CC Resolution No. 1695 i
RESOLUTION NO. 1695
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE
THE CERTIFICATES OF HIGHEST RANKING OFFICIAL RELATING TO
SOUTHEAST TEXAS HOUSING FINANCE CORPORATION'S ISSUANCE
OF MULTIFAMILY HOUSING REVENUE BONDS (ROSEMONT AT
GARTH APARTMENTS) IN ONE OR MORE SERIES IN AN AGGREGATE
AMOUNT NOT TO EXCEED FIFTEEN MILLION AND NO/100 DOLLARS
($15,000,000.00); AND PROVIDING FOR THE EFFECTIVE DATE
THEREOF.
WHEREAS, the Southeast Texas Housing Finance Corporation (the "Corporation") is
proposing to issue the Corporation's Multifamily Housing Revenue Bonds for a multifamily
property in or near the City of Baytown, Texas; and
WHEREAS, on December 9, 2004, the City Council through Resolution No. 1690
authorized the Mayor to execute:
1. the General Certificate of Local Governmental Unit relating to the Corporation's
issuance of Multifamily Housing Revenue Bonds (Rosemont at Garth
Apartments) in one or more series in an aggregate amount not to exceed
FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00); and
2. the certificate of highest elected official relating to the Corporation's issuance of
such bonds; and
WHEREAS, because such project is not wholly inside the corporate limits of the City of
Baytown, the Corporation has since held an additional public hearing, which makes it necessary
for an additional Certificate of Highest Ranking Official be submitted relating to the bonds; and
WHEREAS, the Corporation has represented to the City of Baytown that (i) the public
hearing concerning the anticipated bond issuance was held on January 4, 2005, in the Lone Star
Room, Baytown Community Center of Baytown, Texas; (ii) two persons spoke at the public
hearing in opposition of the proposed development; and (iii) fifteen letters or e-mails had been
received; and
WHEREAS, to gain approval of the Texas Attorney General's Office for the issuance of
the bonds, the Corporation has asked that the City of Baytown confirm certain information
regarding the Corporation; NOW THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1: That the City Council of the City of Baytown, Texas, hereby authorizes and
directs the Mayor to execute the Certificate of Highest Elected Official relating to Southeast
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Texas Housing Finance Corporation's issuance of Multifamily Housing Revenue Bonds
(Rosemont at Garth Apartments) in one or more series in an aggregate amount not to exceed
FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00).
Section 2: This resolution shall take effect immediately from and after its passage by the
City Council of the City of Baytown, Texas.
INTRODUCED, READ and PASSED, by the affirmative vote of the City Council of the
City of Baytown this the 13`h day of January, 2005.
CALVIN MUNDINGER, Mayor
ATTEST:
G RY SMITH, City Clerk
APPROVED AS TO FORM:
I NACIO RAMIREZ, SR. City A rney
RaKemnA'i1es:C,iy C'ooncil':Rem1--JW5Wnmry 136T FUW,blwH....gko—nt,d C
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HIGHEST ELECTED OFFICIAL'S APPROVAL OF THE
ISSUANCE OF BONDS BY THE SOUTHEAST TEXAS HOUSING FINANCE
CORPORATION AND THE PLAN OF FINANCING THEREOF
WHEREAS, the City of Baytown, Texas (the "City ") has approved and authorized the
creation of The Southeast Texas Housing Finance Corporation (the "Corporation ") as a joint
housing finance corporation, pursuant to the Texas Housing Finance Corporations Act, Texas
Local Government Code, Chapter 394, as amended (the "Act'), to act on behalf of the City, in
carrying out the public purposes of the Act;
WHEREAS, the Corporation is authorized by the Act to issue its bonds on behalf of the
City for the purpose of obtaining funds to finance home mortgage loans to persons of low and
moderate income for homes located within the jurisdiction of the Corporation and to make loans
to borrowers for use in financing residential developments located within the jurisdiction of the
Corporation intended to be occupied by persons of low and moderate income;
WHEREAS, the Corporation proposes to issue Multifamily Housing Revenue Bonds
(Rosemont at Garth Apartments) in one or more series in an aggregate amount not to exceed
$15,000,000 in order to provide funds to loan to TX Garth Housing Limited Partnership, or an
affiliate thereof, for the payment of costs related to the construction of a 250 unit multifamily
housing community located on approximately 32.2 acres on the Southeast Corner of Hunt and
Garth Roads and North of West Archer Road;
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code"), requires the chief elected executive officer of the City, as "applicable elected
representative" thereof, to approve the issuance of the Bonds and the plan of financing thereof
after a public hearing following reasonable public notice;
WHEREAS, an authorized representative of the Corporation conducted a public hearing at
10:00 a.m. on Tuesday, January 4, 2005, in the Lone Star Room, Baytown Community Center,
2407 Market Street, Baytown, Baytown, Texas, following publication of notice thereof in the
"Houston Chronicle," the "Beaumont Enterprise" and the "Baytown Sun," newspapers of
general circulation in the City, at least 14 days prior to the date of the public hearings. (A copy
of such notice is attached hereto as Exhibit A);
WHEREAS, I am the chief elected executive officer of the City and, as such, I am
authorized to approve the issuance of the Bonds and the plan of financing thereof; and
WHEREAS, I am familiar with the facts and circumstances regarding the issuance of the
Bonds and the plan of financing thereof;
1798196_01_02.doc
1597319/JJS
I NOW, THEREFORE, HEREBY APPROVE the issuance of the Bonds in the amount and for
the purposes referred to or described in the recitals hereof and Exhibit A hereto and the plan of
financing with respect thereto, as required by and for purposes of Section 147(f) of the Code.
This approval shall take effect immediately.
APPROVED AS OF THE DATE SET FORTH BELOW.
c_,$) _0
Mayor,
City of Baytown, Texas
DO NOT DATE THIS PAGE
Date of this
Certificate: