CC Resolution No. 1343 2567
RESOLUTION NO. 1343
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, APPROVING THE 1998 SINGLE FAMILY MORTGAGE REVENUE
BOND PROGRAM OF THE SOUTHEAST TEXAS HOUSING FINANCE
CORPORATION; DIRECTING THE MAYOR TO EXECUTE THE
APPROPRIATE CERTIFICATES EVIDENCING THE APPROVAL OF THE
SAME; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF.
WHEREAS, the Southeast Texas Housing Finance Corporation (the "Corporation") has
proposed offering up to $37,000,000 of tax-exempt qualified mortgage revenue bonds in order to
provide funds to finance the origination of certain mortgage loans for the purchase of single family
residences by persons and families of low and moderate income; and
WHEREAS, the proposed issuance will provide funds to purchase (i) fully modified
mortgage-backed securities guaranteed as to the timely payment of monthly principal and interest
by the Government National Mortgage Association and backed by pools of qualifying FHA insured,
VA guaranteed USDA/RD guaranteed mortgage loans, and (ii) mortgage backed securities
guaranteed as to timely payment of monthly principal and interest by the Federal National Mortgage
Association and backed by pools of qualifying conventional mortgage loans (the "Bond Program");
and
WHEREAS, the Bond Program is expected to advance the Corporation's continued efforts
in providing safe, decent, sanitary and affordable housing to residents of its sponsoring political
subdivisions, including the City of Baytown; and
WHEREAS,to gain approval of the Texas Attorney General's Office for the issuance of the
bonds, the Corporation has asked that the City of Baytown confirm certain information regarding
the Corporation and execute certain documents evidencing the public's approval of the proposed
Bond Program; and
WHEREAS, at the public hearing on January 30, 1998, held by the Corporation, in
compliance with federal law, concerning the Bond Program, no member of the public attended to
speak or discuss such program;NOW THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section 1: That the City Council of the City of Baytown, Texas, hereby evidences its
approval of the Corporation's Bond Program described in the recitals hereinabove and authorizes
the Mayor to execute the documents entitled"General Certificate of Local Governmental Unit"and
"Certificate of Highest Elected Official Evidencing Public Approval pursuant to §147(f) of the
Internal Revenue Code of 1986, as amended," which are attached hereto as Exhibits "A" and "B,"
respectively, and made a part hereof for all intents and purposes. The Mayor is further directed to
authorize the Attorney General of the State of Texas, any Assistant Attorney General of the State of
Texas or any or their respective delegates or assigns, to complete the date on the general certificate.
2568
Section 2: This resolution shall take effect immediately from and after its passage by the
City Council of the City of Baytown, Texas.
INTRODUCED, READ and PASSED, by the affirmative vote of the City Council of the
City of Baytown this the 12"' day of February, 1998.
a4Lod -
PETE C. ALFARO, Mayor
ATTEST:
EILEEN P. HALL, City Clerk
APPROVED AS TO FORM:
tt�W
ACIO RAMIREZ, W. City Attorney
c:kl h 76\Council\Resolutions\STHFCS i ngleFamilyRevenueBondProgram.Resolution
2
GENERAL CERTIFICATE
OF LOCAL GOVERNMENTAL UNIT
I have executed this Certificate for the benefit of all persons interested in the validity of the
proceedings of The Southeast Texas Housing Finance Corporation (the "Issuer") related to the
issuance by the Issuer of its Single Family Mortgage Revenue Bonds, Series 1998 in an amount not
to exceed $37,000,000(the"Bonds"). Capitalized terms used herein and not otherwise defined shall
have the same meanings ascribed to such terms in the Texas Housing Finance Corporations Act,
Chapter 394, Texas Local Government Code, as amended (the"Act"). I hereby certify as follows:
I. I am the duly elected and incumbent official of
(the "Local Governmental Unit") holding the office indicated below.
2. The Issuer has been authorized to act on behalf of the Local Governmental Unit by
action of the governing body of the Local Governmental Unit.
3. The Restated Articles of Incorporation of the Issuer have been approved by the
governing body of the Local Governmental Unit. The minutes of the governing body of the Local
Governmental Unit do not reflect any amendment to the Restated Articles of Incorporation of the
Issuer.
4. The minutes of the governing body of the Local Governmental Unit do not reflect any
action for the purpose of(i) changing the structure, organization, programs or activities of the Issuer,
(ii) terminating the Issuer, (iii)withdrawing from the Issuer or (iv) limiting the effectiveness of the
resolution of the Issuer's board of directors authorizing the issuance of the Bonds or otherwise
affecting the Bond transaction.
