HomeMy WebLinkAboutRES 02-201 RESOLUTION NO. 02-201
BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF BEAUMONT:
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 2002
THROUGH 2005, 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 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 2002
through 2005, 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;
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 City, acting
through the Beaumont Housing Finance Corporation,to issue qualified mortgage bonds in
calendar years 2002 through 2005.
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 2002 through 2005
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.
PASSED BY THE CITY COUNCIL of the City of Beaumont on this the 20th day of
August, 2002.
- Mayor Evelyn M. Lord -