ORDER NO. 23061

APPROVAL OF ADOPTION OF RESOLUTION CONCERNING
ISSUANCE OF BONDS TO FINANCE A MARKET RATE AND
AFFORDABLE MODERATE AND LOW-INCOME HOUSING PROJECT
FOR PARKSIDE APARTMENTS, LTD.

On this the 21st day of December, 1995, upon motion made by
Commissioner Holekamp, seconded by Commissioner Lackey, the
Court unanimously approved by a vote of 5-0-0, to adopt the
resolution concerning issuance of bonds to finance a market
rate and affordable moderate and low-income housing project for
Parkside Apartments, Ltd.

RESOLUTION CONCERNING ISSUANCE OF BONDS TO
FINANCE A MARKET RATE AND AFFORDABLE MODERATE AND
LOW-INCOME HOUSING PROJECT FOR PARKSIDE APARTMENTS, LTD.

WHEREAS, the Cherry County Housing Financing Corporation (the
"Issuer") is empowered to issue bonds to finance the cost of
projects, including the acquisition of land, the construction
or acquisition of buildings, equipment, facilities and
improvements (one or more) for the purpose of assisting
persons of low and moderate income to acquire and own decent,
safe, sanitary, and affordable housing, pursuant to the Texas
Housing finance Corporation Act of 1979, as amended (V.T.C.A.
Local Government Code, 394.001 et. seq., and herein called the
"Act"); and
WHEREAS, the issuance of bonds pursuant to the Act is a lawful and
valid public purpose and will help promote and develop the
public purposes of the Act; and
WHEREAS, Parked Apartments, Ltd., a to be formed Texas
Limited Partnership (the "User"), by filing a written
application with the Issuer (the "Application"), has requested
that Issuer finance a multifamily housing project to assist
persons of low and moderate income to acquire decent, safe,
sanitary, and affordable housing to be known as Parkside
Apartments containing 144 to 160 living units, to be located
at the intersection of La Casa and Park Lane (the "Project"),
within the boundaries of the Issuer, and, further, that the
Issuer adopt this Resolution with respect to the acquisition,
construction, and installation of the Project; and
WHEREAS, the User has advised the Issuer that contributing
factor which would further induce the User to proceed with
providing for the acquisition and construction of the Project
would be the Issuer's adoption of this Resolution indicating
its indication of interest in the issuance of private activity
multi-family revenue bonds ("private activity"), andi.JHEFiEAS, in view oi' rising constr•r_tction c_o=.>ts anti thrt-?
nece=.si.ty of compiiexnec- with aiJministrativE? regtLlatiuns, it is
con!>idered esserrtlal tP-lat corrstrl_LCtion of file (='ru.)ect tie
completed at the E?<;r-i.iast pr act i.c.ak'lE? date t51.tt, gat tFle same;
.aileS tiJ 2iBg1Yl ~Url 'i rll C=' :L VrI Vt Ltl f2 1-'t Ci _)e3Ct
;.lme, the User Un'- .
z
~~iftE?r ~<: _: ., -' ~~urances fr~urn ttre leis~.ter~ 'tE-iat ttlc:
~rti..i'aac.~cory as
prUiSf?F?iiS oi- ti`Ye saie of ti'ie ErJnds, E5r btt~er E5t51i1:3atiUtls, o~Y
tale Is=stter J.rl an amo+.Lrrt rLeCE"":sEiatry ti; pay the musts E;f tFiE?
F='r`U,)ra~'i., will lit? made -~va:Llabie till fi'narlc4~ the F'rujt?ct; and
4JHE:F2EAS, file Issuer find=_, intend=, gild clectares that thl=_s
ftestJl+.ttian stlNli 4xinsibute :its u~ ~ ici4i t7indiny iuilnmitmi~?nt,
=; ll t5,)eC2t to {'. tl k? 't F. r'1'OS t/BYEtUT, tCi lssti E: Ii Ei'riU ti, Ut' ui; t'r E.?r
at5liga~i:ions pl!r=.Iaar,1; to the I=tct :in atl amol..n-,t prescribed icy tine
.. _
EJsEr' nut c:c,ntE:nlpltatEru ilot 'cu excr.ec7 it:,,!t?~4'1,k]l~4`' ti; expend the
c~f_t l1r E i_ii 9"i :i i. r' xCL m~ rt .l Mild .L it S't cil .l e~ie
FJYUt.e£?db tilfr'F.'U1 to {1 , L , I.. .F;
F'i'V )eC_t p"y _. ~~- F_. Edi"i (:i CCi =.it:S UT t: t'ie ].55ltet-' 1i1
c:41'i C:i tCi cn 1. J. E?Y. rr. it Eie ti
c'
C'Url it E?ct lUrl witi"'i til7 re l:o oiANnCe l:-r vl'ns LlUri tJ !Sp Ni~Ci
ldI-7 C.KEH~i, tide 1S'rv lle r' PltitJ Se, cVil B>i.UEn' °i, ~~-~
i.sllan,:~e -arid gale of 'ti". t? :=_aoni9s: in 'tile iamol.Jnt anti for the
pur"pose hErr~elnabove sE-t i~t,r~t'r-~ tY7.J.J. Eye apF:,r'upriate ;Krill
Cuii'i .L •~te?ilt va .t. tl't ttl E3 VtJ)ec'C .L `Jell U1~ the 1-1E5t, ail Cl Chca 1: the
adoption of ttii.s Resoiutiorl i.s anti c_otlstitl.Ltes aild is lritended
7.nC7!:. t. e!itE nL LV i.h i2 L.,~er ~V rOi_Pr_d Wlth irUV 1u lrl {"Or'
tt~ie acgl.li.i.tion ~ ~--. .. -, ancJ ti.ii) tFle
> ail iJ Cutl ~'r. r'llL: l.lii it UY t.l"i C? i'r 6,)eE. "l.