5. Except for the Issuer, the Local Governmental Unit has not created or authorized to
act on its behalf any housing finance corporation (including any joint housing finance corporation),
except a housing finance corporation that has no power to make home mortgages or to make loans
to lending institutions, the proceeds of which are to be used to make home mortgages or to make
loans on residential developments.
6. The Local Governmental Unit has appointed the individual named below to act as a
member of the board of directors of the Issuer for a term ending as indicated below. That individual
is a resident of a Local Governmental Unit which is a member of the Issuer. The minutes of the
governing body of the Local Governmental Unit do not reflect that such individual has been removed
as a member of the Issuer's board of directors.
7. No litigation is pending or, to my knowledge, threatened against the Local
Governmental Unit relating to the Issuer,the Bonds, the proceeding regarding the issuance of Bonds,
F:\W P6\SETX,SFAMILY\98'MRMLGO V TGEN.CRT
January I8,1999
EXHIBIT A
the bonds being refunded with the Bonds, the representation on the Issuer's board of directors of the
Local Governmental Unit, or the participation of the Local Governmental Unit in the Issuer or the
Program.
Signature:
Printed Name:
OFFICE:
County Judge ❑ Mayor
County Clerk El Mayor ProTem ❑
City Secretary ❑
LOCAL GOVERNMENTAL UNIT:
County of City of
Name of Member of Expiration of
Issuer's Board of Directors: Director's Term:
[DO NOT DATE THIS PAGE]
Date of this
Certificate:
F:kWPESETY�SFA vnY98MRB\LC,OVTGEN.CRT
J®u.y 18, 1998
CERTIFICATE OF HIGHEST ELECTED OFFICIAL
EVIDENCING PUBLIC APPROVAL PURSUANT TO
§147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
WHEREAS,The Southeast Texas Housing Finance Corporation(the"Corporation's has, in accordance
wit the provisions of the Housing Finance Corporations Act, Chapter 394,Local Government Code, as amended,
duly authorized the issuance of The Southeast Texas Housing Finance Corporation Single Family Mortgage
Revenue Bonds in one or more series in an aggregate principal amount not to exceed$37,000,000 (collectively,
the "Bonds"). The Corporation authorized the issuance of the bonds to provide funds to purchase (i) fully
modified mortgage-backed securities guaranteed as to the timely payment of monthly principal and interest by
the Government National Mortgage Association and backed by pools of qualifying FHA insured,VA guaranteed
USDA/RD guaranteed mortgage loans, and(ii)mortgage-backed securities guaranteed as to timely payment of
monthly principal and interest by the Federal National Mortgage Association and backed by pools of qualifying
conventional mortgage loans. The mortgage loans will be made by certain mortgage lending institutions to
qualified persons or families of low or moderate income to finance the purchase of single family residences in
the State of Texas (the"Program");
WHEREAS,on Friday,January 30, 1998,the Corporation held public hearings in connection with the
issuance of the Bonds after due notice thereof was published in The Chronicle,a newspaper of general circulation
within the jurisdictions of each of the Local Governmental Units which comprise the Corporation and which
meets the requirements of§2051.044, Goverment Code, at which no objections were raised by anyone present
at the hearing;
WHEREAS, the provisions of Section 147(f) of the Code require that the issuance of certain private
activity bonds, such as the Bonds, must be approved by the "applicable elected representative" of the
"governmental unit"issuing said bonds or on whose behalf said bonds are being issued;
WHEREAS,under Section 147(f)(2)(E)(i)(11) of the Code,the applicable elected representative of the
governmental unit is, in this case,the Mayor of the city of (the"City); and
WHEREAS,as the highest elected official of the City,the undersigned desires to approve the issuance
of the Bonds in one or more series for the purpose of financing the Program, on behalf of the Corporation, all in
accordance with Section 147(f) of the Code.
NOW,THREFORE,I, Mayor, do hereby certify that I am the highest
elected official of the City and I do hereby approve the issuance of the bonds for the purpose of financing the cost
of the Program on behalf of the Corporation, all in accordance with Section 147(f) of the Code. I do hereby
authorize the members of the Corporation and its officers to cause this Certificate to be filed of record in the
Transcript of Proceedings for the Bonds and to file a copy thereof with any state or federal agency, board or
commission as may be required by any applicable state or federal laws, rules or regulations.
WITNESS my signature this day of February, 1998.
Mayor
City of Texas
EXHIBIT B