title
Presentation, discussion, and possible action on Resolution No. 25-021 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, for an aggregate principal amount of $61,914,000;
WHEREAS, subsequent to Board approval a request to amend the Original Resolution to accept a revision to the principal amounts of the Bonds, was received by the Department;
WHEREAS, the Board approved Resolution No. 25-017 at the Board meeting of April 10, 2025, which modified the amount of Bonds for The Ridge at Loop 12, Series 2025A-1, Series 2025A-2, in the total amount of $50,000,000 for Tax-Exempt Bonds and Taxable Bonds Series 2025B, in the amount of $9,702,000, resulting in an aggregate principal amount of $59,702,000;
WHEREAS, based on a myriad of factors, including but not limited to, updated construction numbers, recent release of the 2025 Income and Rent Limits, and movement in interest rates, the Department received a request for a second amendment to the Original Resolution that further revises the principal amounts of the Bonds to be issued;
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;
WHEREAS, Resolution No. 25-013 (as amended by Resolution No. 25-017, dated as of April 10, 2025), is hereby further amen...
Click here for full text