talKi.ng of af~i-ii•m<itivt? official action t5y tl'le Issl_Ler towaar"d~.;
the isi=n.La'nce of ttlE? LuilCli, wlthi.n tale lneeanir~y of fiec;~t.ion
1.14'1.1'--[3 ld7 lJ) u1` Ciit_ E'edbr ~e ,y r'EraSl.lry f7;e g'_l .idi:luu!i Nil r] lIIL iJ
the affi.ci.e51 declar'atiorl i;f the intention oi' the iss~_1eT iri
c0.Ca.tiJr'dali4.: k? w:L Gr'i bI1C VI _Ibt:L 1Un 1JL~= Vr 1; 9F?
~.
1"E?d E?r'd J. IrE!a E: llr'y ti E!~~-Il Eit lii ll [. tU rEJ. f1i 15Ur`5>E c?HF7 E?7ldlti_IrEB fGr' 't tl ti
Pro.)eci; t,t sl.:i`il tiruE? or' t;i.me?s as> i,t-le S~:,nEi„ ar~e~ i•:>=~..L£ci; and
I••aHr_F<t:: (iv, Lilo i. bS>Lte ~- [37. Sii fiil4.1 E> It IIeCE.'S5dr y t.V a'Cipt .: "i 5.s
Reso~_Ltiori I:li :.i~_rLtlurizt: bI-:e i'iilr:g a an ipFJ~.u._~_ei..44n~ aJlt; Lile
Texas Bond F2eview Fsazard i.n ur4.iet' to receive a pnr'tic;rL Ell" ttLe
- ..- ...
bt ate of lex~~ls' vo.i Lune ~_:4p al l~'c. a'clo'-l -ur i..,r ~vNte .-.:_.t .;.v.~y
uVr; EJ i:. '~
fHE:REf=C]FiE, NE l:l RE50LVEU }3Y -iHE ItC]AF2]] [JF I>IRECTORS OF= lHE
IE-Ri~i Ci]UNl'`r' I-li]iJSINi:, F=:[t~lf-1hdCG. l:uF2PiJf±~11-Iiil'J, i"I-i1=aT:
..
fricctluri i. ci1.rG,)e:et to the te:-~rns Hereof, he Issuer' agr-'ees to:
ia7 Iss1.Le the Aonds, arld if ttie User- and t'tie is=.I.ter~ agree,
ul.liar ~V1i7ei'ri'eS ul- lrldetStE?C711e55 pr UVld:Lllg tempOr'tir'y' financing
of the F'r"Cl,)E'C_i,, wtlicti may L,e J. _i:,ued aniter-' LtYe dc~.t:e hereof afrcJ
may 1:5e r ei-lancieci by tilt? Iiotld:> p~_trs~-1N.nt to tl'te ~tct, or any ottler,
~I/?XaS iE?glbiEt Iii ri f'teY E:t Ct{li'r E: Or' ilE?r'E?ii l"GE•Y' E?1'7aCt; E•d Wil ]. C'ti Irl ci `f
p r'ov ide a sltit;iLie me LFr r,d ui~ ilrarn--.ing in a'J4ii :;xutl i~u '_t r' i. rt
s,.Lt:,stittrtiun for the i=1c_~t.
ibJ L:oGpE?rate with ttLe U<er wlth respec=t to tI'lC: J.'iEillanCF Uf
Li~~e ~+uriti':,, z:4nd, l~i- arr•angemE:nts satife'+ctk,r y' to tri t? iJser anEi
thie IsstLer' Gail be made, the IS5t1E'T' w117. take s1.4ch action aild
a~..;ttlur i.:e the er,eL_'.Itlon L,f sra4.:i-. dn~~l_unents _.ncJ will mai;e e~.LCiY
ftxr•tt}er-~ ~~{ctlon as may be ner_es~~a;~y ur advis:;bie for Gi:c:
ci lt't: I'}171`J. Zcdt lCi Ti, exE%t: i_t'C ]. tl i}, ~iti(] dC'11 V8r'y it i" ES, i}y CGiit Y'a CGS Ur~
ci g'r ee mE_''fits dE?r:~ k?f?u i'7 EiCB5bc{:' V ,i r' i]F51I' iule Ciy file iJ'ier' Oi" is t7 c•
+-
'~°~.1e r' 1. i} C.O i}i'leCtlrr ii W1-L: t'i ti'i E' 1SSllai}Cie Of' ti'iB dOr'i Ci S'
i .....
