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<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The City Council urges the Texas Municipal League to support the enactment <br />of measures by the Texas Legislature to require the consent of local taxing entities for purchase <br />and financing transactions by nonprofit corporations that result in tax exempt status for rental <br />housing property. Such measures should include, without limitation, the following: <br /> <br />A. A requirement that a nonprofit corporation that proposes to issue bonds in a <br />transaction that will result in tax exempt status for a property developed or to be <br />developed for rental housing must obtain the approval of the issuance from the governing <br />bodies of all affected taxing entities. <br /> <br />B. A requirement that a nonprofit corporation that proposes to purchase property in a <br />transaction that will result in tax exempt status for a property developed or to be <br />developed for rental housing must obtain the approval of the purchase from the governing <br />bodies of all affected taxing entities. <br /> <br />C. An express authorization for affected taxing entities to require an agreement for <br />payments in lieu of taxes by the property owner as a condition of the taxing entities' <br />consent to any such transaction. <br /> <br />PART 2. The City Clerk, Janis K. Womack, is authorized and directed to deliver a copy <br />of this resolution and the attached resolution cover sheet to the Texas Municipal League. <br /> <br />PART 3. This resolution is in full force and effect immediately upon its passage. <br /> <br />ADOPTEDon July 22, 2002. <br /> <br />(l..U B. ~ <br /> <br />Robert B. Habingreither <br />Mayor <br /> <br />Attest: <br /> <br />