O-1993-1947 - Laserfiche WebLink

Browse Search

, / ~i .. ~ ~ . e allocation for the issuance of single family mortgage revenue bonds not used for the Bonds for the authority to issue mortgage credit certificates (the "Mortgage Credit Certificates"); WHEREAS, section .l47 (f) of the Code requires that, in order for interest on bonds issued to finance single family housing. to be excluded from gross income for federal income tax purposes, the issuance of such bonds must be approved by the governmental unit within which such housing is located, and the other governmental units which sponsor the bond-issuing authority, after holding a public hearing where affected' members of the public are allowed to present their views on the proposed bond issue; WHEREAS, section 147(f) of the Code further provides that the issuance of such bonds shall be treated as having been approved by such governmental units if, after such public hearing, such issue is approved by the respective applicable elected representatives of such governmenta~ units; WHEREAS, section 25 of the Code. requires that, in order for a mortgage credit certificate to entitle the holder thereof to a credit against his or her federal income taxes, the issuance of such mortgage credit certificate must be approved by the governmental unit within which the housing to which such mortgage credit certificate relates is located; WHEREAS, the issuance of mortgage credit certificates shall be treated as having'been approved by such governmental units if such issuance is approved by the re~pective applicable elected representatives of such governmental units; WHEREAS, the undersigned is the applicable elected representative for a governmental unit sponsoring the Issuer and mortgage loans may be financed with the Bonds, and/ or Mortgage Credit certificates may be issued by the Issuer, with respect to housing located within the boundaries of such governmental unit; WHEREAS, a public hearing was held by a representative of the .Issuer at 9:00 a.m., Houston, Texas time, on November 10, 1993, at 4620 Fairmont Parkway, suite 201, Pasadena., Texas 77504 following public notice published at least fourteen days prior to. such hearing, where affected members of the public were allowed to present their views on the proposed issuance of the Bonds and the Mortgage Credit Certificates; WHEREAS, the undersigned has been apprised of the results of such public hearing; WHEREAS, the undersigned hereby finds and declares that the issuance by the Issuer of the Bonds and Mortgage Credit certificates with respect to housing located in the Local Governmental Unit named below (the "Applicable Unit") should be approved and is in the best interests of the inhabitants of the Applicable Unit. AUMAINOl Doc: 18934.1 Printed: 10-19-93 15:46