HomeMy WebLinkAboutORD 94-27 .2 7 No. 6
AN ORDINANCE AUTHORIZING THE BEAUMONT HOUSING
FINANCE CORPORATION TO ISSUE NOT TO EXCEED $2, 730, 000
IN TAX-EXEMPT REVENUE AND REFUNDING BONDS TO PROVIDE
FINANCING FOR LOW AND MODERATE INCOME HOUSING
WHEREAS, the Beaumont Housing Finance Corporation (the
"Corporation" ) was heretofore created pursuant to action of the
City Council of the City of Beaumont (the "Council" ) and is
existing and operating under Chapter 394 , Texas Local Government
Code, as amended (the "Act" ) ; and
WHEREAS, the Corporation has received an allocation for the
issuance of tax-exempt revenue bonds not to exceed $2,400,000 (the
"Bonds" ) for use by Agape Community Housing Foundation, Inc. , or
the assigns of such entity for the Pear Orchard Plaza Apartments;
and
WHEREAS, the Bylaws of the Corporation provides limitations on
the powers of the Corporation unless the Council otherwise
authorizes; and
WHEREAS, the Corporation has requested that the Council
authorize the Corporation to finance the project described in
Exhibit "A" attached hereto and incorporated by reference herein
(the "Project" ) within the corporate limits of the City of
Beaumont;
NOW THEREFORE:
BE IT ORDAINED BY THE CITY OF BEAUMONT:
SECTION 1 . The Council specifically authorizes the
Corporation to issue its bonds under the Act in the maximum
principal amount of $2,730,000 (the "Bonds" ) to finance the Project
and hereby authorizes the Mayor to execute and deliver the approval
in the form attached hereto as Exhibit "B" .
PASSED AND APPROVED this 17th day of May, 1994 .
+ Mayor
ATTEST,
Cit Y141 erk
7
0 � - ` %
EXHIBIT "A"
General Description:
Multi-Family residential housing development consisting of
approximately 150 dwelling units known as Pear Orchard Plaza
Apartments .
Legal Description of Site:
11 . 046 acres of land, more or less, out of Lots 37 and 38,
.Cartwright Subdivision of the J. W. Bullock Survey as
described in Vol . 977, Page 213, M&L Records of Jefferson
County, Texas .
Street Address :
4365 South Fourth Street, Beaumont, Texas .
Proposed Owner, Borrower and Operator:
Virginia Villages Apartments, Ltd. , a Texas limited
partnership, c/o Agape Community Housing Foundation, Inc. ,
4100 N.W. Loop 410, Suite 120, San Antonio, Texas 78229
EXHIBIT "B"
APPROVAL OF ISSUANCE OF
BEAUMONT HOUSING FINANCE CORPORATION
MULTI-FAMILY HOUSING REVENUE AND REFUNDING BONDS
(PEAR ORCHARD PLAZA SECTION 8 PROJECT) ,
SERIES 1994-A AND SERIES 1994-B
WHEREAS, the Beaumont Housing Finance Corporation (the
"Issuer" ) has been organized as a public nonprofit corporation
pursuant to the Texas Housing Finance Corporations Act, Chapter
394, Texas Local Government Code, as amended (the "Act" ) , with the
approval and on behalf of the City of Beaumont, Texas (the "Unit" ) ,
and is empowered under the Act to issue its revenue bonds to
finance residential developments as described in the Act;
WHEREAS, to provide a residential development known as Pear
Orchard Plaza within the Unit and, pursuant to an agreement with
Virginia Villages Apartments, Ltd. (the "Developer" ) , the Issuer
has agreed to issue not more than TWO MILLION SEVEN HUNDRED THIRTY
THOUSAND AND N01100 DOLLARS ( $2,730,000) principal amount of its
Multi-Family Housing Revenue and Refunding Bonds (Pear Orchard
Plaza Section 8 Assisted Project) Series 1994-A and Series 1994-B
(the "Bonds" ) , at the request of the Developer, and to use the
proceeds of sale of the Bonds to refund outstanding revenue bonds
and to loan the balance to the Developer in the amount, upon the
terms, and for the purpose described in such agreement;
WHEREAS, pursuant to Section 147 ( f) of the Internal Revenue
Code of 1986 , as amended (the "Code" ) , on May 17, 1994, a public
hearing was held following reasonable public notice with respect to
the Bonds and the project being financed with the Bonds; and
WHEREAS, in order to satisfy the requirements of Section
147 ( f) of the Code, it is necessary for the Mayor of the Unit to
approve the Bonds after the public hearing has been held;
THEREFORE, BE IT ORDERED BY THE MAYOR OF THE CITY OF BEAUMONT,
TEXAS, THAT:
Section 1 . It is hereby officially found and determined that
it is to the best interest of the Unit and its inhabitants to
approve the issuance of the Bonds .
Section 2 . The Mayor of the Unit hereby approves the Bonds
the proceeds of which will be used to provide a residential
development for the Developer known as Pear Orchard Plaza
Apartments in the aggregate face amount of $2 , 730,000; the owner
and operator of the facility to be financed from the proceeds of
Bonds is and will be the Developer; and the location of the
facility to be financed from the proceeds of which is 4365 South
Fourth Street, Beaumont, Texas 77705 .
Section 3 . The approval herein is given to accord with the
provisions of Section 147 ( f) of the Code and for no other purpose
and is not to be construed as an undertaking by the Unit. The Bonds
shall never constitute an indebtedness or obligation of the Unit or
any other county, city, or other municipal or political corporation
or subdivision of the State of Texas within the meaning of any
constitutional or statutory provision, and the holders of the Bonds
shall never be paid in whole or in part out of any funds raised or
to be raised by taxation or any other revenues of the Unit or any
other such entity.
APPROVED THIS May 17, 1994 .
Mayor, City of Beaumont, Texas
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