R-98-10-22-10C3 - 10/22/1998RESOLUTION NO. R- 98- 10- 22 -10C3
WHEREAS, the Capital Area Housing Finance Corporation (the
"Corporation ") was incorporated pursuant to the Texas Housing
Finance Corporations Act of 1979, as amended, Chapter 394 of the
Local Government Code (the "Act "), by the governing bodies of the
City of San Marcos, Texas, and each of the Texas counties of
Bastrop, Blanco, Caldwell, Fayette, Hays, Llano, and Williamson
(the "Local Governmental Units "), to provide a means of financing
the cost of residential ownership and development that will provide
decent, safe, and sanitary housing for individuals and families of
low and moderate income, and
WHEREAS, the Corporation's Articles of Incorporation were
amended effective March 11, 1998 to add the Texas counties of
Burnet and Lee as Local Governmental Units of the Corporation, and
WHEREAS, the Corporation intends to issue its Taxable
Single - Family Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage -
Backed Securities Program), Series 1998A (the "1998 Bonds ") and its
Single - Family Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage -
Backed Securities Program), Series 1999 (the "1999 Bonds "), and
WHEREAS, Section 394.005 of the Act provides that the Act
does not apply to property located within a municipality with more
than 20,000 inhabitants unless the governing body of the
municipality approves the application of the Act to the property,
and
WHEREAS, the Corporation has requested the governing body of
the City of Round Rock, Texas (the "City ") to provide, with the
proceeds of the issuance of the Corporation's 1998 and 1999 Bonds,
x: \wepocs Resocvxz \R31022C3
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financing for home mortgages for homes located in that area of the
City located within Williamson County, Texas, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS THAT,
1. The recitals are incorporated in and made a part of this
Resolution.
2. The City Council approves the application of the Act to
property within the City that is located within Williamson County,
Texas, and grants its approval to the Corporation for use of the
proceeds of the 1998 and 1999 Bonds to finance home mortgages for
homes located within that portion of the City.
3. To demonstrate the City's desire to participate in the
Corporation's 1998 and 1999 mortgage revenue bond programs, a
certified copy of this Resolution will be forwarded to the
Corporation.
The City Council hereby finds and declares that written notice
of the date, hour, place and subject of the meeting at which this
Resolution was adopted was posted and that such meeting was open to
the public as required by law at all times during which this
Resolution and the subject matter hereof were discussed, considered
and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended, and the Act.
RESOLVED this 22nd day of October,,1998.
CHARLES CULPEPPER, Mayor
EST: City of Round Rock, Texas
E LAND, City Secretary
2
Date: October 16,1998
Subject: City Council Meeting - October 22,1998
•. .
Item: 10.C.3. Consider a resolution supporting the Capital Area Housing
Finance Corporation's 1998 and 1999 Bonds for financing
home mortgages. The resolution is required to establish
support of the program in order for Round Rock home
buyers to be eligible for this assistance. Adoption of the
resolution will allow the Corporation to make available
funds in our city limits for new home purchases by qualified
families. Staff Resource Person: Joe Vining, Planning
Director.
Mayor
Charles Culpepper
Mayor Pro-tem
Robert S1h ka
Conseil Members
Earl M. Hairston
Rkk Stewart
Earl Palmer
Martha Chavez
Jimmy Joseph
City Manager
Robert L. Bennett, Jr.
City Attorney
Stepp L. Sheets
CITY OF ROUND ROCK
October 26, 1998
Mr. Seth S. Searcy III
Attorney At Law
504 Congress, Suite 301
Austin, Texas 78701 -3502
Dear Mr. Searcy:
221 East Main Street
Rand Rock, Texas 78664
512 - 218-5400
The Round Rock City Council unanimously approved Resolution No. R- 98 -10-
22-10C3 at their regularly scheduled meeting on October 22, 1998. This
resolution pertains to the Capital Area Housing Finance Corporation's 1998
and 1999 bonds for financing home mortgages.
Enclosed is a certified copy of the resolution for your files. If you have any
questions, please do not hesitate to call.
Sincerely,
Joanne Land
Assistant City Manager/
City Secretary
Enclosures
Fax 512 - 218 -7097
1- 800 - 735- 2989TDD .1500- 735 -2986 Voice
www.ci.round-rock.tx.os
OCT-15-1998 1335
Fax to 218 -7097
Re: Capital Area Housing Finance Corp.
Dear Joe:
OCT -15 -1998 13:37
Seth S. Searcy III
ATTORNEY AT LAW
504 Congress, Suite 301
Austin, TX 78701 -3502
(512) 472 -3167
Fax (512) 474 -8558
e mail: sss@kdi.com
October 15, 1998
Mr. Joseph L. Vining, AJCP
Director of Planning and Community Development
City of Round Rock
221 E. Main Street
Round Rock, TX 78664
5124740556 P.02
Capital Area intends to issue taxable mortgage revenue bonds next month, and it has
applied to the Bond Review Board for an allocation to issue tax - exempt bonds next spring.
Because interest rates are low, a taxable issue is feasible, and the issue documents will
permit adjusting the bond interest rate to track the market mortgage interest rate as it goes up and
down. The bond mortgage rate is estimated to be about 7.7 %, which includes four points of down -
payment assistance. We also expect a tax - exempt allocation for 1999, since we last got one for
1995, and our success with the 1995 program (and its refunding in 1997), coupled with the
increasing demand for moderately priced housing in Central Texas, persuades us that there is a
need for both issues.
We want Round Rock to participate in both bond programs, and the enclosed Resolution
when adopted by the City Council will evidence the City's intent to do so. Please place the
Resolution on the Council's agenda and have your secretary call me with the meeting date.
The taxable bond issue is scheduled to close November 11 in Chicago, so I need the
Resolution adopted in the next couple of weeks.
Let me know if you have any questions, and thanks as always for your help.
Sincerely,
Seth S. Searcy 111
5124748558 P.02
CITY OF ROUND ROCK, TEXAS
Certificate Authenticating Resolution
The undersigned are the duly selected, qualified, and acting officials of the City Round
Rock, Texas (the "City"), for the offices named below our signatures. As such, we are familiar
with the matters contained in this Certificate, which we execute for the benefit of the Texas
Attorney General and all persons interested in the proceedings of the City and their validity.
We certify:
1. The City Council convened in regular session on the day of
19 , at its regular meeting place. The roll was called of the duly constituted councilmembers
and all were present except the following:
A quorum of the City Council was present.
2. Among other business the Council considered a written Resolution, which was described
in the meeting notice and a photocopy of which is attached to this Certificate. A motion was duly
made and seconded to adopt the Resolution, and, after discussion, the Resolution was adopted by
the following vote: Yeas Nays Abstentions
3. Sufficient written notice of the date, hour, location, and subject of the meeting was
posted on a bulletin board located at a place convenient to the public at City Hall and was readily
accessible to the general public at least 72 hours before the scheduled meeting time, and the
meeting was open to the public at all times during discussion and adoption of the Resolution, all in
compliance with the Open Meetings Act, chapter 551 of the Texas Government Code.
4. The attached photocopy is a true and complete copy of the Resolution, the original of
which is on file with the minutes of the City Council; the Resolution has not been amended; and the
Resolution is in full force and effect.
Witness our signatures and the official seal of the City, done in Round Rock, Williamson
County, Texas, this day of , 19 .
[Assistant] City Secretary Mayor [Pro Tem]
City of Round Rock, Texas City of Round Rock, Texas
[Seal]