HomeMy WebLinkAboutRES 85-299 l
GENERAL CERTIFICATE OF UNIT
I, the undersigned officer of the City Council (the
"Governing Body") of the City of Beaumont, Texas (the "Unit") ,
hereby certify as follows for the benefit of all persons
interested in the issuance by the Beaumont Multi-Family Housing
Finance Corporation (the "Issuer") of the $1,400,000 Variable
Rate Demand Housing Revenue Bonds (New Beaumont Hotel Project) ,
Series 1985 (the "Bonds") :
1. The Unit is a political subdivision of the State of
Texas, acting by and through the Governing Body and its duly
elected, appointed or empowered officers.
2 . The Issuer was created and authorized to act on behalf
of the Unit, and the Articles of Incorporation and the Bylaws of
the Issuer were approved by resolution of the Unit.
3. Attached hereto as Exhibit A is a true and correct copy
of a resolution adopted by the Issuer on August 20 , 1985,
approving, ratifying and confirming a resolution of the Beaumont
Industrial Development Corporation concerning the issuance of the
Bonds, and such resolution has not been amended, annulled,
rescinded or revoked and remains in full force and effect on the
date hereof.
4 . Attached hereto as Exhibit B is a true and correct copy
of a resolution adopted by the Unit on September 17, 1985 ,
approving a resolution of the Issuer providing for the issuance
of the Bonds, and such resolution has not been amended, annulled,
rescinded or revoked and remains in full force and effect on the
date hereof.
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5 . The Unit has approved all programs and expenditures of
the Issuer in connection with the issuance of the Bonds and the
r transactions contemplated thereby.
6 . No litigation is pending against the Unit or, to the
best of my knowledge, threatened against the Unit:
(i) to restrain or enjoin the issuance or delivery of the
Bonds; or
(ii) in any way contesting (a) the right and power of the
Unit in connection with any action taken by it towards
the creation of the Issuer or the issuance of the Bonds
or (b) the titles of the current officers of the Unit
to their respective officers.
W,TTNESSED my hand and the official seal of the Unit this
day of September, 1985 .
By
- M of the Ci y
or
C =,
or Beaumont, Texas
` ISEAL]
KMM031/F
CERTIFICATE FOR
RESOLUTION ADOPTING THE RESOLUTION OF THE
BEAUMONT_ INDUSTRIAL DEVELOPMENT CORPORATION
CONCERNING ISSUANCE OF BONDS TO FINANCE A PROJECT
FOR THE URBAN GROUP III
THE STATE OF TEXAS •
COUNTY OF JEFFERSON t
The undersigned officer of the Board of Directors (the "Board") of
the Beaumont Multi-Family Housing Finance Corporation (the "Issuer")
hereby certifies as follows:
1 . In accordance with the Bylaws of the Issuer, the Board held a
meeting on August 20, 1985 (the "Meeting") , of the duly constituted
officers and members of the Board, at which a duly constituted quorum
was present. Whereupon, among other business transacted at the
Meeting, a written
RESOLUTION ADOPTING THE RESOLUTION OF THE
BEAUMONT INDUSTRIAL DEVELOPMENT CORPORATION
CONCERNING ISSUANCE OF BONDS TO FINANCE A PROJECT
FOR THE URBAN GROUP III
(the "Resolution") was duly introduced for the consideration of the
Board and read in full. It was then duly moved and seconded that the
Resolution be adopted; and, after due discussion, said motion,
carrying with it the adoption of the Resolution, prevailed and
carried.
2. A true, full, and correct copy of the Resolution adopted at
the Meeting is attached to and follows this Certificate; the
Resolution has been duly recorded in the Board's minutes of the
Meeting; each of the officers and members of the Board was duly and
sufficiently notified officially and personally, in advance, of the
time, place, and purpose of the Meeting in accordance with the Bylaws ,
and that the Resolution would be introduced and considered for adop-
tion at the Meeting, and the Meeting was held and conducted in accor-
dance with the Articles of Incorporation and Bylaws of the Issuer and
the Meeting was open to the public, and public notice of the time,
place, and purpose of the Meeting was given, all as required by
Article 6252-17, Vernon's Texas Civil Statutes, as amended.
SIGNED AND SEALED this 20th day of Au st, 1985.
CRETARY
(SEAL)
RESOLUTION ADOPTING THEE.RESOLUTION OF THE
BEAU40NT INDUSTRIAL DEVELOPMENT CORPORATION
CONCERNING ISSUANCE OF BONDS TO FINANCE A PROJECT
FOR THE URBAN GROUP III
WHEREAS, the Beaumont Multi-Family Housing Finance Corporation
(the "Issuer") has been duly and properly created and organized under
the Texas Housing Finance Corporations Act, Article 12591-7, Vernon's
Annotated Texas Civil Statutes, as amended (the "Act") ; and
WHEREAS, the Act authorizes the Issuer to issue obligations for
the purpose of providing financing for residential developments
located within the City of Beaumont, Texas (the "Unit") , and intended
to be occupied substantially (at least ninety [90%] percent) by per-
sons of low or moderate income within the meaning of Section 2 of the
Act; and
WHEREAS, the Urban Group III (the "User") previously presented a
Resolution Prescribing the Form and Substance of an Agreement to Issue
Bonds; Authorizing the Execution of such Agreement; and Containing
other Provisions Relating to the Subject Bonds (including an Agreement
to Issue Bonds) which is attached hereto as Exhibit "A" and made a
part hereof for all purposes (the "Inducement Resolution") requesting
that the Beaumont Industrial Development Corporation finance a project
described in Exhibit "A" to the Agreement to Issue Bonds (the
"Project") within the boundaries of the Unit and requested that the
Beaumont Industrial Development Corporation adopt said Inducement
Resolution with respect to the acquisition, construction, and rehabi-
litation of the Project; and
WHEREAS, the Beaumont Industrial Development Corporation reaso-
nably believed it had legal authority to issue industrial development
revenue bonds (the "Bonds") to finance and pay for the Project and
pursuant to such belief passed said Inducement Resolution for the User
on September 11 ,1984; and
WHEREAS, the Texas Economic Development Commission (the "TEDC")
has determined that the Beaumont Industrial Development Corporation
does not have authority to issue the Bonds; and
WHEREAS, the User has requested the Issuer to finance the Project
under substantially the same terms and limitations set forth in the
Inducement Resolution of the Beaumont Industrial Development
Corporation; and
WHEREAS, the Issuer has the authority to and wishes to issue the
Bonds to finance the Project;
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
BEAUMONT MULTI-FAMILY HOUSING FINANCE CORPORATION THAT:
Section 1 . The Issuer hereby specifically ratifies, adopts and
confirms the Inducement Resolution for the User attached hereto as
Exhibit "A" and made a part hereof for all purposes.
Section 2. Since the Beaumont Industrial Development Corporation
does not have the authority to issue the Bonds, the Issuer agrees that
it will:
(a) Issue the Bonds, and if the User and the Issuer agree,
other evidences of indebtedness providing temporary financing of
the Project which will be issued after the date hereof and be
refunded by the Bonds pursuant to the Act, or any other Texas
legislation heretofore or hereafter enacted which may provide a
suitable method of financing in addition to or in substitution for
the Act.
