HomeMy WebLinkAboutRES 85-021 RESOLUTION NO. 2 f
A RESOLUTION APPROVING ISSUANCE BY THE BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION OF AN
ISSUE IN AN AMOUNT NOT TO EXCEED $4, 700 ,000 OF THE
BEAUMONT MULTI-FAMILY HOUSING FINANCE CORPORATION
(ISSUER) MULTI-FAMILY RESIDENTIAL DEVELOPMENT
REVENUE BONDS (DEERWOOD APARTMENTS PROJECT) ;
APPROVING THE ISSUANCE OF THE BONDS AND THE PLAN
OF FINANCING.
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
Corporations Act, as amended, Article 12691-7 , Vernon ' s
Annotated Civil Statutes (the "Act") , to act on behalf of
the Unit to promote the development of multi-family residen-
tial 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 October 16, 1984 , has declared its
intent to authorize the issuance and sale of its Multi-
Family Housing Revenue Bonds (Deerwood Apartments Project)
(the "Bonds") in an amount not to exceed $4 ,700,000 to
finance the construction of approximately 168 rental dwell-
ing units (the "Project") located within the Unit on the
south side of Park North Drive to be owned by Deerwood ,
Ltd. ; 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 after a public hearing follow-
ing reasonable public notice; and
WHEREAS, this City Council, after publication of the
notice, a copy of which is attached to this resolution, and
before the adoption of this resolution, conducted a public
hearing relative to its approval of the Bonds; and
WHEREAS , this City Council has reviewed the Inducement
Resolution and the minutes relative thereto and the Appli-
cation for Financing filed with the Issuer, and by adoption
of this Resolution, intends to approve the issuance of the
Bonds and the plan of financing contemplated by the Applica-
tion;
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 Inducement Resolution and the plan of finan-
cing contemplated by the Application for Financing;
(b) the issuance of the Bonds up to 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 o� , 1985 .
Z�/j � /11
yor, City o Beaumont, exas
ATTEST:
CiBj Secrd-taryj C ty of
eaumont, Texa
[Seal]
APPROVED AS TO FORM:
By: nCct4-4 nAi�Ly��
City Attorney, City of
Beaumont, Texas
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