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<br />WHEREAS, the Cit:y Council has determined, upon its own mo-
<br />tion, to acopt such resolution; and
<br />
<br />NOW THE~ORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
<br />OF La Porte TEXAS:
<br />
<br />.
<br />
<br />Section ::. That the City Council officially finds, deter-
<br />mines, reC1~;S and declares that (1) it is wise, expedient,
<br />necessary anii advisable that there be provided in the City a
<br />means of f~nancing the cost of residential ownership and develop-
<br />ment that will pro';ride decent, safe and sanitary housing for
<br />residents of the Ci,ty at prices that they can afford; (2) that
<br />such residen-:.ial ownership and development will (a) provide for
<br />and promote the public health, safety, morals and welfare: (b)
<br />relieve conditions of unemployment and encourage the increase of
<br />industry and commercial activity and economic development so as
<br />to reduce the evils attendant upon unemployment; (c) provide for
<br />efficient and well-planned urban growth and development including
<br />the elimination and prevention of potential urban blight and the
<br />proper coord:.nation of industrial faci'lities with public ser-
<br />vices, mass transportation and residential development; (d)
<br />assist persons of lo'w and moderate income in acquiring and owning
<br />decent, safe and sanitary housing which they can afford: and (e)
<br />preserve and increase the ad valorem tax basis of the City; (3)
<br />that the City should cooperate with the other sponsoring
<br />political sucdivisions constituting the Area of Operations for
<br />the mutual ~enefit of the City and _ such other sponsoring
<br />poli tical sucdi visions, and (4) that in order to accomplish the
<br />foregoing pu1:lic purppses and benefits there should be formed,
<br />pursuant to the application of Incorporators and the attached
<br />Articles of Incorporation presented therewith to this City
<br />Council, a p:lblic nonprofit housing finance corporation to be
<br />called UThe South "East Texas Housing Finance Corporation" (the
<br />"Corporation") with authority to carry out the publ ic purposes
<br />for which it is incorporated, to exercise. the powers with which
<br />it is invest~j by the laws of the State of Texas, its sponsoring
<br />political subjivisions and its Articles of Incorporation, i~clud-
<br />ing the powe::- to issue its obligations to accomplish such pur-
<br />poses and powers, as a public instrumentality and nonprofit
<br />corporation to exist and act on' behalf of and for the be:1efit of
<br />the general p~blic, the City and the State of Texas.
<br />
<br />Section 2. That, having considered the application of the
<br />Incorporators attached hereto as Exhibit "A", the said applica-
<br />tion of the Incorporators to this City Council for approval of
<br />the formation of the Corporation in accordance with the provi-
<br />sions of the Act is hereby approved; that the Articles of Incor-
<br />poration presented to this City Council by the Incorporators with
<br />
<br />-2-
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