Travis County Commssioners Court
September 23, 2003
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Housing Finance Corporation
Let's call to order the Travis County housing finance corporation. 1. Take appropriate action to approve resolution authorizing the execution and delivery of first supplement to amended and restated trust indenture second amendment to loan agreement in connection with multifamily housing revenue bonds (westchester woods apartments) series 2002a-1, series 2002a-2 and taxable series 2002b, and containing other provisions relating to the subject.
>> good afternoon. Cliff blunt with thompson co, this is a project that was originally financed and the bonds originally issued in January of 2002. Last December, because of some changes in the freddie mac securityization program, we amended the series a bonds to include a series a-1 and series a-2. The series 5-2 were capitalization bonds. The requirements have been changed again making it unnecessary to have those subseries a-2 bonds, so now we are going back to the way it was when we first closed. That's the bond holders request. Requested by the bond holder and consented to by the borrower and all of the other parties involved. This is a privately held bond issue. It is not a publicly, not a publicly offered bond issue, so ...
>> so by approving this item, what are we doing?
>> we are actually getting rid of the subseries 2002 a-2 bonds or the capital appreciation bonds because they are no longer necessary. So all of the series a bonds which are the tax exempt bonds will be current interest bonds, which is what we normally think of. They pay interest currently, the principle is paid down over time. The capital appreciation bonds, there's no current payment on those. The money from the loan payments gets held by the trustee, it just -- it increases in value, but there's no actual payments to the bond holders. So we are getting rid of that series a-2.
>> this is a good thing for the corporation?
>> yes, sir.
>> that's why I move approval.
>> second.
>> any more discussion? All in favor? That passes by unanimous vote.
>> thank you. 2. Approve minutes of board of directors meetings of August 26, September 2, and September 9, 2003.
>> so moved.
>> second.
>> all in favor? That passes by unanimous vote.
>> move adjourn.
>> second.
>> all in favor? That passes by unanimous vote.
Last Modified: Wednesday, September 24, 2003 7:52 AM