tc'.nllect:ively, tFie "Cur'itracta ., pr'pviciing :,mot-ig oi'~er tP~ir}gs
r'CiY" pri'ynlE%i~t Ci'I- trle? y:ii'l.lii:1F]cili GY, 177tefe5t on, redernF;tion
_.
c77},.J I r'u.i -'t?B' S "ek: :. 1 i .xi::
premil.uns, paying agents' char ye•s, _ _ ~, ~ . ,
or} ttif~ F?ondE;; payrnerrt i;f fees and charge=; of ttie Is=_~_ter-g
._
acqulsltlon, c.pnstrstalui-~, ar:d imprc;vemf•i}t (ir 'che :=r'piecti9 ::.n,.i
~.ts,:;, opc:•rait:iuri, anu waintenalice of the P'r'oject (arid the
f:xec:_ttion of any appropr•iai.;e _.ri~i rlet:ta_.5c;r"y giaarar:.y
r{gt' EE%m E'i}'GS), a{li c', Ei Salmi. is r.. d~.4Gtl Ur":. Z: E.•dy r-Ce Ci It .i.i"c.•U, Gi-
_ ~ -. ~ .-
per'luat~&u tly 1tiW i{IiC, _tlal.L Li k? 'Il.li.ltai.tj Sdtl:ildt_46r`y Gu ~hE:
Ie;suer anti tt}e User.
(ci If ttie proceeds from tt}e vale of the ctor:ds are
lns~_tfi-icikeni., tape sl_tch actlor}s :.nd exeal.tte sl_tcr} do~_uments
as may 6f:• neceinary to perrnlt the i5=st.tance fr'prn time to time
in ti}e f:.tt:.tre of ~~.dditior:al Bonds on agreed tkerms which st}~.11
tl t2 Set forth thereii}, wr, Eiti}er on a parity with other seri.e5 of
bonds or othtar•wisEa, for the p:.trpose of paying the cpsts oi=
cornpleti.ng 'the acgl_nsitian, i=on 5'tr~.tcti.on, a'nd inatall~';tiun of
thF? I~-'r ujeitq cis T'et.J lake st eCJ Ly the iJS le r' Fii'iti wJ1Li'}lt} tt]etl
applicable li.mitatioris.
id) Teti~~e oY cs:,:.tse to he taY.er~ =.:.icFi Citr:e--. r` act J.oi}s as may be
reyl.tired to imp]kement i:P}e aroresaid L.kr:Cfer tai{:iru~s u'. _;s at may
~if:•t•rn appropriate J.n p~_rr`suau}ce t: l-:er'k?Uf.
(kz~ Cas~ase i~i:> matt}prized ofi-ickzr :5 to pr'ep_cr-e tsr- ca+_tse to be
' '• ai} a ]t li_at 1Un iur _i 'JCir ttUi'i U"t tt}e :~bdte o'r ieXf{5
I:l r"4.'pdr'E: C7 pt t
allucatiu'n for tir~iVci't:e actlviCy bonds, (tt}e "Vo:Lcunc Crap
k=it:_p]..i.ci:?.'ci.pn"i. -i~tie Vol.:_une Cap ilpp].fc~ati.on, wi'icn er.ecl.tted by
ti-ie proper of`icei'-lsi of ~hr: .I=~~~_t,rr, st}al:t be f11e,.i wliii ci-~,,,
-i_E:•xa,~; fiend f:eviowtlGiar~d .:md ttii rc~isul.~.ttion sl~all be
sui=ficie'i}t a:iti't~rir'.ii>" for .v~~ch =~.ppl:ic.t,tiar} to be filed. 'ihe
aF~p].icatiCJn iee wtiicr: i. s; req~.iJ.r'ed tci be (~iJ.ed wicti tFie Vol:_ur.e
Crap ~pEi.t.ecai,lur: nn.tsi. Le i.arpvi~ied i.,y :i:te User.
