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HomeMy WebLinkAboutRES 83-134 i yf'- 83 3 � R E S O L U T I O N RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BEAUMONT APPROVING THE ISSUANCE OF $4 ,600 ,000. 00 MULTI-FAMILY HOUSING REVENUE BONDS (VICTORIA FEDERAL SAVINGS & LOAN ASSOCIATION CERTIFICATE OF DEPOSIT PROGRAM) SERIES 1983A WHEREAS, the Texas Housing Finance Corporations Act, Vernon' s Annotated Texas Civil Statutes, Article 1269-1-7, as amended ( the "Act" ) , enables any city, town or county of the State of Texas to authorize the creation of a housing finance corporation as a public nonprofit corporation and instrumentality of such city , town or county to exercise and carry out the public purposes and powers with which it is invested by the Act and its Articles of Incorporation, including the power to issue its obligations for the purpose of assisting in the financing of the costs of multi-family residential developments; and, WHEREAS, by appropriate resolution, the City Council ( the "City Council" ) of the City of Beaumont, Texas ( the "City" ) has authorized the incorporation of Beaumont Multi-Family Housing Finance Corporation ( the "Corporation" ) in accordance with the provisions of the Act; and, WHEREAS, the Corporation has been incorporated in accordance with the resolution of the City Council of the City and the provisions of the Act; and, WHEREAS, the Corporation has agreed to issue obligations to provide financing for the acquisition and construction of a 152 unit multi-family residential development consisting of one and two J03-1.3�/ 17/- -5-- f 3 bedroom units located on approximately 9 . 17 acre tract on Folsom Drive and Dowlen Road in the City of Beaumont, Texas, ( the "Project" ) to be acquired and constructed by Regency Place Apartments, Ltd . , a Texas limited partnership, ( the "Owner" ) ; and, WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended ( the "Code" ) , requires approval of the Bonds by this City Council , or the Mayor of the City , after a public hearing following reasonable public notice; and, WHEREAS, the Corporation has presented to this City Council evidence of the publication on March 19 , 1983, of notice of a public hearing, which public hearing has taken place on April 5 , 1983, with representatives of this City Council present at such public hearing; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: Section 1 . That the issuance and sale of the Bonds by the Corporation pursuant to the Bond Resolution is hereby approved. Section 2 . That the Mayor and the City Clerk of the City and other appropriate officials of the City are hereby authorized and directed to execute all appropriate certificates and to do any and all other things necessary and/or convenient to carry out the provisions of this resolution. - 2 - Section 3 . That a duly certified copy of this resolution shall be admissible as evidence in any suit, action or proceeding involving the validity or enforcement of or otherwise relating to the approval by this City Council of the Bonds , and shall be deemed conclusive proof that the Bonds have been approved by this City Council. Section 4 . That the City Council has considered the evidence of the posting of notice of this meeting of the City Council and the City Council officially finds , determines, recites and declares that a sufficient written notice of the date, place and hour of this meeting of the City Council and of the subject of this resolution was posted for at least seventy-two (72) hours before this meeting was convened; that such notice was posted on a bulletin board in the City Hall located in a place convenient to the general public at all times from the time of posting until this meeting was convened; that this meeting has been open to the public at all times during which this resolution and the subject matter thereof has been discussed, considered and formally acted upon; all as required by the Open Meetings Law , Vernon' s Annotated Texas Civil Statutes, Article 6252-17 , as amended. The City Council further ratifies, approves and confirms such written notice and the contents and the posting thereof. 3 - 1_2J12-13 Section 5 . This resolution shall be of full force and effect from and upon its adoption. PASSED BY THE CITY COUNCIL of the City of Beaumont this the 5X/c, day of a4z;:ty. , 1983. WaL - Mayor - ATTEST: City Clerk - ( SEAL) - 4 -