(b) Cooperate with the User with respect to the issuance of
the Bonds, and, if arrangements therefor satisfactory to the User
and the Issuer can be made (including a comprehensive cost break-
down of renovation expenses in detail) , the Issuer will take such
action and authorize the execution of such documents and will take
such further action as may be necessary or advisable for the
authorization, execution, and delivery of any contracts or
agreements deemed necessary or desirable by the User or the Issuer
in connection with the issuance of the Bonds (collectively, the
"Contracts") , providing among other things for payment of the
principal of, interest on, redemption premiums, paying agents'
charges, and Trustee's fees, if any, on the Bonds; payment of fees
and charges of the Issuer or the Unit; acquisition, construction,
and installation of the Project; and use, operation, and main-
tenance of the Project (and the execution of any appropriate and
necessary guaranty agreements) , all as shall be authorized,
required, or permitted by law and as shall be mutually satisfac-
tory to the Issuer, the Unit, and the User.
(c) If the proceeds from the sale of the Bonds are insuf-
ficient, take such actions and execute such documents as may be
necessary to permit the issuance from time to time in the future
of additional bonds on terms which shall be set forth therein,
whether on a parity with other series of bonds or otherwise, for
the purpose of paying the costs of completing the acquisition,
construction, and rehabilitation of the Project, as requested by
the User and within then applicable limitations.
(d) Take or cause to be taken such other actions as may be
required to implement the aforesaid undertakings or as it may deem
appropriate in pursuance thereof.
Section 3. That this Resolution shall become effective imme-
diately upon its adoption and this Resolution affirms and relates back
to the official action and the Inducement Resolution of the Beaumont
Industrial Development Corporation concerning issuance of the Bonds.
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EXHIBIT "A"
RESOLUTION PRESCRMING -ME FORM AND SUBSTANCE
OF AN AGREM4EN'T TO ISSUE BONDS; AUTHORIZING
THE EXECUTION OF SUCH AGREEMENT; AND CONTAINING
OTHER PROVISIONS RELATING TO THE SUBJECT BONDS
WHEREAS, BEAUMONT INDUSTRIAL DEVELOPMENT CORPORATION (the
"Issuer") is authorized by the Development Corporation Act of 1979,
Article 5190.6, Vernon's Annotated Texas Civil Statutes (the "Act") to
issue revenue bonds for the purpose of financing the costs of projects
consisting of land, buildings, equipment, facilities and improvements
(one or more) found by the Board of Directors (the "Board") of the
Issuer to be required or suitable for the promotion of coamzercial
development and expansion and for use by commercial enterprises and in
the furtherance of the public purposes of the Act, and which are
located within an "Economically Depressed Area," within the meaning or
the Act; and
WHEREAS, the Issuer now desires to authorize, issue and sell its
tax exempt industrial development revenue bonds, to the extent
authorized by law, to provide funds to defray all or part of the costs
of acquiring, constructing and rehabilitating a certain commercial
facility, to be acquired, constructed and rehabilitated by or to be
leased or sold to The Urban Group, a California limited partnership,
(the "User") but the Issuer anticipates that the acquisition,
construction and rehabilitation of such facilities may commence prior
to the final sale and delivery of such bonds; and
WHEREAS, the User and the Issuer desire that the Issuer adopt a
bond resolution with respect to the bonds or take some other similar
official action toward the issuance of such bonds prior to the
commencement of acquisition, construction or rehabilitation of such
facilities; and
WHEREAS, the City of Beaumont, Texas (the "Unit") , has authorized
and approved creation of the Issuer to act on its behalf to further
certain public purposes of the Unit and has approved or will approve j
the attached Agreement to Issue Bonds between the Issuer and the User;
and
WHEREAS, in order to finance the Project (as hereinafter
defined) , the Issuer proposes to issue its tax exempt industrial
development revenue bonds styled, "Beaumont Industrial Development
Corporation Industrial Development Revenue Bonds, Series 1984 (New
Beaumont Hotel Project) ," (the "Bonds") ;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF _
BEAUMONT INDUSTRIAL DEVELOPMENT CORPORATION, THAT:
Section 1. The Issuer hereby authorizes and agrees that it will
issue and sell the Bonds from time to time, in one or more series,
pursuant to the provisions of Texas law in a principal amount
sufficient to pay all or part of the', costs of acquiring, constructing
and rehabilitating the project (the "Project") described in Exhibit A
to the Agreement to Issue Bonds, attached hereto and fully
incorporated into this Resolution by reference as though set forth
verbatim herein, together with all costs of authorization, sale and
issuance of the Bonds.
Section 2. The Bonds in an aggregate principal amount not to
exceed $2,000,000.00 are authorized to be issued, pursuant to this
Resolution and the Agreement to Issue Bonds attached hereto, for the
purpose of paying the costs of acquiring, constructing,
rehabilitating, reconstructing, improving, expanding, equipping or
furnishing the Project.
Section 3. The Issuer shall enter into a loan agreement with the
User providing for the financing of all or part of the costs of the
Project, as more fully described in the Agreement to Issue Bonds. The
Bonds shall be issued and funded pursuant to a trust indenture to be
prepared by bond counsel, in the manner set forth in the attached
Agreement to Issue Bonds.
Section 4. The Board hereby finds, determines and declares that
(i) the Project is required and suitable for promotion of commercial
development and expansion, the promotion of employment and for use by
commercial enterprises within an Economically Depressed Area, within
the meaning of the Act, (ii) the User has the business experience,
financial resources and responsibility to provide reasonable assurance
that the Bonds and the interest thereon to be paid from, or by reason
of, payments made by the User under the lease, sale or loan agreement
will be paid as the same become due, and (iii) the Project is in
furtherance of the public purpose of the promotion and development of
new and expanded commercial enterprises within an Economically
Depressed Area and to promote and encourage employment and the public
welfare.
Section 5. The Agreement to Issue Bonds by and between the
Issuer and the User, in substance and in form substantially as shown
in the attachment hereto, is hereby approved, and the President and
the Secretary of the Issuer are hereby authorized to execute and
attest such agreement for and on behalf of the Issuer.
Section 6. This Resolution, together with the Agreement to Issue
Bonds, shall be deemed and construed as a "resolution authorizing the
issuance of the aforesaid Bonds or some other similar official action
toward the issuance of the Bonds", within the meaning of 26 C.F.R.
Section 1.103-8(a) (5) .
Section 7. Security Pacific National Bank is hereby authorized
and approved to act as underwriter (the "Underwriter") of the Bonds.