iecti.pr: _ It i.s 1_tndcr =,tood 'ray ttiE% Iss~_ter ~ar~d the iJ=.er has
re presented~tp tt}e Issl.ter, that i.n cansideratiori of t:t}e
Re5ca1:_ttion of tP}e I~astaer and by i=iaing 'the (lpplica'Lipn, am..i
sl_tbject to the terms and conditiCirr> hereof, tt-ie User t}as
t.yree•Ci I_r}at o
(ai pri.or to or contempare:neo~_t.;;.y with ::tie s>ale cif 'k ti f;
f3eir~Cis in iir:e or more series or iSS:.tes frpm time tp time
agree do J. i}
as tFte i5s:.ter~ acid ttie U=_ie-r'~ shall tter~t~~iF~ti%'r
4V:":L ~:1(lgq ti-:e iJ tser will enter into tt}e t-pnL-r acts with ttie
I=_is:.ter :.trader ttie ter-'ms of which the User' will obii.gate itst:lf
i.u pay '~.u tree Lssiicr eor to tl ']`rrasCek?, as the case rnav bei
sums =_;~ai-ficleirt; i.r~ tt'iE' aggr-egatc• to p~~{y lte pr ;.nt.lpal uf,
:i.ntertzsi~ i;nq 'recieinption prt=lail]ms, payiiiy agents' i=ee, and the
..fr~~.tsCecr" _+ feer:,, if <any, on the fioi~~is, <;:; e;nci wrien fire _;ame
bec_pm r_ i:i lte aiid paayat.ia e, wi6h SI+Ch cur:tr a~.t ~, tii cuuis ;:, :in the
pr"ov~i.rai.one> described i.n Secticn} 1 hr~r~f%[if a:rrid S~.t~:h crtiiE,r
fTr'pV 1151 U11 :. ds rlay uti r`r.•,{~ltr iii Ur' per rlilt tei.l 6y la4v ci rld t(., be
mut4tEti.i.}' ac~cE%pl~<+Lle, Go tPie l:ssL,Etr ectiCi bt}e, U3e:•r
', ti) i 18 lJ S n r' W 1 i i l .l 1 Ei 2i ~J ci .i 1 E- ! ii) E l_ t l.. U la'G ii Wh 1 C t'1 a r" e i"I Ci t
Ur Cdn:iu't: lie L., c31JU ur r'Ni{i, L, :.lr'_: .: ~i 1"r udt Zile pr'ui_&el..i :> Esl ttie HOiIU ~~
.'-/ Clt dJ L
:i =_S'_l k?Cl tIJ pf'{JV 1EJ k: Il,li~l{a `i tl.' 1 lli[tl{l: f.' btl lJ E~'i''i)CI=. i.y dr'i ll r`. ~ ~ ~
times, i.ridenmify sand iaul.ci iiar-mit?=_~=-; i.Fic 1=,c>~-ler against al.l
...r 2i a
1OSiiE q CU!i l: ii, CJ atll.ige L, ti:pei'{!;esq cu riJ ~ t~iti:1. : Wi-I.'lt r•': l°~.
uatur~E, (lnc.}.I.ld:ir~g, but. nat: }. J.m.Lt:ed to, e.'L4,ar-tieysq fee,
iit.ir}e:~.ion anci cunrc cost!sq aino'.tnts p:1 a :in settlement, ::and
~i I{I O'1nts, Fl ci ,. .J Lei :J LI:Stil~ir ~e .11d Cl~E•Iii2Tit :.i EJ1rE•. i.t l.y C, Y" "t ltd 7. r'eCa Ay
: ,
re!s ~_tl$ing 1~rO1r1, [ir 1's .Lng Utx~G ur ur re lctttu vlJ t:~e: I-ipt.ai .i 1.-zlG tiniq
... _
.,Slt 2iilL E.• Cq .. 'e7"'7. ii ... • e
ttl1S F{e5aillt :I. Li il, Gfi E? h-'r u,)E:Cl:, U5' the i. :.. ! gf `~ s
lir de11`Je'r'y Ui- tot? I'_lurril!i UT u_Ltier reL'.il.ler'Il_e ui .l.TillvbtcGY:e_:
i'_'s1.4eLi to proVJ.de fiu'iub to rlr~a~nr._e ttie 'r~~ojt:c_tq ur tP.ie dc•signq
constr~_lE:t:ion, installatii;nq ot:aeratiun, Llse, uE:.E~~tp~:, r:L_rq
.n bil llL E: iidil C.. E?, (, i' UWrier i; l'ltp (, i' the L'T'U)E?Ct.
:Set.t Ltn{ ._. :C ~: .~'.. i e~'ugn.c :]eCi all;.i ~l {.;r rtel.l i1 ;J i~lie I-s !lust .tt ~n i;
ti"iEC USe'r' Illi:ay enel"C:'1`>E' i.ts r i-gFlts ar~d pE''r'tU'r`rsl i.te> obligations
W llh resps=ct $G ltl E' i-in<ancing ai" ttl F? F-'Y U,)eCat e.L 't tier' t: lit i]L.igil
ti) i.~tseif in it!:; uwr~ Hanley tii.) Eiriy of It=, wF{olly awned
s~.lbaidiar ies~ iii.ii ' t ..._._ -
ar~4' 'i^e.Lat ed Jie r'-Ui't° :xS Cl E'T'ane?C] 1r'i td ti C.t lliis
i'i~% ai' tl'i f? iTl {': ei`iial Reverl lie L.o C7 E•. CSf 1`'3 EiC, a5 and slid ed UT' (1V)
citly legal SI.I C'CUSSii r' theT`et U, r'e Spa F•Ca iVE?lyq Stlt:i,)BC:t tli tdppr OVAL
U'Y' ti'1 E? lci 'i i_I E:r 5 5 to Cttid C_Gll'fi3Fl c3 ltd, p1'CiV1dEd that SUltabl. e.
y~_iaranties nt?ce>sar'y or coiivEanient i'UY' 'GI'l4'? mar-Itetabiiity ai'
Bonds =shat 1 bE.• furnishecl, i.f r•eyuir ed by the Iss{.ter, and all
refer euces to ttie User hail L;e taeE?med 'to i~nC_ll,.lde the User.
ac=ti.ng directly ttiro~_lgri• itself cr any such aF;pr~oved e?riti'tiE?s.
