title
Presentation, discussion, and possible action on Resolution No. 25-017 amending previously adopted resolution relating to the Issuance of Multifamily Housing Revenue Bonds (The Ridge at Loop 12) Series 2025A-1, Series 2025A-2, and Taxable Bonds Series 2025B
end
RECOMMENDED ACTION
recommendation
WHEREAS, the Board previously approved Resolution No. 25-013 ("Original Resolution") at the Board meeting of January 16, 2025, for the issuance of Multifamily Housing Revenue Bonds (The Ridge at Loop 12) Series 2025A-1, Series 2025A-2, in the total amount of $50,000,000 and taxable bonds Series 2025B, in the amount of $11,914,000;
WHEREAS, in accordance with Texas state law requiring the Board to set the terms for unrated bonds, Section 1.2 of Resolution No. 25-013 identified a formula for determining the respective principal amount of each series of the Bonds by reference to a schedule attached as Exhibit B to the Original Resolution and an aggregate principal amount of all of the Bonds of $61,914,000;
WHEREAS, based on final due diligence and underwriting, a request to amend the Original Resolution to accept a revision to the principal amounts of the Bonds, has been received by the Department;
WHEREAS, Resolution No. 25-013 is hereby amended to modify the amount of bonds to be issued; and
WHEREAS, underwriting and program staff will re-evaluate these changes to ensure an increase in TCAP-RF units is not needed;
NOW, therefore, it is hereby
RESOLVED, that Resolution No. 25-017 amending the previously adopted bond resolution relating to Multifamily Housing Revenue Bonds (The Ridge at Loop 12) Series 2025A-1, Series 2025A-2, and Taxable Bonds Series 2025B, is hereby approved in the form presented to this meeting; and
FURTHER RESOLVED, that if approved, staff is authorized, empowered, and directed, for and on behalf of the Department to execute such documents, instruments and writings and perform such acts and deeds as may be necessary to effectuate the fo...
Click here for full text