HomeMy WebLinkAbout026524 RES - 10/18/2005
A RESOLUTION
AUTHORIZING AND APPROVING THE ISSUANCE, SALE, AND
DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS (THE
VILLAS AT COSTA TARRAGONA I), SERIES 2005; AND CONTAINING
OTHER PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, the Corpus Christi Housing Finance Corporation (the "Corporation") has been
duly created and organized by action of the City Council of the City of Corpus Christi, Texas (the
'Sponsoring Governmental Unit") under the provisions of the Texas Housing Finance Corporations
\ct. Chapter 394. Texas Local Government Code. as amended (the "Act"), for the purpose of
providing a means of financing the costs of residential ownership and development that will provide
decent sate. and sanitary housing for persons of/ow and moderate income at prices they can afford;
WHEREAS, the Act authorizes the Corporation to issue bonds to defray, in whole or in part,
t he development costs of a residential development:
WHEREAS, the Board of Directors of the Corporation (the "Board") has determined to
authorize the issuance of the Corpus Christi Housing Finance Corporation Multifamily Housing
Revenue Bonds (The Villas at Costa Tarragona I). Series 2005 (the "Bonds"), in the maximum
aggregate principal amount of$15,OOO.000, pursuant to and in accordance with the terms of a Trust
Indenture. to be dated as of November], 2005 (the "Indenture"), by and between the Corporation
and.1 P. M organ Trust Company. National Association. as trustee, for the purpose of obtaining funds
10 finance the Project (defined below). all under and in accordance with the Constitution and laws of
the State of Texas:
WHEREAS, the Corporation desires to loan the proceeds ofthe Bonds to Costa Tarragona I,
I.[d.. a Texas limited partnership (the "Borrower"). in order to finance the costs of acquisition,
Lonstruction, and equipping of the residential rental project located on the real estate described in
lxhibit A to the Mortgage (as hereinafter defined) (the "Project") located within the State of Texas, a
portion of the units in whieh are required pursuant to Section 142(d) of the Code to be occupied by
persons and families of low income and families of moderate income;
WHEREAS, the Corporation created CCHFC Costa Tarragona I, LLC, to serve as the
general partner of the Borrower:
WHEREAS, the Corporation, the Trustee and the Borrower will execute and deliver a Loan
\grecment. to be dated as of November 1,2005. (the "Loan Agreement") pursuant to which the
Corporation will agree to lend funds to the Borrower to enable the Borrower to finance the Project;
WHEREAS, pursuant to Section 394.9025 of the Texas Local Government Code, as
amended, the Corporation has requested the Sponsoring Governmental Unit approve the issuance of
bonds to finance the Project;
O",C"r::'lA
_ ~... n .J J.. .'~
WHEREAS, pursuant to Section 394.9025 of the Texas Local Government Code, as
amended, the Corporation has requested that the Sponsoring Governmental Unit conduct a public
heanng regarding the Bonds and the Project; and
WHEREAS, alter publication of a notice of public hearing, an authorized public hearing
I,meer. on behalf of the Sponsoring Governmental Unit, conducted a public hearing regarding the
Bonds and the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI THAT:
Section 1. Approval of Bonds and the Project. Pursuant to Section 394.9025 of the Texas Local
Ciovernment Code, as amended, and after conducting a public hearing, the Sponsoring Governmental
\ nit hereby approves and authorizes the issuance. delivery, and sale of the Bonds and the
construction of the Project
;\ TTEST:
THE CITY OF CORPUS CHRISTI
~4::t ~
Henry Garre
Mayor
", /
! -1-. /
I).'. I //'1 __
._--~"--
'\rmando Chapa
(' I ty Secretary
APPROVED AS TO FORM: October 13. 2005
Eliza hR. Hundley
Assistant City Attorney
for the City Attorney
H. j.El i-DIR\cll/:abeth\Dept Flles\EI-J Rcso\utions\Ellrcs lb9.do(
I.orpus Christi. Texas
.'.h{-<~,~_t~L _.,2005
I he above resolution was passed by the following vote:
Henry Garrett
lLL;f-
--'- . -~
-~
aX;~ "-..f-
Brent Chesney
Melody Cooper
Bdl Kelly
ILL",
--~-_.-
Ltc' .
-~-
\ .1< J..'.':
------~--
, j
GlL0j(
1 - .
"J f.. t,.-.
(.~l'--I:
.fern Garcia
Rex A. Kmnison
John E. Marez
Jesse Noyola
Mark Scott
/,i-L\ .
-~ l)<.'-
I! l ,1:( J~DIR\elizabeth\Dcpt I'1lcs\t:H Resolutlons\EHres 169.dor
n2h~~!4