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HomeMy WebLinkAboutORD 07-054 ORDINANCE NO. 07-054 AN ORDINANCE AUTHORIZING THE CITY OF BEAUMONT HOUSING FINANCE CORPORATION TO ISSUE NOT TO EXCEED $5, 000, 000 IN TAX-EXEMPT REVENUE 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 a request for approval of the issuance of tax-exempt revenue bonds not to exceed $5, 000, 000 (the "Bonds") for use by SF Pear Orchard LLC, or the assigns of such entity for the Pear Orchard Apartment Project; 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 $5, 000, 000 (the "Bonds") to finance the -1- approval in the form attached hereto as Exhibit "B" . The Bonds shall be limited obligations of the Corporation payable solely from the revenues, funds and assets pledged to the payment thereof and not from any other revenues or assets of the Corporation. The Bonds are not a general obligation, debt or bonded indebtedness of the City or the Corporation, and the holders of the Bonds do not have the right to have excises or taxes levied by the Corporation or the City for the payment of the Bonds. PASSED AND APPROVED this 1st d f M 007 . Mayor ATTEST: Gl. ity Cler jjU AW ? 1 i -2- EXHIBIT "A" General Description: Multi-family residential housing development consisting of approximately 150 dwelling units known as Pear Orchard Apartments. Address of Site: 4365 South 4th Street, Beaumont, Texas Proposed Owner, Borrower and Operator: SF Pear Orchard LLC, a Texas limited liability company. EXHIBIT "B" APPROVAL OF ISSUANCE OF CITY OF BEAUMONT HOUSING FINANCE CORPORATION MULTI-FAMILY HOUSING REVENUE BONDS (SF PEAR ORCHARD LLC PROJECT) , SERIES 2007 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 P rovide a residential development known as Pear Orchard Apartment Project within the Unit and, pursuant to an agreement with SF Pear Orchard LLC (the "Developer") , the Issuer has agreed to issue not more than FIVE MILLION AND NO 1100 DOLLARS ($5, 000, 000) principal amount of its Multi-Family Housing Revenue Bonds (SF Pear Orchard LLC Project) Series 2007 (the "Bonds") , at the request of the Developer, and to use the proceeds of sale of the Bonds for a loan 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 April 24, 2007, 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 Apartments in the aggregate face amount up to $5, 000, 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 4th Street, Beaumont, Texas. Section 3 . The approval herein is given to accord with the -3- 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 1, 2007 . Mayor, City of Beaumont, Texas -4- CERTIFICATE FOR ORDINANCE THE STATE OF TEXAS § COUNTY OF JEFFERSON § We, the undersigned officers of the City Council of The City of Beaumont, Texas,hereby certify as follows: 1. The City Council of The City of Beaumont, Texas, convened in regular meeting on the 1st day of May, 2007, at the regular meeting place thereof, within said City, and the roll was called of the duly constituted officers and members of said City Council and the City Clerk, to wit: Guy Goodson Mayor Becky Ames Councilmember at Large Andrew P.Cokinos Councilmember at Large Lulu L. Smith Councilmember Ward 1 Nancy A.Beaulieu Mayor Pro Tem and Councilmember Ward 2 Audwin Samuel Councilmember Ward 3 Bobbie J.Patterson Councilmember Ward 4 Rose Ann Jones City Clerk and all of said persons were present, except the following absentees: Andrew P. Cokinos, thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written AN ORDINANCE AUTHORIZING THE CITY OF BEAUMONT HOUSING FINANCE CORPORATION TO ISSUE NOT TO EXCEED$5,000,000 IN TAX-EXEMPT REVENUE BONDS TO PROVIDE FINANCING FOR LOW AND MODERATE INCOME HOUSING was duly introduced for the consideration of said City Council and read in full. It was then duly moved and seconded that said ordinance be adopted; and, after due discussion, said motion, carrying with it the adoption of said ordinance, prevailed and carried by the following vote: AYES: 6 NOES: 0 -1- 2. That a true, full and correct copy of the aforesaid ordinance adopted at the meeting described in the above and foregoing paragraph is attached to and follows this certificate; that said ordinance has been duly recorded in said City Council's minutes of said meeting pertaining to the adoption of said ordinance; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes of said meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes as indicated therein; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council was duly and sufficiently notified officially and personally, in advance, of the date, hour, place and purpose of the aforesaid meeting, and that said ordinance would be introduced and considered for adoption at said meeting, and each of said officers and members consented, in advance, to the holding of said meeting for such purpose; that said meeting was open to the public as required by law; and the public as required by law; and that public notice of the date, hour, place and subject of said meeting was given as required by Chapter 551 of the Texas Government Code Annotated, Vernon's 1994, as amended. SIGNED AND SEALED this .51 day of May,2007. CITY CLERK MAYOR -2-