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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 2 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 2 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: