reglab/housing_qa huggingface dataset:
TX Loc Govt Code § 394.037 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter D. Corporate Powers|Section 394.037. Bonds

Sec. 394.037.  BONDS.  (a)  A housing finance corporation may issue bonds to defray, in whole or in part:(1)  the development costs of a residential development;(2)  the costs of purchasing or funding the making of home mortgages, either on a first-come, first-served basis or by selling lender commitments, including the costs of studies and surveys, insurance premiums, financial advisory services, mortgage banking services, administrative services, underwriting fees, legal services, accounting services, and marketing services incurred in connection with the issuance and sale of the bonds, including bond and interest reserve accounts, capitalized interest accounts, and trustee, custodian, and rating agency fees;  or(3)  any other costs associated with the provision of decent, safe, and sanitary housing and nonhousing facilities that are an integral part of or are functionally related to an affordable housing project.(b)  The corporation may pledge all or a part of the revenues, receipts, or resources of the corporation, including any revenues or receipts received from residential development or home mortgages, to the prompt payment of bonds authorized under this chapter and to the interest and any redemption premiums on those bonds.  It may issue bonds to refund in whole or in part at any time any bonds previously issued under this chapter by the corporation.(c)  The corporation may designate appropriate names for bonds issued under this chapter.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1997, 75th Leg., ch. 1420, Sec. 12, eff. June 20, 1997;  Acts 2001, 77th Leg., ch. 113, Sec. 2, eff. May 11, 2001.|
TX Loc Govt Code § 394.038 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter D. Corporate Powers|Section 394.038. Acquisition of Shares or Obligations

Sec. 394.038.  ACQUISITION OF SHARES OR OBLIGATIONS.  A housing finance corporation may purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, mortgage, lend, pledge, sell, or otherwise dispose of, and otherwise use and deal in and with:(1)  shares and other interests in or obligations of other domestic or foreign corporations, whether profit or nonprofit, associations, partnerships, or individuals;  or(2)  direct or indirect obligations of the United States or of any other government, state, political subdivision of a state, territory, government district, or any instrumentality of such a governmental entity.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.039 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter D. Corporate Powers|Section 394.039. Specific Powers Relating to Financial and Property Transactions

Sec. 394.039.  SPECIFIC POWERS RELATING TO FINANCIAL AND PROPERTY TRANSACTIONS.  A housing finance corporation may:(1)  lend money for its corporate purposes, invest and reinvest its funds, and take and hold real or personal property as security for the payment of the loaned or invested funds;(2)  mortgage, pledge, or grant security interests in any residential development, home mortgage, note, or other property in favor of the holders of bonds issued for those items;(3)  purchase, receive, lease, or otherwise acquire, own, hold, improve, use, or deal in and with real or personal property or interests in that property, wherever the property is located, as required by the purposes of the corporation or as donated to the corporation;  and(4)  sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or part of its property and assets.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.040 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter D. Corporate Powers|Section 394.040. Transactions With Lending Institutions

Sec. 394.040.  TRANSACTIONS WITH LENDING INSTITUTIONS.  (a)  A housing finance corporation may make, contract to make, but is not required to make, and enter into advance commitments to make home mortgages originated, administered, and serviced by lending institutions.  It may pay the reasonable value of services rendered under those contracts.  It may acquire, contract to acquire, and enter into advance commitments to acquire, by assignment or other means, home mortgages owned by lending institutions at purchase prices and on other terms determined by the corporation or its agent.(b)  The corporation may require each lending institution from which home mortgages are proposed to be purchased or to which loans are made to submit evidence satisfactory to the corporation of the ability and intention of the lending institution to make home mortgages, and require the submission, within the time specified by the corporation for making disbursements for home mortgages, of evidence satisfactory to the corporation of the making of home mortgages and of the compliance with the standards and requirements established by the corporation under Section 394.041.(c)  The corporation may make loans to lending institutions under terms that, in addition to other provisions determined by the corporation, require:(1)  the institutions to use substantially all of the net proceeds of the loans, directly or indirectly, to make home mortgages in an aggregate principal amount substantially equal to the amount of the net proceeds;  and(2)  the loans to be fully secured, to the extent not secured by home mortgages, in the same manner as deposits of public funds of the local government.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1997, 75th Leg., ch. 1420, Sec. 13, eff. June 20, 1997.|
TX Loc Govt Code § 394.041 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter D. Corporate Powers|Section 394.041. Standards for Mortgages or Loans

