HomeMy WebLinkAboutORD 93-80 r
ORDINANCE NO. �
ENTITLED AN ORDINANCE ASSIGNING TO THE
JEFFERSON COUNTY HOUSING FINANCE
CORPORATION TO ISSUE QUALIFIED MORTGAGE
BONDS IN CALENDAR YEAR 1994; 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 1994, 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,
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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 ORDAINED BY THE
CITY OF BEAUMONT, TEXAS:
Section 1.
THAT the findings and declarations contained in the recitals of this Ordiance are
incorporated herein as part of this Ordinance.
Section 2.
The City of Beaumont hereby assigns to the Corporation the authority of the
Beaumont Housing Finance Corporation to issue qualified mortgage bonds in calendar year
1994.
Section 3.
The City Council hereby authorizes and approves the application of the Act to the
property located within the City in accordance with S 394.005 of the Act and authorizes use
of the proceeds of the Corporation's bonds to be issued in calendar year 1994 to finance
house mortgages for homes located within the City.
Section 4.
All ordinances and orders, or parts thereof,in conflict with this Ordinance are hereby
repealed to the extent of such conflict.
Section 5.
This Ordinance shall take effect immediately from and after its adoption.
PASSED BY THE CITY COUNCIL of the City of Beaumont this day of
v , 1993.
Guy N. Goodson
- Mayor -
Pro Tempore