Section ~-7. _ Thr: adUptiuri r,i'~ ttii;a RE~sol~.ltion, a;s r~egl.lest{.?':1
irr the ~appl.ic~~aian, shal'1 be deemed to canstit~.lte the
ac~_r.ptance n'r thr? User's {Jrohiosal that it be i`llrlhe'r' :ind~.lced
to pr'aceed with providing the pro,iect, the Applicatic;n and
tiiir, Re!sai~_ltlan shall earistitute z;r~ iigr'eBmt=r'rt between thr~
iss~.ler grid thE? User ePrectivc? un tF{e date tFiiE> le'>olutJ.oii is
adopted, and this Re!sol{.ltiar{ is affirma'Civre ai' oi`ficial action
ta4<en by tt~ie }:>=_s {_t Ear towar~d~ ttie i.ss~.{~ance:• aF tl-ie Borui>.
Secciun i:;. lv is tl`ie i~nteiit Uf the :Cssl_ler iii ;c.iaptirug
---'
t:tiis Resal~.ltion to cansider Dilly the i.ss~_iaTice of pri.vatE:•
.activity i.JUiid=_. It is riot tli r_ intent oi' the i'~s:_ie• =.>i, ti.i '.!i
time to a~_ittiar~iaE~: tF~E:• lss~_lance of t;ands. 3: t` ticnids are to _.e
. ,.
lss~.lea, a:he issl..ler w111 consl<ier' sncn lss~a:~nc.e, lr ~irly, In <a
, ..
:-: e•~, r1r cite i E!tiuiilt ltili, ait(l Ci :_tgl'l til'leT-e J.S it Ci r ep'r-E:•SE?tiL it lCi t'i y
the SSS~.Ie r' at 't tl :is i, i,ne tti c; it w.iil i=li it gilder tiia :a i:aupt iOrl Ur
adotit s{_ich ~:~ r~es~ol{.ltioi-..
r-r-i.a.., F_:~ t~NU r;; 4-iF t_!.U --1i1~: ~~st ~~~ry of ilt:•c.ern -E>r, ibti~.
i s; ttot,erC ra, Uenson
i?r c=__it}ent, r;er-r~ Cu~.n rty Flo:-r-:irig
Finance Car potation
(iTTi--- i
r`S;` F3r~.icc? Clehler,
Secret<xry, r:E:rr L.,al_lnty Flo~.te.ing rinanct< L.or'FJUratlori
. ~_F-L~+i_ i
RESOLUTION CONCERNING ISSUANCE OF BONDS TO
FINANCE A MARKET RATE AND AFFORDABLE MODERATE AND LOW-INCOME
HOUSING PROJECT FOR PARKSIDE APARTMENTS, LTD.
WHEREAS, the Kerr County Housing Financing Corporation (the "Issuer") is empowered
to issue bonds to finance the costs of projects, including the acquisition of land, the construction
or acquisition of buildings, equipment, facilities and improvements (one or more) for the purpose
of assisting persons of low and moderate income to acquire and own decent, safe, sanitary, and
affordable housing, pursuant to the Texas Housing Finance Corporation Act of 1979, as amended
(V.T.C.A. Local Government Code, §394.001 et. seq.. and herein called the "Act"); and
WHEREAS, the issuance of bonds pursuant to the Act is a lawful and valid public purpose
and will help promote and develop the public purposes of the Act; and
WHEREAS, Parkside Apartments, Ltd., a to be formed Texas Limited Partnership (the
"User"), by filing a written application with the Issuer (the "Application"), has requested that
Issuer finance a multifamily housing project to assist persons of low and moderate income to
acquire decent, safe, sanitary, and affordable housing to be known as Parkside Apartments,
containing 144 to 160 living units, to be located at the intersection of La Casa and Park Lane (the
"Project"), within the boundaries of the Issuer, and, further, that the Issuer adopt this Resolution
with respect to the acquisition, construction. and installation of the Project; and
WHEREAS, the User has advised the Issuer that a contributing factor which would
further induce the User to proceed with providing for the acquisition and construction of the
Project would be the Issuer's adoption of this Resolution indicating its indication of interest in the
issuance of private activity multi-family revenue bonds ("private activity"); and
WHEREAS, in view of rising construction costs and the necessity of compliance with
administrative regulations, it is considered essential that construction of the Project be completed
at the earliest practicable date but, at the same time, the User wishes to begin construction of the
Project after satisfactory assurances from the Issuer that the proceeds of the sale of the Bonds, or
other obligations, of the Issuer in an amount necessary to pay the costs of the Project, will be
made available to finance the Project; and
WHEREAS, the Issuer finds, intends and declares that this Resolution shall constitute its
official binding commitment, subject to the terms hereof, to issue Bonds, or other obligations,
pursuant to the Act in an amount prescribed by the User now contemplated not to exceed
$6,000,000 to expend the proceeds thereof to acquire, construct, equip and install the Project and
to pay all expenses and costs of the Issuer in connection with the issuance of the Bonds; and
1
WHEREAS, the Issuer finds, considers, and declares that the issuance and sale of the
Bonds in the amount and for the purpose hereinabove set forth will be appropriate and consistent
with the objectives of the Act, and that the adoption of this Resolution is and constitutes and is
intended as (i) an inducement to the User to proceed with providing for the acquisition and
construction of the Project. and (ii) the taking of affirmative official action by the Issuer towards
the issuance of the Bonds within the meaning of Section 1.103-8(a)(5) of the Federal Treasury
Regulations and (iii) the official declaration of the intention of the Issuer in accordance with the
provisions of Section 1.150.2 of the Federal Treasury Regulations to reimburse expenditures for
the Project at such time or times as the Bonds are issued; and
WHEREAS, the Issuer also finds it necessary to adopt this Resolution to authorize the
filing of an application with the Texas Bond Review Board in order to receive a portion of the
State of Texas' volume cap allocation for "private activity bonds."