Sec. 394.041.  STANDARDS FOR MORTGAGES OR LOANS.  A housing finance corporation may establish by rule, in resolutions or financing documents relating to the issuance of bonds, standards and requirements applicable to making or purchasing home mortgages or making loans to lending institutions as considered necessary or desirable by the corporation, including standards and requirements related to:(1)  the time within which lending institutions must make commitments and disbursements for home mortgages;(2)  the location and other characteristics of homes financed by home mortgages;(3)  the terms of home mortgages made or acquired;(4)  the amounts and types of insurance coverage required on homes, home mortgages, and bonds;(5)  the representations and warranties of lending institutions confirming compliance with the standards and requirements;(6)  restrictions as to interest rates and other terms of home mortgages or as to the return realized on those mortgages by lending institutions;(7)  the type and amount of collateral security required on a loan from the corporation and to assure repayment of bonds;  and(8)  other matters regarding the making or purchasing of home mortgages or the making of loans to lending institutions as the corporation considers relevant.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.042 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter D. Corporate Powers|Section 394.042. Disposal of Residential Developments or Home Mortgages

Sec. 394.042.  DISPOSAL OF RESIDENTIAL DEVELOPMENTS OR HOME MORTGAGES.  (a)  A housing finance corporation may sell and convey any residential development or home mortgage, including a sale and conveyance subject to a mortgage, pledge, or security interest, as provided in the resolution relating to the issuance of bonds and for the prices and at the times determined by the board of directors.(b)  The corporation may rent, lease, sell, or otherwise dispose of any residential development or home mortgages in whole or in part, or lend sufficient funds to any person to defray in whole or in part the development costs of any residential development or the costs of purchasing home mortgages, so that the rent or other revenue derived from the residential development or home mortgages, combined with any insurance proceeds, reserve accounts, and earnings on those accounts, is designed to produce revenues and receipts at least sufficient to provide for the prompt payment on maturity of principal, interest, and any redemption premiums on bonds issued to finance those costs.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.052 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter E. Housing Finance Corporation Bonds|Section 394.052. Bond Covenants

Sec. 394.052.  BOND COVENANTS.  (a)  A resolution authorizing the issuance of bonds under this chapter may contain covenants relating to:(1)  the use and disposition of the bond proceeds and of the revenue and receipts from any residential development or home mortgages for which the bonds are issued, including the creation and maintenance of reserves;(2)  the issuance of other or additional bonds relating to any residential development or to any rehabilitation, improvement, renovation, or enlargement of, or addition to, a residential development;(3)  the maintenance and repair of a residential development or any homes;(4)  the insurance carried on any residential development, home, home mortgage, or bonds, and the use and disposition of insurance money;(5)  the appointment of one or more banks or trust companies located inside or outside this state that have the necessary trust powers as trustee or custodian for the benefit of the bondholders, paying agent, or bond registrar, and the investment of any funds held by the trustee or custodian;(6)  the appointment of one or more mortgage bankers to provide necessary administrative and mortgage servicing functions to assure the proper administration of the corporation's portfolio of home mortgage loans for the benefit of the bondholders;(7)  the maximum interest rate payable on any home mortgage;  and(8)  the terms on which the bondholders or the trustees for the bonds are entitled to the appointment of a receiver by a court of competent jurisdiction.(b)  The terms established under Subsection (a)(8) relating to the appointment of a receiver may provide that the receiver may:(1)  enter and take possession of all or part of the residential development or home mortgage;(2)  maintain, lease, sell, or otherwise dispose of the development or mortgage;(3)  prescribe rentals or other payments;  and(4)  collect, receive, and apply all income and other revenues that arise from the development or mortgage after the receiver takes possession.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.053 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter E. Housing Finance Corporation Bonds|Section 394.053. Validity of Bonds; Signatures

Sec. 394.053.  VALIDITY OF BONDS;  SIGNATURES.  (a)  Bonds issued under this chapter must bear the actual or facsimile signature of the housing finance corporation's officers designated in the resolution authorizing the bonds.  The validity of a signature of an officer of the corporation is not affected by the fact that before the delivery of the bond or its payment, a person whose signature appears on the bond ceases to be an officer.(b)  The validity of the bonds is not dependent on or affected by the validity or regularity of any proceedings relating to the residential development or home mortgages for which the bonds are issued.(c)  The resolution authorizing the bonds may require that the bonds contain a statement that they are issued under this chapter.  The statement is conclusive evidence of the validity of the bonds and the regularity of their issuance.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.054 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter E. Housing Finance Corporation Bonds|Section 394.054. Security for Bonds

