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Home My WebLink AboutRES 83-319 RESOLUTION NO. A RESOLUTION APPROVING ISSUANCE BY THE BEAUMONT MULTI-FAMILY HOUSING FINANCE CORPORATION OF AN ISSUE IN THE AMOUNT OF $4,000 ,000 OF THE BEAUMONT MULTI-FAMILY HOUSING FINANCE CORPORATION (ISSUER) MULTI-FAMILY RESIDENTIAL DEVELOPMENT REVENUE BONDS (CREEKWOOD VILLAGE APARTMENTS PROJECT) ; APPROVING THE RESOLUTION OF THE ISSUER REGARDING THE BONDS, THE ISSUANCE OF THE BONDS AUTHORIZED THEREBY AND THE PLAN OF FINANCING APPROVED THEREBY AND THE BOND DOCUMENTS; AND APPROVING THE PROJECT TO BE FINANCED WITH THE BONDS WHEREAS, the City of Beaumont (the "Unit") has approved and authorized the creation of the Beaumont Multi-Family Housing Finance Corporation (the "Issuer") as a Texas non-profit corporation, pursuant to the Housing Finance Cor- porations Act, as amended, Article 1269L-7, Vernon' s Anno- tated Civil Statutes (the "Act") , to act on behalf of the Unit to promote the development of multi-family residential developments within the City of Beaumont; and WHEREAS, the Issuer is authorized by the Act to issue its revenue bonds on behalf of the Unit for the purpose of paying all or part of the costs of a "residential develop- ment" , as defined in the Act, and to loan the proceeds thereof to finance all of part of the costs thereof; and WHEREAS , the Issuer, by resolution (the "Inducement Resolution") adopted July 18 , 1983, has declared its intent to authorize the issuance and sale of its $4, 000 ,000 Multi- Family Housing Revenue Bonds (Creekwood Village Apartments Project) (the "Bonds" ) to finance the construction of approximately 152 rental dwelling units (the "Project") located within the Unit on the north side of Park North Drive just east of U.S. Highway 69 to be owned by an entity wherein P. Rowan Smith, Jr. will be a principal; and WHEREAS, Section 103 (k) of the Internal Revenue Code of 1954, as amended (the "Code") , requires the Unit' s approval of the issuance of the Bonds and authorizes its approval of a plan of financing related to the Project after a public hearing following reasonable public notice; and WHEREAS, this City Council, after publication of notice in accordance with law and before the adoption of this resolution, conducted a public hearing relative to its approval of the Project; and WHEREAS, this City Council has reviewed the Inducement Resolution and the minutes relative thereto and, by adoption of this Resolution, intends to approve the Inducement Resolution, the issuance of the Bonds, the plan of financing approved by the Inducement Resolution and to approve the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, TEXAS : Section 1. The Unit, acting through this City Council, hereby approves : (a) the Project; (b) the Inducement Resolution and the plan of finan- cing approved thereby; (c) the issuance of the Bonds in the amount and for the purposes referred to in the preambles hereof; and Section 2. This Resolution shall take effect imme- diately from and after its adoption. PASSED AND APPROVED this , 1983. Yt I YJA ��O yo , City of Beaum , exas ATTEST: ,- City Secretary, CJ1tyJ,6f B umont, Texas APPROVED AS T� QRM: By: City Attorney, City of Beaumont, Texas 81BCSO -2- 'pa a!� MINUTES AND CERTIFICATION THE STATE OF TEXAS COUNTY OF JEFFERSON § On the `3 tk day of 1p7-, , 1983 , the City Council of the City of Beaumont, Texas, convened in Regular Meeting at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of such meeting, giving the date, place and subject thereof, having been posted or prescribed by Article 6252-17 , V.A.T.C.S . , and the roll of the duly constituted officers and member of the City Council was called, which officers and members are as follows , to-wit: William E. Nield, Mayor Joseph Deshotel ) Evelyn M. Lord ) Councilmembers Bill Cox ) Wayne Turner ) Myrtle E. Corgey, City Secretary and all of such persons were present, except the following absentees : 0 , thus constituting a quorum. Whereupon, among other business, the following was transacted, to-wit: a written Resolution bearing the following caption was introduced: A Resolution approving issuance by the Beaumont Multi-Family Housing Finance Corporation (Issuer) of an issue in the amount of $4 ,000 ,000 of the Beaumont Multi-Family Housing Finance Corporation Multi-Family Residential Development Revenue Bonds (Creekwood Village Apartments Project) ; approving the Resolution of the Issuer regarding the Bonds, the issuance of the Bonds authorized thereby and the plan of financing approved thereby and the bond documents; and approving the Project to be financed with the Bonds The Resolution, a full, true and correct copy of which is attached hereto was read and reviewed by the City Coun- cil. Thereupon, the Presiding Officer declared open the meeting for the purpose of conducting a public hearing relative to consideration of approval by the City Council of the housing project to be financed with proceeds of the Bonds specified in the Resolution. All persons desiring to speak for or against the Project were invited to address the City Council. After all persons present desiring to speak had addressed the City Council, upon motion duly made and seconded, the public hearing was declared closed by the following vote: AYES :— )qL L NOES : �/Ye- Upon motion duly made and seconded, the Resolution was finally passed and adopted by the following vote: AYES : NOES : Abstained: � The Presiding—Officer then declared the Resolution passed and signed and approved the same in the presence of the City Council. MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to reflect accurately the duly constituted officers and members of the City Council of such City, and the attached and following copy of such Resolution is hereby certified to be a true and correct copy of an official copy thereof on file among the official records of the City, 11 on this 1983 . / I Aw A M , CitF o eaumon Texas ATTEST: City ecretary, City of Beaumont, Texas [Seal] 81BCSN -2- A