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
KERR COUNTY HOUSING FINANCE CORPORATION, THAT:
Section I. Subject to the terms hereof, the Issuer agrees to:
(a) Issue the Bonds, and if the User and the Issuer agree, other evidences of
indebtedness providing temporary financing of the Project, which may be issued after the date
hereof and may be refunded by the Bonds pursuant to the Act, or any other Texas legislation
heretofore or hereafter enacted which may provide a suitable method of financing in addition to or
in substitution for the Act.
(b) Cooperate with the User with respect to the issuance of the Bonds, and, if
arrangements satisfactory to the User and the Issuer can be made, the Issuer will take such action
and authorize the execution of such documents and will make such further action as may be
necessary or advisable for the authorization, execution, and delivery of any contracts or
agreements decreed necessary or desirable by the User or the Issuer in connection with the
issuance of the Bonds (collectively, the "Contracts"), providing among other things for payment
of the principal of, interest on, redemption premiums, paying agents' charges, and Trustee's fees, if
any, on the Bonds; payment of fees and charges of the Issuer; acquisition, construction, and
improvement of the Project; and use, operation, and maintenance of the Project (and the
execution of any appropriate and necessary guaranty agreements), all as shall be authorized,
required, or permitted by law and as shall be mutually satisfactory to the Issuer and the User.
2
(c) If the proceeds from the sale of the Bonds are insufficient, take such actions and
execute such documents as may be necessary to permit the issuance from time to time in the
future of additional bonds on agreed terms which shall be set forth therein, whether on a parity
with other series of bonds or otherwise, for the purpose of paying the costs of completing the
acquisition, construction, and installation of the Project, as requested by the User and within then
applicable limitations.
(d) Take or cause to be taken such other actions as may be required to implement
the aforesaid undertakings or as it may deem appropriate in pursuance thereof.
(e) Cause its authorized officers to prepare or cause to be prepared an application
for a portion of the State of Texas' allocation for private activity bonds (the "Volume Cap
Application"). The Volume Cap Application, when executed by the proper officer(s) of the
Issuer, shall be filed with the Texas Bond Review Board and this resolution shall be sufficient
authority for such application to be filed. The application fee which is required to be filed with
the Volume Cap Application must be provided by the User.
Section 2. It is understood by the Issuer and the User has represented to the Issuer, that in
consideration of the Resolution of the Issuer and by filing the Application, and subject to the
terms and conditions hereof, the User has agreed that:
(a) Prior to or contemporaneously with the sale of the Bonds in one or more series
or issues from time to time as the Issuer and the User shall hereafter agree to in writing, the User
will enter into the contracts with the Issuer under the terms of which the User will obligate itself
to pay to the Issuer (or to a Trustee, as the case may be) sums sufficient in the aggregate to pay
the principal of, interest on, redemption premiums, paying agents' fee, and the Trustee's fees, if
any, on the Bonds, as and when the same become due and payable, with such contracts to contain
the provisions described in Section 1 hereof and such other provisions as may be required or
permitted by law and to be mutually acceptable to the Issuer and the User
(b) The User will (1) pay all Project costs which are not or cannot be paid or reimbursed
from the proceeds of the Bonds issued to provide funds to finance the Project; and (2) at all times,
indemnify and hold harmless the Issuer against all losses, costs, damages, expenses, and liabilities
of whatever nature (including, but not limited to, attorneys' fees, litigation and court costs,
amounts paid in settlement, and amounts paid to discharge judgments) directly or indirectly
resulting from, arising out of or related to the Application, this Resolution, the Project, or the
issuance, offering, sale, or delivery of the Bonds or other evidence of indebtedness issued to
provide fixnds to finance the Project, or the design, construction, installation, operation, use,
occupancy, maintenance, or ownership of the Project.
3
Section 3. It is recognized and agreed by the Issuer that the User may exercise its rights
and perform its obligations with respect to the financing of the Project either through (i) itself in
its own name; (ii) any of its wholly owned subsidiaries; (iii) any "related person" as defined in
Section 147 of the Internal Revenue Code of 1986, as amended; or (iv) any legal successor
thereto, respectively, subject to approval of the Issuer's bond counsel and, provided that suitable
guaranties necessary or convenient for the marketability of Bonds shall be furnished, if required by
the Issuer, and all references to the User shall be deemed to include the User acting directly
through itself or any such approved entities.
Section 4. The adoption of this Resolution, as requested in the Application, shall be
deemed to constitute the acceptance of the User's proposal that it be further induced to proceed
with providing the Project, the Application and this Resolution shall constitute an agreement
between the Issuer and the User effective on the date this Resolution is adopted, and this
Resolution is affirmative of official action taken by the Issuer towards the issuance of the Bonds.