Section 8. The President or any Vice President of the Issuer is
hereby specifically authorized: (i) to approve, execute, change or -
amend the loan agreement, trust indenture, deed of trust and security
agreement, collateral assignment and security agreement, bond form,
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and any and all other closing cfocumetits authorized by this Resolution
or the Agreement to Issue Bonds attached hereto as shall be deemed
necessary or appropriate for the sale, issuance and delivery of the
Bonds and not contrary to the general tenor hereof or thereof, and
(ii) to take all necessary and reasonable actions, pursuant to the
advice of bond counsel and in conformity with the Act, to effectuate
the issuance of the Bonds and to take all action necessary or
desirable in conformity with the Act to finance the Project and for
carrying out, giving effect to, and consummating the transactions
contemplated by the Bonds, this Resolution, the Agreement to Issue
Bonds attached hereto, and the documents referenced herein and
therein, including, without limitation, the execution and delivery of
all closing documents, referred to hereinabove, in connection with the
issuance of the Bonds.
Sectica 9. Allied Merchants Bank or other financial institution
having trust powers and acceptable to the Issuer is hereby authorized
and approved to act as Trustee under the trust indenture, thereby
serving as Registrar and Paying Agent under said trust indenture.
Section 10. After any of the Bonds are issued, this Resolution
(together with any subsequent resolutions pertaining to the issuance
of the Bonds) shall be and remain irrepealable until the Bonds and all
interest thereon shall have been fully paid or provisions for payment
made pursuant to the trust indenture.
Section 11. If any section, paragraph, clause or provision of
this Resolution or the Agreement to Issue Bonds attached hereto and
incorporated herein by reference shall be held to be invalid or
unenforceable, the invalidity or unenf orceability of such section,
paragraph, clause or provision shall not affect any of the remaining
provisions of this Resolution.
PASSED RIND APPROVED this the 11 day of September, 1984.
U-�(-.a-j,
r
/rectors of Beaumont Industrial
10"Development Corporation
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AGREE?s*,"r TO JSSUE BONDS
THIS AGREEMENT TO ISSUE BONDS, entered into as of 'the 1 i day
of September, 1984, by and between BEAUMONT INDUSTRIAL DEVELOPMENT
CORPORATION (the "Issuer") , created pursuant to the Development
Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas
Civil Statutes (the "Act") , and The Urban Group, a California limited
partnership (the "User") , for the purpose of carrying out the public
purposes set forth in the Act, including the promotion and development
of commercial enterprises within an Economically Depressed Area,
within the meaning of the Act, and to promote and encourage employment
and the public welfare therein;
WITYES SET�i
WHEREAS, the Mayor and the City Council of the City of Beaumont,
Texas (the "Governing Body" and the "Unit," respectively) , have
authorized and approved the creation of the Issuer to act on behalf of
the Unit within the Economically Depressed Area, located within the
boundaries of the Unit, for the public purpose of furthering on behalf
of the Unit the promotion of commercial development and expansion of
the Economically Depressed Area and to promote and encourage
employment and the public welfare; and
WHEREAS, the Issuer is authorized by the Act to acquire,
construct, improve, maintain, equip, and furnish and lease to or sell
projects consisting of land, buildings, equipment, facilities and
improvements (one or more) , as defined in the Act, found by the
Issuer to be required or suitable for the commercial development and
expansion and for use by commercial enterprises and in the furtherance
of the public purposes of the Act, and which are located within an
Economically Depressed Area, within the meaning of the Act, and the
Issuer is further authorized to issue its bonds for the purpose of
paying all or part of the costs of a project; and
WHEREAS, the User desires to acquire, construct and rehabilitate
a facility (the "Project") , more particularly described in Exhibit A
attached hereto, within the Unit, which Project is suitable for the
promotion of commercial development and expansion of an Economically
Depressed Area, the promotion of employment in the Unit, and for the
use by commercial enterprises; and
WHEREAS, pursuant to the act, the Issuer is authorized to issue
the bonds hereinafter described, which bonds shall never constitute an
indebtedness or pledge of the faith and credit of the State of Texas
(the "State") , of the Unit, or of any other political corporation,
subdivision or agency of the State within the meaning of any State
constitutional or statutory provision, shall never be paid in whole or
in part out of any funds raised or to be raised by taxation or out of
any other funds of the Unit, and shall never be paid in whole or in
part out of any funds of the Issuer; except those derived from or in
connection with the sale or lease of the Project or the loan of funds
to finance the Project; and
WHEREAS, to promote and encourage employment and the public
welfare, the Issuer is agreeable to issuing, at the request of the
User, one or more series of the Issuer's industrial development
revenue bonds (the "Bonds") for the purpose of paying all or part of
the costs of acquiring, constructing and rehabilitating the Project,
or for the purpose of loaning the proceeds to the User in order to
provide temporary or permanent financing of all or part of the costs
of acquiring, constructing and rehabilitating the Project, and the
Issuer and the User deem it desirable and proper that this Agreement
to Issue Bonds constitute a formal record of such agreement and
understanding in order that the User may proceed with or provide for
the acquisition, construction and rehabilitation of the Project; and
WHEREAS, the User has evidenced a desire to cooperate with the
Issuer in the acquisition, construction and rehabilitation of the
Project and for the Issuer to authorize and issue the Bonds in the
aggregate principal amount not to exceed $2,000,000.00, to provide the
funds to defray all or part of the costs of the acquisition,
construction and rehabilitation of the Project; and
W-i.EAS, the proceeds of the Bonds shall be loaned by the
Issuer, pursuant to a loan agreement, to the User in order to provide
temporary and permanent financing of all or part of the costs of the
Project, and the loan payments therefor will be sufficient to pay the
principal of and any premium and interest on the Bonds; and
WHEREAS, it is the desire of the Issuer that the acquisition,
construction and rehabilitation of the Project occur at the earliest
possible time so as to promote and encourage employment and the public
welfare within the Unit; and
W"kEREAS, it is intended that this Agreement to Issue Bonds shall
constitute "some other similar official action" toward the issuance of
the Bonds, within the meaning of Section 1. 103-8(a) (5) of the Treasury
Regulations issued pursuant to Section 103(b) of the Internal Revenue
Code of 1954, as amended (the "Code") ;
NOW, THEREFORE, in consideration of the premises and other good
and valuable consideration and of the mutual benefits, covenants and
agreements herein expressed, the Issuer and the User agree as follows:
1. The User shall commence with the acquisition, construction
and rehabilitation of the Project, which Project will be in
furtherance of the public purposes of the Issuer and the Unit as
aforesaid, and the User will provide, or cause to be provided, at its
expense, the necessary interim financing to expedite the c m-encement
of the acquisition, construction and rehabilitation of the Project.
On or prior to the issuance of the Binds, the User will enter into a
loan agreement on an installment payment basis (the "Loan Agreement")
with the Issuer under which the Issuer will make .a loan to the User
for the purpose of providing temporary and/or permanent financing of
all or part of the costs of the Project, and the•• user will make
installment loan payments sufficient to pay the principal of and any
premium and interest on such series of Bonds. The Bonds shall never
constitute an indebtedness or pledge of the faith and credit of the
State, the Unit, or any other political corporation, subdivision or
agency of the State within the meaning of any State constitutional or
statutory provision, and 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
funds of the Unit, and shall be payable from the funds of the Issuer
derived from or in connection with the sale or lease of the Project or
the loan of the proceeds of the Bonds.
