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CC Resolution No. 1796 52 RESOLUTION NO. 1796 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS; AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE GENERAL CERTIFICATES OF LOCAL GOVERNMENTAL UNIT AND THE CERTIFICATE OF HIGHEST ELECTED OFFICIAL'S APPROVAL OF THE SOUTHEAST TEXAS HOUSING FINANCE CORPORATION'S (SETH) ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS (PIEDMONT 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 the City of Baytown, Texas; and WHEREAS, the Corporation has represented to the City of Baytown that (i) it has held a public hearing concerning the anticipated bond issuance on May 31, 2006, at 12:15 p.m., in the Lone Star Room of the Baytown Community Center; (ii) there was one comment made by an attorney representing the Deer Park ISD, who opposed the project because of potential overcrowding in San Jacinto Elementary School and Deer Park Junior School; and (iii) no one submitted any written comments for the same; and WHEREAS, the issuance of the above-referenced bonds is expected to advance the Corporation's continued efforts in providing safe, decent, sanitary and affordable housing to residents of its sponsoring political subdivisions; 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 and approve the bonds and plan of financing; 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 General Certificates of Local Governmental Unit regarding the Southeast Texas Housing Finance Corporation's (SETH) issuance of Multifamily Housing Revenue Bonds (Piedmont Apartments) in one or more series in an aggregate amount not to exceed FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00). Said certificates are attached hereto as Exhibit "A" and incorporated herein for all intents and purposes. Section 2: That the City Council of the City of Baytown hereby authorizes and directs the Mayor to execute the Highest Elected Official's Approval of the issuance of Bonds by the Southeast Texas Housing Finance Corporation and the plan of financing thereof concerning 53 the bonds referenced in Section 1 hereof, which is attached hereto as Exhibit `B" and incorporated herein for all intents and purposes. Section 3: 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 t4affinnatveity Council of the City of Baytown this the 22nd day of June, 2006. W Mayo LORRI COO Y, City Clerk APPROVED AS TO FORM: qONttrer�� ACIO RAMIREZ, S , City Attorney RAKaren\Files\City Counci1\Reso1utions\2006\June 22\SBTHbondsPiedmontApartments.doe 2 GENERAL CERTIFICATE OF LOCAL GOVERNMENTAL UNIT I hereby certify that I am a duly elected or appointed and an acting officer of the City of Baytown, Texas (the "Local Governmental Unit"). I do hereby further certify that: 1. This Certificate is for the benefit of the Attorney General of the State of Texas (the "Attorney General") and all persons interested in the validity of the proceedings of The Southeast Texas Housing Finance Corporation (the "Corporation") related to the issuance by the Corporation of its Multifamily Housing Revenue Bonds (Piedmont Apartments) in one or more series(the "Bonds") in an aggregate amount not to exceed $15,000,000. 2. The City Council (the "Governing Body") of the Local Governmental Unit authorized the creation of 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"), and approved the Articles of Incorporation (and all amendments thereto). The Corporation's Articles of Incorporation have not been amended since March 29, 1983. 3. The officers and directors of the Corporation are currently as follows: SPONSORING NAME OFFICE LOCAL GOVERNMENT Winnie Corsaro President City of Santa Fe Gary Meyer First Vice President Cities of La Marque and Texas City E. Rusty Vidrine Second Vice President City of League City I.O. Coleman, Jr. Assistant Secretary Wharton County Bob Allen Director City of Pasadena Carolyn Bilski Director Austin County Jerry Cornelius Director City of Deer Park George Deshotels Director Matagorda County Joseph Gomer Director City of Shoreacres Andrea Greer Director City of Dickinson Rick Ferguson Director Chambers County H.G. Harrington Director City of Tomball Pat Muston Director City of La Porte Daniel Sandoval Director City of Baytown John Towner Director Galveston County Milton Whiting Director Waller County Brian Woodward Director Walker County Andy Zumwalt Director Brazoria County Vacant Director Liberty County cCS.doc HIBIT A 162921 UBMC 4. The Governing Body has taken no action pursuant to the Act, including Section 394.016(c) thereof, or otherwise, to limit the effectiveness of the resolution authorizing the issuance of the Bonds or in any way affecting the proceedings relating to the issuance of the Bonds. 