Section 5. It is the intent of the Issuer in adopting this Resolution to consider only the
issuance of private activity bonds. It is not the intent of the Issuer at this time to authorize the
issuance of bonds. If bonds are to be issued, the Issuer will consider such issuance, if any, in a
separate resolution, although there is no representation by the Issuer at this time that it will
consider the adoption or adopt such a resolution.
PASSED AND APPROVED this 21st day of December ,1995.
ti ~' Y~
Housing Finance
ATTEST:
~~ ~ ! ,
,~ ',.
Secretary, Kerr County Housing Finance Corporation
[~~ "G~ (SEAT:) ~ `, G
;.n'T.INI paYO '~ F. lye ~..
~r
NiT IPA.. . ..
~OeP V" ~ `' ''
4
COMMISaIONERS' COURT AGENDA REQUEST
PLEASE FURNISH ONE ORIGINAL AND FIVE COPIES OF THIS REQUEST AND DOCUMENTS
TO BE REVIEWED BY THE COURT.
MADE BY: Robert A. Denson OFFICE: CountkJudge
MEETING DATE: December 21. 1995 TIME PREFERRED:
SUBJECT: (PLEASE BE SPECIFIC)
Consider and discuss up-date and any action required for the KetT County Housing Finance
Corporation.
EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON)
ESTIMATED LENGTH OF PRESENTATION:
IF PERSONNEL MATTER -NAME OF EMPLOYEE:
NAME OF PERSON ADDRESSING THE COURT: County Judge
Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5,
Chapter 551 and 552, Government Code, is as follows:
Meeting scheduled for Mondays:
THIS REQUEST RECEIVED BY:
THIS REQUEST RECEIVED ON:
5:00 P.M. previous Tuesday.

All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has
been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will
be appreciated and contribute towards you request being addressed at the earliest opportunity. See Agenda
Request Rules Adopted by Commissioners' Court.
RESOLUTION CONCERNING ISSUANCE OF BONDS TO
FINANCE A MARKET RATE AND AFFORDABLE MODERATE AND LOW-INCOME
HOUSING PROJECT FOR PARKSIDE APARTMENTS, LTD.
WHEREAS, the Kerr County Housing Financing Corporation (the "Issuer") is empowered
to issue bonds to finance the costs of projects, including the acquisition of land, the construction
or acquisition of buildings, equipment, facilities and improvements (one or more) for the purpose
of assisting persons of low and moderate income to acquire and own decent, safe, sanitary, and
affordable housing, pursuant to the Texas Housing Finance Corporation Act of 1979, as amended
(V.T.C.A. Local Government Code, §394.001 et. seq.. and herein called the "Act"); and
WHEREAS, the issuance of bonds pursuant to the Act is a lawful and valid public purpose
and will help promote and develop the public purposes of the Act; and
WHEREAS, Pazkside Apartments, Ltd., a to be formed Texas Limited Partnership (the
"User"), by filing a written application with the Issuer (the "Application"),has requested that
Issuer finance a multifamily housing project to assist persons of low and moderate income to
acquire decent, safe, sanitary, and affordable housing to be known as Parkside Apazments,
containing 144 to 160 living units, to be located at the intersection of La Casa and Park Lane (the
"Project"), within the boundaries of the Issuer, and, further, that the Issuer adopt this Resolution
with respect to the acquisition, construction. and installation of the Project; and
WHEREAS, the User has advised the Issuer that a contributing factor which would
further induce the User to proceed with providing for the acquisition and construction of the
Project would be the Issuer's adoption of this Resolution indicating its indication of interest in the
issuance of private activity multi-family revenue bonds ("private activity"); and
WHEREAS, in view of rising construction costs and the necessity of compliance with
administrative regulations, it is considered essential that constuction of the Project be completed
at the eazliest practicable date but, at the same time, the User wishes to begin construction of the
Project after satisfactory assurances from the Issuer that the proceeds of the sale of the Bonds, or
other obligations, of the Issuer in an amount necessary to pay the costs of the Project, will be
made available to finance the Project; and
WI~REAS, the Issuer finds, intends and declares that this Resolution shall constitute its
official binding commitment, subject to the terms hereof, to issue Bonds, or other obligations,
pursuant to the Act in an amount prescribed by the User now contemplated not to exceed
$6,000,000 to expend the proceeds thereof to acquire, construct, equip and install the Project and
to pay all expenses and costs of the Issuer in connection with the issuance of the Bonds; and
i
WHEREAS, the Issuer finds, considers, and declares that the issuance and sale of the
Bonds in the amount and for the purpose hereinabove set forth will be appropriate and consistent
with the objectives of the Act, and that the adoption of this Resolution is and constitutes and is
intended as (i) an inducement to the User to proceed with providing for the acquisition and
construction of the Project. and (ii) the taking of affirmative official action by the Issuer towards
the issuance of the Bonds within the meaning of Section 1.103-8(a)(5) of the Federal Treasury
Regulations and (iii) the official declaration of the intention of the Issuer in accordance with the
provisions of Section 1.150.2 of the Federal Treasury Regulations to reimburse expenditures for
the Project at such time or times as the Bonds are issued; and
WHEREAS, the Issuer also finds it necessary to adopt this Resolution to authorize the
filing of an application with the Texas Bond Review Board in order to receive a portion of the
State of Texas' volume cap allocation for "private activity bonds."