2. Upon receipt of a ruling from the Internal Revenue Service
(or the opinion of bond counsel acceptable to the Issuer) that
interest paid on the Bonds is exempt from federal income taxation, and
upon the User satisfying all of the Issuer's prerequisites to the
issuance of the Bonds, the Issuer hereby agrees to issue, pursuant to
the terms of the Act, its tax exempt industrial development revenue
bonds styled, "Beaumont Industrial Development Corporation Industrial
Development Revenue Bonds, Series 1984 (New Beaumont Hotel Project) ,"
in the original principal amount not to exceed $2,000,000.00, maturing
in such amounts and at such times, bearing interest at the rates,
payable on the dates and having such optional and mandatory redemption
features and prices as are approved in writing by the User. The .
Corporation will deliver the Bonds to Security Pacific National Bank
(the "Underwriter") or other purchaser or underwriter designated by
the User and will cooperate to the fullest extent in facilitating the
sale, issuance and delivery of the Bonds.
3. The Issuer and the User agree that the Bonds may be issued
either. at one time or in several series from time to time as the User
shall request in writing; provided, however, that the parties agree
that the Bonds will be issued in an aggregate principal amount not to
exceed the amount which is the subject of a ruling or rulings or
opinion or opinions as aforesaid. A request in writing for issuance
of one or more series of Bonds shall not affect the obligation
hereunder of the Issuer to issue the remaining Bonds as written
requests therefor are received. It is further agreed that the
proceeds of the Bonds or portions thereof, whether or not issued in a
series, shall not be invested so as to have the Bonds or a portion
thereof constitute arbitrage bonds within the meaning of Section
103(c) of the Code and applicable regulations promulgated pursuant
thereto.
4. The payment of the principal of and any premium and interest
on the Bonds shall be made solely from monies realized from the sale
or lease of the Project or from monies realized from the loan of the
proceeds of the Bonds to finance all or part of the costs of the
Project.
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5. The costs of the Pro j,'act (�Zhe "Project Costs") may include
any cost of acquiring, constructing, rehabilitating, reconstructing,
improving or expanding the Project. Without limiting the generality
of the foregoing, the Project Costs shall specifically include the
cost of the acquisition of all land, right-of-way, property rights,
easements and interests, the cost of all machinery and equipment,
financing charges, interest prior to and during construction and for
one year after completion of construction, whether or not capitalized,
necessary reserve funds, costs of estimates and of engineering and
legal services, plans, specifications, surveys, estimates of cost and
revenue, other expenses necessary or incident to determining the
feasibility and practicability of acquiring, constructing,
rehabilitating, reconstructing, improving and expanding the Project,
administrative expenses and such other expenses as may be necessary or
incident to the acquisition, construction, reconstruction,
rehabilitation, improvement and expansion of the Project, the placing
of the Project in operation and all incidental expenses, costs and
charges relating to the Project not enumerated above. The parties
agree, upon request, to provide or to cause to be provided to each
other any data or information which may be reasonably required to
verify any of the Project Costs enumerated in this paragraph. The
User agrees that it will be responsible for and pay any Project Costs
incurred prior to issuance of the Bonds and will pay all Project Casts
which are not or cannot be paid or reimbursed from the proceeds of the
Bonds.
6. The User agrees that it will at all times indemnify, defend
and hold harmless the Issuer, the Board of Directors of the Issuer,
the Unit, the Mayor and the City Council of the City of Beaumont,
Texas, and any of the officers, directors, employees, agents, servants
and any other party acting for or on behalf of the Issuer or the Unit
(such parties being hereinafter referred to as the "Indemnified
Parties") against any and all losses, costs, damages, expenses and
liabilities (collectively, the "Losses") of whatsoever nature
(including, but not limited to, attorneys' fees, litigation and court
costs, amounts paid in settlement and amounts paid to discharge
judgments) directly or indirectly resulting from, arising out of or
relating to one or more Claims (as hereinafter defined) , even if such
Losses or Claims, or both, directly or indirectly result from, arise
out of or relate to, or are asserted to have resulted from, arisen out
of or be related to, in whole or in part, one or more negligent acts
or omissions of the Indemnified Parties in connection with the
issuance of the Bonds or in connection with the Project. The term
"Claims" as used herein, shall mean all claims, lawsuits, causes of
action and other legal actions and proceedings of whatsoever nature,
including, but not limited to, claims, lawsuits, causes of action and
other legal actions and proceedings involving bodily or personal
injury or death of any person or damage to any property (including,
but not limit to, persons employed by the Issuer, the Unit, the User
or any other person and all property owned or claimed by the
Issuer, the Unit, the User, any affiliate of the User or any other
person) or involving damages relating, to the issuance, offering, sale
or delivery of the bonds brought against any Indemnified Party or to
which any Indemnified Party is a party, even if groundless, false or
fraudulent, directly or indirectly resulting from, arising out of or
relating to the issuance, offering, sale or delivery of the Bonds or
the design, construction, installation, operation, use, condition,
occupancy, maintenance or ownership of the Project or any part
thereof. The obligations of the User shall apply to all Losses or
Claims, or bc:th, that result from, arise out of or are related to any
event, occurrence, condition or relationship prior to termination of
this Agreement to Issue Bonds, whether such Losses or Claims, or both,
are asserted prior to termination of this Agreement to Issue Bonds or
thereafter. None of the Indemnified Parties shall be liable to the
User for, and the User hereby releases each of them from all liability
to the User for, all injuries, damages or destruction of all or any
part or parts of any property owned or claimed by the User that
directly or indirectly result from, arise out of or relate to the
design, construction, operation, use, condition, occupancy,
maintenance or ownership of the Project or any part thereof, even if
such injuries, damages or destruction directly or indirectly result
from, arise out of or relate to, in whole or in part, one or more
negligent acts or omissions of the Indemnified Parties in connection
with the issuance of the Bonds or in connection with the Project.
Each Indemnified Party, as appropriate, shall reimburse the User for
payments made by the User to the extent of any proceeds, net of all
expenses of collection, actually received by them from any insurance
with respect to the Loss sustained. Each Indemnified Party, as
appropriate, shall have the duty to claim any such insurance proceeds
and the Indemnified Party, as appropriate, shall assign its respective
rights to such proceeds, to the extent of such required
reimbursement, to the User. In case any action shall be brought, or
to the knowledge of any Indemnified Party threatened, against any of
them in respect of which indemnity may be sought against the User, the
Indemnified Party shall promptly notify the User in writing and the
User shall have the right to assume the investigation and defense
thereof, including the employment of counsel approved by the
Indemnified Party and the payment of all expenses. The Indemnified
Party shall have the right to employ separate counsel in any such
action and to participate in the investigation and defense thereof,
and the fees and expenses of such counsel shall be paid by the User as
and when incurred by the Indemnified Party; provided that the User
shall not, in connection with any one action or separate but
substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate
firm of attorneys for the Indemnified Party, vhich firm shall be
designated in writing by said Indemnified Party. The Indemnified
Party, as a condition of such indemnity, shall use its best efforts to -
cooperate with the User in the defense of any such action or claim.
The User shall not be liable for any settlement of any such action
without its consent, but if any such action is settled with the
consent of the User, or if there shall be entered final judgment for
the plaintiff in such action, the User agrees to indemnify and hold
harmless the Indemnified Party from and against any Loss by reason of
such settlement or judgment. The provisions of this paragraph shall
survive the expiration or termination of this Agreement to Issue
Bonds.
7. The User agrees to pay as part of the Project Costs any cost
of the Issuer which is payable under any management agreement with the
Unit or is otherwise incidental to administration of the Bonds,
including but not limited to any annual charges computed at rates per
annum which are agreeable to the User and are not in excess of the
maximum allowed by law on the principal amount of the outstanding
Bonds of each series issued pursuant to this Agreement to Issue Bonds,
said annual charge to be due and payable on each anniversary date of
the Bonds; provided, however, that the fee payable pursuant to this
Section 7 may, at the option of the User, be made in a single payment
from the proceeds of each series of Bonds in an amount equal to the
total of all such annual charges (computed upon the assumption that
Bonds of such series will mature, unless redeemed pursuant to any
mandatory sinking fund redemption requirements, on the dates and in
the amounts set forth in the resolutions(s) or indenture(s) of trust
authorizing issuance of the series of Bonds) discounted to present
value at discount rate(s) equal to the interest rate(s) on such
outstanding Bonds; provided, further, that said fee shall be in
addition to all other amounts payable by the Issuer for costs incurred
by the Issuer incident to administration of the Bonds pursuant to any
such management agreement.
8. If within three (3) years from the date hereof (or such later
date as shall be mutually satisfactory to the Issuer and the User) the
Issuer and the User shall not have agreed to mutually acceptable terms
for the Bonds and the sale and delivery thereof and mutually
acceptable terms and conditions of the Project, the User agrees that
it will pay the Issuer for all unpaid Project Costs which the Issuer
shall have incurred and this Agreement to Issue Bonds shall thereupon
terminate. In the event that the User elects, prior to any such
termination, not to proceed with the issuance of the Bonds for any
reason, it shall so notify the Issuer in writing, and shall promptly
pay to the Issuer all Project Costs incurred by the Issuer prior to
such notification, and if payment is so made, the User's obligations
under Paragraph S above shall terminate from and after the date of
such notification.
9. The User may, without the consent of the Issuer, transfer or
assign all or any part of this Agreement to Issue Bonds, or transfer
or assign any or all of its rights and delegate any or all of its
duties hereunder to any third person, but no such transfer, assignment
or delegation shall, without the written consent and approval of the
Issuer, relieve the User of its liability for payment of Project Costs
under Paragraphs S, 7 and 8 hereof or indemnification under Paragraph
6 hereof. -
6
10. As a condition precedent to the issuance of the Bonds, the
Issuer shall receive an opinion from qualified bond counsel approved
by the Issuer, that all prerequisites to the issuance of the Bonds
have been fully satisfied, including, but not limited to, the
execution of all appropriate agreements, trust indentures, collateral
assignments, mortgages, elections, guaranty agreements and other
matters which, in the opinion of bond counsel, are necessary for the
Issuer to legally issue the Bonds in conformi:y with the requirements
of the Act and the Code.
11. This Agreement to Issue Bonds and the accompanying
authorizing resolution shall be deemed and construed as a resolution
authorizing the issuance of the Bonds and other similar official
action of the Issuer, acting by and through its Board of Directors,
toward the issuance of the Bonds as herein contemplated.
IN WITNESS WHEREOF, Beaumont Industrial Development Corporation,
acting pursuant to a resolution of its Board of Directors, and The
Urban Group, a California limited partnership, have caused this
Agreement to Issue Bonds to be executed and attested by their duly
authorized officers or representatives as of the date and year first
above written.
BEAUMONT INDUSTRIAL DEVELOPMENT
ATTEST: CORPORATION
By
ecr ary - resident
THE URBAN GROUP,
a California limited partnership
BY:
Robert E. Parsons
ITS: Duly Authorized Partner
7
MIBY.T A
DESCRIPTION OF PROJECT PROPOSED
BY THE URBAN GROUP TO BE
FI!XANCED BY BEAUMONT INDUSTRIAL
DEVELOP:�NT CORPORATION
The Project to be financed consists of the acquisition,
construction and rehabilitation of a retirement hotel containing in
the aggregate at least 100,000 square feet. The Project is to be
located on a tract of land situated at 625 Orleans Street, Beaumont,
Texas. The legal description of the Project is attached hereto as
Exhibit A-1. The Project is generally described as follows:
1. Acquisition of the existing 100,000 square foot retirement
hotel and rehabilitation and construction of same pursuant
to plans and specifications provided by an architect of the
User's choice, to be approved by the Issuer and the Trustee.
2. Development of the balance of the tract into parking area,
landscaping, and related amenities.
3. Necessary and adequate equipment, furnishings, and fixtures
to be installed within the buildings.
4. The estimated total cost of the Project will not exceed
$2,000,000.
5. It is estimated that the Project will provide for the
creation of 5 to 10 new jobs within the Economically
Depressed Area.
��ff%% 8
EXHIBIT
CERTIFICATE FOR' RESOLUTION
APPROVING THE RESOLUTION OF THE BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION
PROVIDING FOR THE ISSUANCE OF
BEAUMONT MULTI-FAMILY HOUSING FINANCE
CORPORATION VARIABLE RATE DEMAND
HOUSING REVENUE BONDS
(NEW BEAUMONT HOTEL PROJECT) , SERIES 1985
THE STATE OF TEXAS §
§
COUNTY OF Jefferson §
I, the undersigned officer of the City Council (the
"Governing Body") of the City of Beaumont, Texas (the "Unit") , do
hereby execute and deliver this certificate for the benefit of
all persons interested in the proceedings of the Governing Body
of the Unit and the validity thereof, and do certify as follows :
1. I am the duly chosen, qualified and acting officer
of the Unit for the office shown below my signature; as such I am
familiar with the facts herein certified and I am duly authorized
to execute and deliver this certificate .
2 . The Governing Body of the Unit convened in session
at Beaumont, Texas on September 17, 1985 (the "Meeting") , at the
designated meeting place, and the roll was called of the duly
constituted members of the Governing Body, to w-it:
William E. Neild Mayor
Mike Brumley Councilman
Wayne Turner Councilman
David W. Moore Councilman
Nell Pruitt Weisbach Councilwoman
Joseph Deshotel Councilman
Audwin Samuel Councilman
All of�cJ�s�s were reser�t�c�the following absentees:
thus constituting a quorum. Whereupon a written:
RESOLUTION
APPROVING THE RESOLUTION OF THE BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION
PROVIDING FOR THE ISSUANCE OF BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION
VARIABLE RATE DEMAND HOUSING REVENUE BONDS
(NEW BEAUMONT HOTEL PROJECT) , SERIES 1985
(the "Resolution") was duly moved and seconded and, after due
discussion, said motion, carrying with it the adoption of the
Resolution, prevailed and carried by the following votes:
AYES: L NOES: ABSTAIN:
3 . A true, full, and correct copy of the Resolution
is attached to and follows this certificate; the Resolution has
been duly recorded in the minutes of the Meeting; the above and
foregoing paragraph is a true, full, and correct excerpt from the
minutes of the Meeting pertaining to the adoption of the
Resolution; the persons named in the above and foregoing
paragraph are duly elected, qualified, and acting memebers of the
Governing Body; each of such members was duly and sufficiently
notified officially and personally, in advance, of the time,
place, and purpose of the Meeting, and that the Resolution would
be introduced and considered for adoption at the Meeting, and
each of such members consented, in advance, to the holding of the
Meeting for such purpose; and the Meeting was open to the public,
and the public notice of the time, place, and purpose of the
Meeting was given, all as required by Article 6252-17, Vernon' s
Texas Civil Statutes, as amended.