5. The Governing Body has not created any other Corporation with the power to make home mortgages or loans to lending institutions or borrowers, the proceeds of which are to be used to make home mortgages or loans on residential developments. 6. No litigation is pending, or to our knowledge threatened, in any court in any way affecting the existence of the Corporation or seeking to restrain or to enjoin the issuance, sale or delivery of the Bonds, or in any way contesting or affecting the validity or enforceability of the Bonds or the financing documents to which the Corporation is a party, or contesting in any way the completeness or accuracy of the statements made in the offering document relating to the Bonds, or contesting the powers of the Corporation or its authority with respect to the financing documents to which it is party. 7. Each of the undersigned officers of the Local Governmental Unit hereby certifies that he or she is the duly elected or appointed incumbent of the office appearing below his or her signature and that the signature of the other officer appearing below is the true and correct signature of such person. 8. The Attorney General of the State of Texas is hereby authorized and directed to date this certificate concurrently with the date of his approval of the Bonds and this Certificate shall be deemed for all purposes to be accurate and correct on and as of that date and on and as of the date of the initial issuance and delivery of the Bonds to the initial purchasers thereof. [Remainder of page intentionally left blank] EXECUTED AND DELIVERED AS OF THE DATE SET FORTH BELOW. CITY OF BAYTO,, TEXAS ayor tep en H. DonCarlo DO NOT DATE THIS PAGE Date of this Certificate: 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 (Piedmont Apartments) in one or more series in an aggregate amount not to exceed $15,000,000 in order to provide funds to loan to HFI Piedmont Apartments, L.P., or an affiliate thereof, for the payment of costs related to the construction of a 250-unit housing community located in the City of Baytown, Texas; 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 12:15 p.m. on Wednesday, May 31, 2006, in the Lone Star Room, Baytown Community Center, 2407 Market Street, Baytown, Baytown, Texas, following publication of notice thereof in the "Houston Chronicle" and the "Beaumont Enterprise, " 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; Highest Elected Official.doc EMIT B 1629211/BMC 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, E DATE SET FORTH BELOW. i /MaySte�to . DonCarlos wn, Texas DO NOT DATE THIS PAGE Date of this Certificate: EXHIBIT A THE SOUTHEAST TEXAS HOUSING FINANCE CORPORATION NOTICE OF PUBLIC HEARING In accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, notice is hereby given that The Southeast Texas Housing Finance Corporation (the "Corporation") will hold a public hearing at 12:15 p.m. on May 31, 2006, in the Lone Star Room, Baytown Community Center, 2407 Market Street, Baytown, Texas, 77520. The Corporation's designated hearing officer will conduct the hearing on behalf of the Texas Counties of Austin, Brazoria, Chambers, Galveston, Liberty, Matagorda, Walker, Waller and Wharton and the Texas Cities of Baytown, Deer Park, Dickinson, La Marque, La Porte, League City, Pasadena, Santa Fe, Shoreacres, Texas City and Tomball (the "Sponsoring Political Subdivisions"). The purpose of the hearing is to provide residents of the Sponsoring Political Subdivisions an opportunity to comment on the proposed issuance by the Corporation of its Multifamily Housing Revenue Bonds (Piedmont Apartments) to be issued in one or more series (the "Bonds") in an aggregate face amount of not more than $15,000,000. The Bonds will be issued for the benefit of HFI Piedmont Apartments, L.P., or an affiliate thereof (the "Borrower"), in connection with the construction of a 250-unit housing community to be known as Piedmont Apartments located at the southeast intersection of State Highway 330 (Decker Drive) and 1-10 East Freeway,Baytown,Texas, 77520 (the "Property"). The Borrower will own the Property. The Bonds will be limited obligations of the Corporation, payable solely from the revenues, receipts and resources of the Corporation pledged to their payment. The Bonds will not constitute an indebtedness or obligation of any of the Sponsoring Political Subdivisions (or any other city, county or other municipal or political corporation or subdivision of the State of Texas) or of the State of Texas, or a loan of credit of any of them, within the meaning of any constitutional or statutory provision. All interested persons are invited to attend the hearing and present written or oral comments on the proposed issuance of the Bonds. Questions or written comments prior to the date of the hearing may be directed to The Southeast Texas Housing Finance Corporation, I I I I I S. Sam Houston Parkway East, Houston, Texas, 77089, Attention: Ron Williams.