Sec. 394.054.  SECURITY FOR BONDS.  (a)  A resolution authorizing the issuance of bonds under this chapter may require that the principal of and interest on the bonds be secured by a mortgage, pledge, security interest, insurance agreement, or indenture of trust that covers the residential development or home mortgages for which the bonds are issued and may include any improvements or extensions made after the bonds are issued.  A security instrument may contain covenants and agreements to properly safeguard the bonds as provided by the resolution authorizing the bonds and shall be executed in the manner provided by the resolution.(b)  This chapter, the resolution, and the mortgage, pledge, security interest, or indenture of trust constitute a contract with the bondholders that continues in effect until the principal of and interest on the bonds and any redemption premiums have been fully paid or provision for payment has been made.(c)  The resolution, the mortgage, pledge, security interest, or indenture of trust, and the duties under this chapter of the housing finance corporation and its officers and other authorities are enforceable as provided by the resolution, the instrument, or this chapter by any bondholder by mandamus, by foreclosure of the mortgage, pledge, security interest, or indenture of trust, or by any other appropriate action in a court of competent jurisdiction.  The resolution or the mortgage, pledge, security interest, or indenture of trust may provide that the remedies and rights to enforcement may be vested in a trustee, with full power of appointment, for the benefit of all the bondholders.  The trustee is subject to the control of a number of bondholders or bond owners as provided in the resolution or instrument.(d)  Bonds issued under this chapter may be secured by a pledge of or a lien on all or part of the revenues, receipts, or other resources of the housing finance corporation, including the revenues and receipts derived from the residential development or home mortgages or from any notes or other obligations of lending institutions with respect to which the bonds have been issued.  The board of directors may provide in the resolution authorizing the bonds for the issuance of additional bonds equally and ratably secured by a lien on the revenues and receipts or may provide that the lien on the revenues and receipts is subordinate.  Subordinate lien bonds may also be issued unless prohibited by a bond resolution.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.055 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter E. Housing Finance Corporation Bonds|Section 394.055. Liability for Bonds and Contracts; Debt Not Created

Sec. 394.055.  LIABILITY FOR BONDS AND CONTRACTS;  DEBT NOT CREATED.  (a)  Bonds issued under this chapter are limited obligations of the housing finance corporation and are payable solely from the revenue, receipts, and other resources pledged to their payment.  A bondholder may not compel the local government to pay the bond, the interest, or any redemption premium.(b)  The local government and this state are not liable in any way regarding bonds issued by the housing finance corporation.  An agreement or obligation of the corporation does not constitute, within the meaning of a statutory or constitutional provision, an agreement, obligation, or debt of the state or the local government.(c)  The bonds do not constitute, within the meaning of a statutory or constitutional provision, an indebtedness, an obligation, or a loan of credit of the state, the local government, or any other municipality, county, or other municipal or political corporation or subdivision of the state.  The bonds do not create a moral obligation on the part of any of those governmental entities with respect to the payment of the bonds.  Those governmental entities may not make payments with respect to the bonds.(d)  The face of each bond must plainly state that it has been issued under this chapter and that it does not constitute, within the meaning of any statutory or constitutional provision, an indebtedness, an obligation, or a loan of credit of the state, the local government, or any other municipality, county, or other municipal or political corporation or subdivision of the state.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.056 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter E. Housing Finance Corporation Bonds|Section 394.056. Bond as Security

Sec. 394.056.  BOND AS SECURITY.  (a)  A bond issued under this chapter or a coupon representing interest on the bond is, when delivered, a security as that term is defined under Chapter 8 of the Uniform Commercial Code (Chapter 8, Title 1, Business & Commerce Code) and is an exempt security under The Securities Act (Title 12, Government Code).(b)  A contract made under this chapter is not a security under The Securities Act.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.Amended by: Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.36, eff. January 1, 2022.|
TX Loc Govt Code § 394.057 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter E. Housing Finance Corporation Bonds|Section 394.057. Bond as Authorized Investment or as Security for Deposit

Sec. 394.057.  BOND AS AUTHORIZED INVESTMENT OR AS SECURITY FOR DEPOSIT.  (a)  Bonds issued under this chapter are legal and authorized investments for any bank, savings bank, trust company, savings and loan association, insurance company, fiduciary, trustee, guardian, or sinking fund of a municipality, county, school district, or other political corporation or subdivision of the state.(b)  The bonds are eligible to secure the deposit of any public funds of this state or of a municipality, county, school district, or other political corporation or subdivision of the state, and are lawful and sufficient securities for the deposits at face value if accompanied by all unmatured coupons, if any, appurtenant to the bonds.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 394.901 (2021)
2021 Texas Statutes|Local Government Code|Title 12 - Planning and Development|Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government|Chapter 394 - Housing Finance Corporations in Municipalities and Counties|Subchapter Z. Miscellaneous Provisions|Section 394.901. Designation of Area as Economically Depressed or Blighted; Notice

Sec. 394.901.  DESIGNATION OF AREA AS ECONOMICALLY DEPRESSED OR BLIGHTED;  NOTICE.  (a)  To designate an area as economically depressed or blighted under the meaning provided by Section 394.003(3)(B) or (C), the governing body of the affected municipality must hold a public hearing and must find that the area substantially impairs or arrests the sound growth of the municipality or that it constitutes an economic or social liability and is, in its current condition and use, a menace to the public health, safety, morals, or welfare.(b)  The governing body shall give notice of the hearing as provided by Chapter 551, Government Code, except that the notice must be published at least 10 days before the date of the hearing.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.95(78), eff. Sept. 1, 1995.|