Consider approval of Resolution No. 09-XXX approving the Single Family Mortgage Revenue Bond Program Series 2009A for the Southeast Texas Housing Finance Corporation. (SETH)

The US Treasury Department has allocated to SETH an amount of $24,549,050 to issue tax-exempt bonds for the 2009 Single Family Mortgage Revenue Bond Program.  In order to meet the deadlines set by the Federal Government, SETH (and most agencies across the nation) must issue taxable bonds before December 23, 2009 and convert those to tax-exempt bonds in January 2010.  It is a most difficult program to accomplish within the timelines, but a very needed program to assist out moderate income first-time homebuyers with the ability to make their dream of homeownership come true.

The Mayor must execute a General and No litigation Certificate for the City of Texas City which must be completed and returned to SETH as soon as possible but no later than December 21, 2009 in order for SETH to complete the transaction and be approved by the Texas Attorney General's Office.