section 3. The City Council hereby authorizes and approves the application of the Act to the
property located within the City in accordance with Sec. 394.005 of the Act and authorizes use of the
proceeds of the Corporation's bonds to be issued in calendar years 2006 through 2009 to finance
mortgages for homes located within the City.
Section 4. All resolutions and orders, or parts 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.
Section 6. That a copy of this Resolution be spread upon the Minutes of the City Council.
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READ, ADOPTED AND APPROVED this the q+hday of February,A.D., 2006, at a Regular
Meeting of the City Council of the City of Beaumont, Texas,by the following vote:
AYES: 1-{
NOES: ?
ABSTAIN:
Mayor Pro Te
ATTEST:
JMO
AW
I
City S retary U
dW
APPROVED AS TO FORM: APPROVED FOR ADMU�ISTRATION:
City Otorney City Manager
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