CC Resolution No. 708 1150
RESOLUTION NO. 708
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN ,
TEXAS DESIGNATING THE BAYTOWN HOUSING FINANCE CORPO-
RATION AS THE INSTRUMENTALITY OF THE CITY OF BAYTOWN
FOR THE PURPOSE OF ISSUING TAX-EXEMPT OBLIGATIONS TO
FINANCE OWNER-OCCUPIED RESIDENCES
WHEREAS, the Texas Housing Finance Corporations Act,
Vernon's Annotated Texas Civil Statutes , Article 12691-7
(the "Act") enables any city , town or county of the State of
Texas to authorize the creation of a housing finance corpo-
ration as a public non-profit corporation and instrumentality
of such city, town or county to exercise and carry out the
public purposes and powers with which it is invested by the
Act and its Articles of Incorporation, includinc the power
to issue its obligations for the purpose of acquiring from
low and moderate income persons mortgages on owner-occupied
residences located within such city, town or county; and
WHEREAS , by appropriate resolution, the City Council
(the "Council") of the City of Baytown, Texas (the "City")
has authorized the incorporation of The Baytown Housing Finance
Corporation ( "Corporation") in accordance with the provisions
of the Act; and
WHEREAS, the Corporation has been incorporated in accor-
dance with the resolution of the Council and the provisions of
the Act; and
WHEREAS, there is presently pending in the United States
House of Representatives a bill numbered H .R. 5741 entitled
the "Mortgage Subsidy Bond and Interest Exclusion Tax Act of
1979" (the "Federal Act") , Subsection 5 (d) of which requires
that, in order for the Corporation to issue its tax-exempt
obligations to provide funds for the financing of owner-
occupied residences for low and moderate income persons within
the City, the Council must designate the Corporation as its
instrumentality for the purpose of issuing such obligations
pursuant to said Subsection 5 (d) ; NOW, THEREFORE ,
BE IT RESOLVED by the City Council of the City of Baytown
Texas -,
Section 1 . That in accordance with and for the purposes
of Subsection 5 (d) of the Mortgage Subsidy Bond and Interest
Exclusion Tax Act of 1979 , H .R. 5741, as introduced and amended
and presently pending in the United States House of Represen-
tatives, "The Baytown Housing Finance Corporation" be and the
same is hereby designated as the sole instrumentality of the
City of Baytown, Texas, for the purpose of issuing tax-exempt
obligations to finance owner-occupied residences within the
City for persons of low and moderate income .
Section 2 . That the Mayor and the City Secretary of the
City and other appropriate officials of the City are hereby
authorized and directed to execute all appropriate Certificates
and to do any and all other things necessary and/or convenient
to carry out the provisions of this resolution.
Section 3 . That a duly certified copy of this resolution
shall be admissible in evidence in any suit, action or pro-
ceeding involving the validity or enforcement of or otherwise
relating to any contract of the Corporation, and shall be
deemed conclusive proof that the Corporation has been autho-
rized to be formed and to transact business and exercise its
powers pursuant to the provisions of the Act .
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Section 4 . That this resolution and all the terms and
provisions hereof shall be liberally construed to effectuate
the purposes set forth herein and to sustain the validity of
the authorization of the formation and operation of the Corpo-
ration. If any word, phrase, clause, sentence, paragraph,
section or other part of this resolution, or the application
thereof to any person or circumstance, shall ever be held to
be invalid or unconstitutional by any court of competent
jurisdiction, the remainder of this resolution and the appli-
cation of such word, phrase, clause, sentence, paragraph,
section or other part of this resolution to any other persons
or circumstances shall not be affected thereby .
Section 5 . That the Council has considered evidence of
the posting of notice of this meeting of the Council , and the
Council officially finds, determines, recites and declares
that a sufficient written notice of the date, place, and hour
of this meeting of the Council and of the subject of this
resolution was posted for at least two hours before this
meeting was convened; that such notice was posted on a bulletin
board in the City Hall located at a place convenient to the
general public at all times from the time of posting until this
meeting was convened; and that this meeting has been open to
the public at all times during which this resolution and the
subject matter thereof has been discussed, considered and
formally acted upon; all as reauired by the Open Meetings
Law, Article 6252-17 , Vernon' s Annotated Texas Civil Statutes,
as amended. The Council further ratifies , approves and con-
firms such written notice and the contents and posting thereof .
Section 6 . That the Council officially finds, determines ,
recites , and declares that the need for the Corporation to be
formed and begin transacting business and exercising its powers
at the earliest possible date is necessary for the immediate
preservation of health and safety and creates an emergency
and urgent public necessity; that this resolution is therefore
declared to be an emergency measure; and that written notice
of the date , place and hour of this meeting and the subject
matter of this resolution shall be sufficient notwithstanding
that such written notice may not have been posted for 72 hours
before this meeting was convened .
PASSED AND APPROVED this 26th day of November , 1979 .
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Mayor
ATTEST:
City Secretary
(SEAL)
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