HomeMy WebLinkAboutRES 25-035RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BEAUMONT APPROVING A
PLAN OF FINANCE FOR THE ISSUANCE OF REVENUE BONDS BY THE HOUSING
AUTHORITY OF THE CITY OF BEAUMONT TO FINANCE A QUALIFIED RESIDENTIAL
RENTAL PROJECT FOR THE BENEFIT OF FOOTHILL AFFORDABLE HOUSING
FOUNDATION, INC OR ITS AFFILIATES, AND CERTAIN OTHER MATTERS RELATING
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WHEREAS, Foothill Affordable Housing Foundation, Inc., ("FAHC"), or another
ownership entity or entities (such corporation or other ownership entity, the "Borrower") to be
created by FAHC, has requested that the Housing Authority of the City of Beaumont (the
"Authority") undertake a proposed plan of finance that includes the issuance by the Authority of
one or more series of revenue bonds in an outstanding principal amount not to. exceed
$45,000,000.00 (the `Bonds") to finance the acquisition, rehabilitation, improvement and
equipping of qualified residential rental projects (collectively, the "Project") to be leased and
operated by the Borrower and located at 1605 Cornerstone Court (Cypress Bend Apartments) and
1450 North Major Drive (Cypress Bend Village Apartments), each within the City of Beaumont,
Texas (the "City"); and,
WHEREAS, an "applicable elected representative" of the jurisdiction in which the Project
is to be located is required to approve the proposed plan of finance for the Project under Section
147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and,
WHEREAS, the City Council of the City of Beaumont (the "City Council") is the elected
legislative body of the City and is an "applicable elected representative" for purposes of Section
147(f) of the Code; and,
WHEREAS, the Authority has advised that the Bonds may be issued pursuant to a plan of
finance to issue an original issue of Bonds in one or more series under applicable legal
requirements, all in an aggregate principal amount not to exceed $45,000,000.00 outstanding at
any one time, and all to provide long term financing of the Project; and,
WHEREAS, the Authority has requested that the City Council approve the proposed plan
of finance in order to satisfy the public approval requirement of Section 147(f) of the Code; and,
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly
given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the
proposed plan of finance for the Project;
NOW, THEREFORE, BE IT RESOLVED, BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT, AS FOLLOWS:
Section 1.
The foregoing recitals are true and correct.
Section 2.
The City Council hereby approves the proposed plan of finance to issue one or more series of
revenue bonds for the Project in an outstanding principal amount not to exceed $45,000,000. It is
the purpose and intent of the City Council that this resolution constitutes approval of the proposed
plan of finance for the Project for the purposes of Section 147(f) of the Code by the applicable
elected representative of a governmental unit having jurisdiction over the area in which the Project
is to be located, in accordance with said Section 147(f).
Section 3.
The officers of the City are hereby authorized and directed, jointly and severally, to do any and all
things and to execute and deliver any and all documents that they deem necessary or advisable in
order to carry out, give effect to, and comply with the terms and intent of this resolution and the
financing transaction approved hereby.
Section 4.
The City Clerk shall forward a certified copy of this Resolution to the Authority in care of its
counsel;
Kevin Twining, Esq.
Troutman Pepper Locke, LLP
2200 Ross Avenue, Suite 2800
Dallas, Texas 75201
Section 5.
This resolution shall take effect immediately upon its adoption.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 18th day of
February, 2025.
[SEAL]
Attest:
By; ��L M
City Clerk