Travis County Commssioners Court
October 22, 2002
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Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation. 1. Consider contract payment to greater Austin first tee, and take appropriate action.
>> hi, good afternoon, him harvey Davis the manager of the corporation, I'm here with lad patillo our financial advisor and angela cocee from vinson and elkins. If you will recall on September 24th, the corporation approved a contract with first t. The contract provide -- first tee. The contract provides for $150,000 to assist them in the construction of their facilities near the corner of 183 and 51st street. First tee toys -- in exchange -- first tee is to -- if exchange for these contract funds they are to provide services for Travis County youth life skills services, they are to provide the corporation a quarterly report for the first year and an annual report thereafter of the work that they are doing for Travis County youths. In the contract, first tee to receive the contract funds, they are to provide the corporation with a -- with a certificate and invoices for requesting reimbursement. First tee has -- has made that request. And have provided invoices that exceed $150,000. And I have reviewed those documents, they appear to be a legitimate -- legitimate expenses for the construction of the facilities and so I would recommend the board approve this request. Move approval, second.
>> motion and second to approve. Any additional questions or comments?
>> yea.
>> one question. Did they -- did they give us a time frame as far as when they think they will be through with that particular project?
>> they said that they would be finished the first part of either the last of October or the first part of November. So they are just about complete.
>> about complete, isn't it?
>> right. But they will not open until next may because grass has to grow.
>> right, exactly. So a lot of folks looking forward to getting out there and -- getting on that golf course.
>> I went out there in September, they were working away.
>> they were well underway with it. Good chance for folks to get out there and hit some golf.
>> just for the record your name is?
>> my name is --
>> I'm sorry.
>> angela cross examinee with vinson and elkins.
>> any reason we ought to turn this down.
>> absolutely not. [ laughter ]
>> in that case? All in favor? That carries unanimously.
>> thank you all.
>> thank you.
>> thank you all very much. 2. Approve (1) a budget -- by the way I guess we want to deliver that payment as soon as possible. Normally that's within a few days.
>> yes, sir. That's right. 2. Approve (1) a budget transfer, and (2) payments to Travis County for accounting and administrative services, and take appropriate action.
>> as you know the Travis County provides the accounting and administrative services for the corporation. There is a contract between the corporation -- between the corporation and Travis County and the payment -- the contract payment for all of the corporations is $53,815 for this year. The -- and the housing corporations amount is $43,631.77. This is based on an allocation between the corporations based on their ending fund balance. So I'm requesting approval of -- to make this payment.
>> any questions?
>> move approval.
>> second.
>> all in favor? That passes by unanimous vote. 3. Approve resolution authorizing a second supplemental trust indenture for single family mortgage revenue notes, series 2001-1; authorizing the execution of documents and instruments relating thereto; and containing other provisions relating to the subject, and take appropriate action.
>> these issues normally cliff blunt would be here to make this presentation. He's in dallas on a closing.
>> okay.
>> this -- what we are asking the board to approve is to -- to transfer the excess funds from the -- or the unused funds from the 2001 single family program into the recycling or the note program. This is approximately $6 million. $6 million. The $2,001 single family bond program was almost 14 million dollar. About $8.2 million was used and the difference is what -- what we are transferring, vince son and elkins has I believe drawn up these documents and the resolution is -- is approving an invoice of theirs for their services in this transaction. I think the invoice is $3,000. [inaudible] in my backup.
>> we have done this several times before.
>> this is the second supplemental trust indenture, this allows us to take the unexpended proceeds from the 2001 issue and recycle them into the note program so you can use those in the future. That's already building up, I think we are close to 20 million or so, right now. That you can actually do a single family issue without an allocation from the state. And which I -- I must say as your financial advisor, we may want to consider doing in the near future because of the, looks like from the way the market is behaving the last two weeks, the rates may have bottomed out. And we could provide -- part of the reason that they didn't move very well or fully originate was because rates have come down since we issued and we were just kind of -- we were not competitive with the market. It's much better to issue bonds or get these mortgages out when we are at the lowest point and then they will be very popular.
>> ours was 6.89?
>> yes. That's right.
>> what's the market now?
>> below 6.
>> is it still below 6?
>> somewhere around 5.98 about a week ago.
>> wow.
>> questions, comments? Move approval.
>> second. Any more discussion? All in favor? That passes by unanimous vote.
>> move we adjourn.
>> second.
>> all in favor? That passes by unanimous vote, also.
Last Modified: Wednesday, April 2, 2003 10:25 AM