SIGNED AND SEALED this
1985.
C`
By:
`Mayor of the City of
Beaumont, Texas
(SEAL)
KMM031/C
RESOLUTION APPROVING THE RESOLUTION OF THE BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION PROVIDING
FOR THE ISSUANCE OF BEAUMONT MULTI-FAMILY HOUSING FINANCE
CORPORATION VARIABLE RATE DEMAND REVENUE BONDS
(NEW BEAUMONT HOTEL PROJECT) , SERIES 1985
WHEREAS, the Beaumont Multi-Family Housing Finance
Corporation (the "Issuer") was created under the auspices of the
City Council of the City of Beaumont, Texas (the "Unit") pursuant
to the Texas Housing Finance Corporation Act, Article 12691-7,
Vernon' s Texas Civil Statutes, as amended (the "Act") ;
WHEREAS, pursuant to Section 103 (k) of the Internal
Revenue Code of 1954, as amended (the "Code") , the .Issuer has
conducted a public hearing following reasonable public notice
(which notice and affidavit of publication thereof is attached
hereto as Exhibit A) with respect to that issue of Beaumont
Multi-Family Housing Finance Corporation Variable Rate Demand
Housing Revenue Bonds (New Beaumont Hotel Project) , Series
198511 , in the original principal amount of $1, 400, 000 , (the
"Bonds") and the project, which consists of the acquisition,
renovation, expansion and rehabilitation of a residential
development consisting of a 176 room congregate housing facility
for senior citizens located at 625 Orleans Street, Beaumont,
Texas (the "Project") ;
WHEREAS, the board of directors (the "Board") of the
Issuer has adopted a "Resolution with Respect to a Public Hearing
and Authorizing Beaumont Multi-Family Housing Finance Corporation
Revenue Bonds (New Beaumont Hotel Project) , Series 1985; a Loan
Agreement; an Indenture of Trust; two Guaranty Agreements;
Acceptance of a Deed of Trust and Assignment of Rents; and Other
Matters in Connection Therewith" (the "Resolution") , on September
17, 1985, a copy of which is attached hereto as Exhibit B and
made a part hereof for all purposes;
WHEREAS, the Unit finds and declares that the action of
the Board adopting the Resolution should be approved and is in
the best interests of the inhabitants of the City of Beaumont,
Texas, for the reasons therein set forth; and
WHEREAS, it is deemed necessary and advisable that this
Resolution be adopted;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
BEAUMONT, TEXAS, THAT:
Section 1. The Resolution, as adopted by the Board, is
hereby specifically approved.
Section 2 . The issue of bonds styled "Beaumont Multi-
Family Housing Finance Corporation Variable Rate Demand Housing
Revenue Bonds (New Beaumont Hotel Project) , Series 1985" to
be issued in the aggregate principal amount of $1, 400, 000 is
hereby approved pursuant to Section 103 (k) of the Code. The
proceeds of the Bonds will be used to provide financing for the
acquisition, renovation, expansion and rehabilitation of the
Project. The Project is to be located on a site at 625 Orleans
Street, Beaumont, Texas, and the initial owner and operator of
the Project will be The Urban Group III, a Texas limited partner-
ship. The Project is hereby approved pursuant to Section 103 (k)
of the Code.
Section 3 . The City Council of Beaumont, Texas, hereby
finds , determines, recites and declares that the Project meets
the statutory requirements of the Act.
Section 4. The approval herein given is in accordance
with the provisions of Section 103 (k) of the Code and is not to
be construed as any undertaking by the Unit, and the Bonds shall
never constitute an indebtedness or pledge of the Unit or the
State of Texas, within the meaning of any constitutional or
statutory provision, and the owners 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 Issuer, the Unit or the
State of Texas except those revenues assigned and pledged by the
Resolution.
Section 5 . The Unit hereby assigns the $1, 400, 000
allocated to the City of Beaumont, Texas by the Governor of the
State of Texas with respect to that issue of bonds styled
"Beaumont Multi-Family Housing Finance Corporation Variable Rate
Demand Housing Revenue Bonds (New Beaumont Hotel Project) ,
Series 1985" to the Beaumont Multi-Family Housing Finance Corpor-
ation.
Section 6 . The programs and expenditures authorized
and contemplated by the aforesaid documents are hereby in all
respects approved.
Section 7 . The Mayor and City Secretary of the Unit
and the other officials of the Unit are hereby authorized,
jointly and severally, to take any and all actions and to execute
and deliver any and all documents, including notices relating to
the issuance of the Bonds, which may be required or deemed
necessary pursuant to any Executive Order of the Governor of the
State of Texas, any state or federal legislation or any rule or
regulation published in connection with the Code in order to
cause the Bonds to comply with Section 103 (n) of the Code.
Section 8 . The Mayor and City Secretary of the Unit
and the other officials of the Unit are hereby authorized,
jointly and severally, to execute and deliver such endorsements,
instruments, certificates , documents , or papers necessary and
advisable to carry out the intent and purposes of this Resolu-
tion.
EXHIBITS:
A - Notice of Public Hearing and Affidavit of Publication
B - Resolution of the Issuer
KMMO31/D
-3-
EXHIBIT A
KMM031/D
PUBLISHER'S AFFIDAVIT
Paste Clipping Here
THE STATE OF TEXAS AD# 00155173
COUNTY OF JEFFERSON
NOTICEOfPUIIIC.i1E/dplK _
BEAUMONT. MULTI-FAM10
HOUSNlB�1NANCE CORPORA-
Before me, the undersigned authority, personally appeared TION MUL'71-FAMIty HOUSING
REVENUE BONDS SERIES 11116
(NEW BEAUMONT
HOTEL.PRCNECT):
Pam Folsom -----------------------__ Notka.ish.nbggiver►olapublfe-
--------------- ---- - hestln .to_bp hold by the City
Coun�of the Cite of Bewmolit on
SspAembar at tats p.m,at .
BaumoM City Hall,City Council
who, being by me duly sworn, says that the foregoing and Chambers.M Main Street.Bearr-
mont,Taxes,with reaped to the
issuance of tax-exempt muiN-fami-
h housing revenue bonds (the
Legal Notice Bonds)to be issued by the Beau.