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
KERR COUNTY HOUSING FINANCE CORPORATION, THAT:
Section I. Subject to the terms hereof, the Issuer agrees to:
(a) Issue the Bonds, and if the User and the Issuer agree, other evidences of
indebtedness providing temporary financing of the Project, which may be issued after the date
hereof and may be refunded by the Bonds pursuant to the Act, or any other Texas legislation
heretofore or hereafter enacted which may provide a suitable method of financing in addition to or
in substitution for the Act.
(b) Cooperate with the User with respect to the issuance of the Bonds, and, if
arrangements satisfactory to the User and the Issuer can be made, the Issuer will take such action
and authorize the execution of such documents and will make such further action as may be
necessary or advisable for the authorization, execution, and delivery of any contracts or
agreements decreed necessary or desireable by the User or the Issuer in connection with the
issuance of the Bonds (collectively, the "Contracts"), providing among other things for payment
of the principal of, interest on, redemption premiums, paying agents' charges, and Trustee's fees, if
any, on the Bonds; payment of fees and charges of the Issuer; acquisition, construction, and
improvement of the Project; and use, operation, and maintenance of the Project (and the
execution of any appropriate and necessary guaranty agreements), all as shall be authorized,
required, or permitted by law and as shall be mutually satisfactory to the Issuer and the User.
2
(c) If the proceeds from the sale of the Bonds are insufficient, take such actions and
execute such documents as may be necessary to permit the issuance from time to time in the
future of additional bonds on agreed terms which shall be set forth therein, whether on a pazity
with other series of bonds or otherwise, for the purpose of paying the costs of completing the
acquisition, construction, and installation of the Project, as requested by the User and within then
applicable limitations.
(d) Take or cause to betaken such other actions as may be required to implemement
the aforesaid undertakings or as it may deem appropriate in pursuance thereof.
(e) Cause its authorized officers to prepare or cause to be prepared an application
for a portion of the State of Texas' allocation for private activity bonds (the "Volume Cap
Application"). The Volume Cap Application, when executed by the proper officer(s) of the
Issuer, shall be filed with the Texas Bond Review Board and this resolution shall be sufficient
authority for such application to be filed. The application fee which is required to be filed with
the Volume Cap Application must be provided by the User.
Section 2. It is understood by the Issuer and the User has represented to the Issuer, that in
consideration of the Resolution of the Issuer and by filing the Application, and subject to the
terms and conditions hereof, the User has agreed that:
(a) Prior to or contemporaneously with the sale of the Bonds in one or more series
or issues from time to time as the Issuer and the User shall hereafter agree to in writing, the User
will enter into the contracts with the Issuer under the terms of which the User will obligate itself
to pay to the Issuer (or to a Trustee, as the case may be) sums sufficient in the aggregate to pay
the principal of, interest on, redemption premiums, paying agents' fee, and the Trustee's fees, if
any, on the Bonds, as and when the same become due and payable, with such contracts to contain
the provisions described in Section 1 hereof and such other provisions as may be required or
permitted by law and to be mutually acceptable to the Issuer and the User.
(b) The User will (1) pay all Project costs which are not or cannot be paid or
reimbursed from the proceeds of the Bonds issued to provide funds to finance the Project; and (2)
at all times, indemnify and bold hazmless the Issuer against all losses, costs, damages, expenses,
and liabilities of whatever nature (including, but not limited to, attorneys' fees, litigation and court
costs, amounts paid in settlement, and amounts paid to discharge judgements) directly or
indirectly resulting from, arising out of or related to the Application, this Resolution, the Project,
or the issuance, offering, sale, or delivery of the Bonds or other evidence of indebtedness issued
to provide funds to finance the Project, or the design, construction, installation, operation, use,
occupancy, maintenance, or ownership of the Project.
3
Section 3. It is recognized and agreed by the Issuer that the User may exercise its rights
and perform its obligations with respect to the financing of the Project either through (i) itself in
its own name; (ii) any of its wholly owned subsidiaries; (iii) any "related person" as defined in
Section 147 of the Internal Revenue Code of 1986, as amended; or (iv) any legal successor
thereto, respectively, subject to approval of the Issuer's bond counsel and, provided that suitable
guaranties necessary or convenient for the marketability of Bonds shall be furnished, if required by
the Issuer, and all references to the User shall be deemed to include the User acting directly
through itself or any such approved entities.
Section 4. The adoption of this Resolution, as requested in the Application, shall be
deemed to constitute the acceptance of the User's proposal that it be further induced to proceed
with providing the Project, the Application and this Resolution shall constitute an agreement
between the Issuer and the User effective on the date this Resolution is adopted, and this
Resolution is affirmative of official action taken by the Issuer towards the issuance of the Bonds.
Section 5. It is the intent of the Issuer in adopting this Resolution to consider only the
issuance of private activity bonds. It is not the intent of the Issuer at this time to authorize the
issuance of bonds. If bonds are to be issued, the Issuer will consider such issuance, if any, in a
separate resolution, although there is no representation by the Issuer at this time that it will
consider the adoption or adopt such a resolution.
PASSED AND APPROVED this 21st day of December ,1995.
President, Kerr County Housing Finance
Corporation
ATTEST:
Secretary, Kerr County Housing Finance Corporation
(SEAL)
4