1ttaCheC( ------ moat: Mudf-Famity Housing Fr
nonce Corporation(the Issuer)in
an aggregate principal amount of
not more than$1.400,000 to provide
was published on the following dates: ----- -------------- ahuctiionfndarrehbirlitiSonofa
100,000 sque[o, font. congregme
September 2,_ 3 (thM faod._ tot a folso s lo.
----- __-- -- --- -__-- ___----
A. 1).. 1 S)8 (the Project).-The Fronde$ is
sited on a trail of land located
within ttW Cdyot'Bbwment,Texas
N us ortesra<.StteM-..TM initial
in the BEAUMONT_ Erlteerprise _ paper owner.h r�:� bbee,'Thh; Urban
___. , a dally ne«s °ge`
Group IL 'a California limited.
partnership(the User).
lrinte(i and The Bonds will be limited oblige
— I published at Beaumont, .Jefferson County, Texas. bons of thelasuer payable solely
from r-u- us*and receipts derived
from.the User, the.Project and
other sources specified in the
Bonds and will not constitute e
debt or obliplion of tin City of.
Beaumont, Tom or any'other
public body or be in any way
payabh from taxes or other public
SUBSCRIBED and sworn to before me, this the_ 3rd___da} f°nde•
All interested persons are invited
to attend the publk haring.to
express their views with reaped to
r__S e_p t P_uib er____A. D.. 1 i)U-_. the Project and the issuance of the
Bolls. ouestions or request for
sdditlonN inionnNion may be di-
rected to the Beaumont MuRi-Fam-
. V iiy Housing Rnanet Corporaton,.
tlOt MaM$treN,B.aaraoid,T.pas,.
cloMs,sperel CoclrrolR:•
_
V71 _ _ _ _ ______ _ rrPersons who intend to appeor N NOrCARY lh a or Jefferson County. Texas the hearingand"presstheirviews
are invited to contact the Issuer in
G&A 56
advance dppe sorbs un"to attend he
having may submit their views in•
writing to the above named parson
pprior
to die date scheduled for the
hearng. .
MARAJANE P. LEWIS, Not-,ry Public, This notice it I published and the
For Jefferson County, Texas. above4escribed hearing is to be
My Commission ex the held in accordance with the ro-
i r. day f s �,I s y g Internal e of us Cod of 1 of the
tess(ei 7 I Q Internal Revenue Code of 19ti1,as
anrendsd, regerdkw the public _
approval prerequleNe a the
exampWe f. federal• frrcorae
texadow at tin Wooled on tin
Bonds.
EXHIBIT B
CERTIFICATE FOR RESOLUTION
APPROVING THE RESOLUTION OF THE BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION
PROVIDING FOR THE ISSUANCE OF
BEAUMONT MULTI-FAMILY HOUSING FINANCE
CORPORATION VARIABLE RATE DEMAND
HOUSING REVENUE BONDS
(NEW BEAUMONT HOTEL PROJECT) , SERIES 1985
THE STATE OF TEXAS §
COUNTY OF Jefferson §
I, the undersigned officer of the City Council (the
"Governing Body") of the City of Beaumont, Texas (the "Unit") , do
hereby execute and deliver this certificate for the benefit of
all persons interested in the proceedings of the Governing Body
of the Unit and the validity thereof, and do certify as follows:
1. I am the duly chosen, qualified and acting officer
of the Unit for the office shown below my signature; as such I am
familiar with the facts herein certified and I am duly authorized
to execute and deliver this certificate.
2 . The Governing Body of the Unit convened in session
at Beaumont, Texas on September 17 , 1985 (the "Meeting") , at the
designated meeting place, and the roll was called of the duly
constituted members of the Governing Body, to wit:
William E. Neild Mayor
Mike Brumley Councilman
Wayne Turner Councilman
David W. Moore Councilman
Nell Pruitt Weisbach Councilwoman
Joseph Deshotel Councilman
Audwin Samuel Councilman
All of much ,persons were present, except the following absentees:
I zj. I j"11.� L )�¢R-ot_+t� ,
thus constituting a quorum. Whereupon a written:
RESOLUTION
APPROVING THE RESOLUTION OF THE BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION
PROVIDING FOR THE ISSUANCE OF BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION
VARIABLE RATE DEMAND HOUSING REVENUE BONDS
(NEW BEAUMONT HOTEL PROJECT) , SERIES 1985
0 4
(the "Resolution") was duly moved and seconded and, after due
discussion, said motion, carrying with it the adoption of the
Resolution, prevailed and carried by the following votes:
AYES: � NOES: 61 ABSTAIN:
3 . A true, full, and correct copy of the Resolution
is attached to and follows this certificate; the Resolution has
been duly recorded in the minutes of the Meeting; the above and
foregoing paragraph is a true, full, and correct excerpt from the
minutes of the Meeting pertaining to the adoption of the
Resolution; the persons named in the above and foregoing
paragraph are duly elected, qualified, and acting memebers of the
Governing Body; each of such members was duly and sufficiently
notified officially and personally, in advance, of the time,
place, and purpose of the Meeting, and that the Resolution would
be introduced and considered for adoption at the Meeting, and
each of such members consented, in advance, to the holding of the
Meeting for such purpose; and the Meeting was open to the public,
and the public notice of the time, place, and purpose of the
Meeting was given, all as required by Article 6252-17, Vernon's
Texas Civil Statutes, as amended.
SIGNED AND SEALED this, / _ , 1985.
By:
Mayor of the City of
Beaumont, Texas
(SEAL)
KMM031/C
-2-
P
RESOLUTION APPROVING THE RESOLUTION OF THE BEAUMONT
MULTI-FAMILY HOUSING FINANCE CORPORATION PROVIDING
FOR THE ISSUANCE OF BEAUMONT MULTI-FAMILY HOUSING FINANCE
CORPORATION VARIABLE RATE DEMAND REVENUE BONDS
(NEW BEAUMONT HOTEL PROJECT) , SERIES 1985
WHEREAS, the Beaumont Multi-Family Housing Finance
Corporation (the "Issuer") was created under the auspices of the
City Council of the City of Beaumont, Texas (the "Unit") pursuant
to the Texas Housing Finance Corporation Act, Article 12691-7,
Vernon' s Texas Civil Statutes, as amended (the "Act") ;
WHEREAS, pursuant to Section 103 (k) of the Internal
Revenue Code of 1954, as amended (the "Code") , the Issuer has
conducted a public hearing following reasonable public notice
(which notice and affidavit of publication thereof is attached
hereto as Exhibit A) with respect to that issue of Beaumont
Multi-Family Housing Finance Corporation Variable Rate Demand
Housing Revenue Bonds (New Beaumont Hotel Project) , Series
1985" , in the original principal amount of $1, 400,000 , (the
"Bonds") and the project, which consists of the acquisition,
renovation, expansion and rehabilitation of a residential
development consisting of a 176 room congregate housing facility
for senior citizens located at 625 Orleans Street, Beaumont,
Texas (the "Project") ;
WHEREAS, the board of directors (the "Board") of the
Issuer has adopted a "Resolution with Respect to a Public Hearing
and Authorizing Beaumont Multi-Family Housing Finance Corporation
Revenue Bonds (New Beaumont Hotel Project) , Series 1985; a Loan
Agreement; an Indenture of Trust; two Guaranty Agreements;
Acceptance of a Deed of Trust and Assignment of Rents; and Other
Matters in Connection Therewith" (the "Resolution") , on September
17, 1985, a copy of which is attached hereto as Exhibit B and
made a part hereof for all purposes;
WHEREAS, the Unit finds and declares that the action of
the Board adopting the Resolution should be approved and is in
the best interests of the inhabitants of the City of Beaumont,
Texas, for the reasons therein set forth; and
WHEREAS, it is deemed necessary and advisable that this
Resolution be adopted;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
BEAUMONT, TEXAS, THAT:
Section 1. The Resolution, as adopted by the Board, is
hereby specifically approved.
Section 2 . The issue of bonds styled "Beaumont Multi-
Family Housing Finance Corporation Variable Rate Demand Housing
Revenue Bonds (New Beaumont Hotel Project) , Series 1985" to
be issued in the aggregate principal amount of $1, 400,000 is
hereby approved pursuant to Section 103 (k) of the Code. The
proceeds of the Bonds will be used to provide financing for the
acquisition, renovation, expansion and rehabilitation of the
Project. The Project is to be located on a site at 625 Orleans
Street, Beaumont, Texas, and the initial owner and operator of
the Project will be The Urban Group III, a Texas limited partner-
ship. The Project is hereby approved pursuant to Section 103 (k)
of the Code.
Section 3 . The City Council of Beaumont, Texas, hereby
finds, determines, recites and declares that the Project meets
the statutory requirements of the Act.
Section 4. The approval herein given is in accordance
with the provisions of Section 103 (k) of the Code and is not to
be construed as any undertaking by the Unit, and the Bonds shall
never constitute an indebtedness or pledge of the Unit or the
State of Texas, within the meaning of any constitutional or
statutory provision, and the owners 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 Issuer, the Unit or the
State of Texas except those revenues assigned and pledged by the
Resolution.
Section 5 . The Unit hereby assigns the $1, 400,000
allocated to the City of Beaumont, Texas by the Governor of the
State of Texas with respect to that issue of bonds styled
"Beaumont Multi-Family Housing Finance Corporation Variable Rate
Demand Housing Revenue Bonds (New Beaumont Hotel Project) ,
Series 1985" to the Beaumont Multi-Family Housing Finance Corpor-
ation.
Section 6 . The programs and expenditures authorized
and contemplated by the aforesaid documents are hereby in all
respects approved.
Section 7 . The Mayor and City Secretary of the Unit
and the other officials of the Unit are hereby authorized,
jointly and severally, to take any and all actions and to execute
and deliver any and all documents, including notices relating to
the issuance of the Bonds, which may be required or deemed
-2-
necessary pursuant to any Executive Order of the Governor of the
State of Texas, any state or federal legislation or any rule or
regulation published in connection with the Code in order to
cause the Bonds to comply with Section 103 (n) of the Code.
Section 8 . The Mayor and City Secretary of the Unit
and the other officials of the Unit are hereby authorized,
jointly and severally, to execute and deliver such endorsements,
instruments, certificates, documents, or papers necessary and
advisable to carry out the intent and purposes of this Resolu-
tion.
EXHIBITS:
A - Notice of Public Hearing and Affidavit of Publication
B - Resolution of the Issuer
KMMO31/D
ev -3-
e
EXHIBIT A
KMM031/D
PUBLISHER'S AFFIDAVIT
Paste Clipping Here
THE STATE OF TEXAS AD# 00155173
COUNTY OF JEFFERSON
WpTICF.QFPUM�y
KAW ., MULTI-FA W.
Before me, the undersigned authority, personally appeared r ' Y°HQUSM'
REYE t1E B�iltp38Elif ti0b
►+hahar. .*Van of<a,puai8
Pam Folsom __ N�,�;
--------- ------------------------------------ haW by.the_City
CaineWofflds Cilp of8ssumo tt ott
Sspsrinbst y rt9l4c gf t:t5 earn
who, being by me duly sworn, says that the foregoing and Bwemonf ,Cey
Chiartierb C
too
Main esau
MmN,:Texa*with rgspoat to the=
issuance of tax-exempt mul6�%,M•
hau�p rarsnue bends{(fly►
L e a 1 Notice nas)td be Issued by the Beaus,
attached ------ -�---------- -- -- - - ----- MondfftwFtw.*y'Housing� .';1
-- - none!CwRom"A(the lee W),in.
art`aoyiejew prrbcipat amdunt of
notfpoao SI AM00toproo0a.
was published on the following dates: -----_--------- -- N:e QM1t1+saequisalort.con;
- aancnon utd�pplfptNbitfe8�.�ot'i:_
S e t emb e r 2 3 h ^*
P------- ---- --------- ------- A. D.. 198 . _aE
s(theated,P.to�ecb The profislcie.lo
-------- on eta. of Ised`fbeitsd
witt thf'tbitCity,6t(lisasrdtit,'Fteiaa
at e2S.l v Start l�,iniNat,
in the BEAUMONT- Eriarprise owmr'ofM r aed- _ of
a dally newspaper the Pr wNY..ba Thy fban.
GmuO 1tF,"a CalNOm. (rotated+"
partnership(the User).
Irintecl and Tlie'SoifilewiHfiiltmlt ottlT>
1 published at Beaumont, .Jefferson County, Texas. non.ef•fheisefjer IesoNlyj
�7 framravenueiaadr=de'ived'
from this Lk*, this Project ind
other.spurge:specified.in the. :.
Bonds andTwiB
--------- ------- ----- ------- debt or 0601. not eohatituN el f City=
Beaumont xes
or any'other
public body or be in any way
payahM flan taxes or other public
SUBSCRIBED and sworn to before me, this the_ 3rd___da� fug..
All interi'sted p*Mn-8 ais invited
to attend•the pubno lsisrin0 to
express tMir views with respect to
r)f--_-eP t eMb ex---A. D.. 1 J� --. the project and the issuance of the
Bonds. Quesnona or request for
• -iditlonal infonrranon maybe di-
�H p lthe B�siuinantt MuttMFo n
--- - -- - - - -- - V •t'� tlo s..e
Q ; "
persons who intend to appear at
NOTARY o C in a or Jefferson County. Texas Mshearinpendexpnasthsirviaw*
are Inribd to contsot the Iss4er in.
G&A 56 advance of"mboarf Any intWP-r
ested persona unable to sttend the
h"dr4.maayy submit their views is+
wMing to thaabove named person
prior to tht date schsduis&for the
MARAJANE P. LEWIS,Notar sarin�^.
For Jefferson Count Y,. 1C, This•notice a bNObed and then
Y, texas. above described hprinpp is to be,
�M�ys Commissi n ex s the held iw accordance wiffi the,-fo.
sseiL day W �, >/�� q ternal to enueC od * 1)of the
Interne;Revenue Codrs a95f,as
is Prey W411sf the
saempYea-from,fed" IIISOaN
tfxitlea Of the'illteleet en.the.
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