Travis County Commssioners Court
March 30, 2004
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Housing Finance Corporation
Let's call toward on the Travis County housing finance corporation. 1. Approve minutes of board of directors meetings of December 23, 2003 and January 13, 2004.
>> second.
>> so move.
>> motion to approve by director Davis, seconded by director Gomez. All in favor? That passes by unanimous vote. With directors Sonleitner and Daugherty absent for the entire meeting. 2. Consider and take appropriate action on request to execute a subordination of lien on a home project loan.
>> good morning, I’m harvey Davis, manager for the corporation and I’m here with cliff blunt. Our attorney. This home buyer took out a loan in June of 1997 for $1,669. The home buyer is asking the corporation to subordinate the debt. She -- she is refinancing her loan in order to -- ford to get a lower interest rate. The interest rate on the loan was -- or is 7.08% and she's refinancing to get an interest rate of 5.875%. That she has not taken out additional money on the mortgage loan and so it's merely to -- to take advantage of the lower interest rates. This is -- this is -- the source of this money was a grant that the corporation got from Texas department of housing and community affairs. And they have told me that in -- in situations like these, it is okay for the board to subordinate the debt.
>> that's why I move approval.
>> second.
>> any more discussion? All in favor? That passes by unanimous vote. 3. A. Conduct a public hearing and give interested -- that will be one this afternoon.
>> the public hearing, I don't have the agenda, but the public hearing will nebraska need to be at 1:30, that's when it was published in the paper should that's when it was advertised for. The county judge can conduct that public hearing.
>> yes, sir. Then the county will approve the public hearing -- presumably will approve it next week.
>> approve the action item?
>> the 3 b we could need to go ahead and take action on -- while there's a quorum on the board here.
>> we can take 3 b now?
>> yes. You can approve the resolution without having the public hearing. They don't have to be related. They can -- taken at the same time.
>> okay. B. Take appropriate action to approve a resolution authorizing a third 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.
>> just very briefly, this is an item that was discussed several weeks ago, when mark o'brien and lad patillo was here,t would otherwise expire on April 8th, those moneys that are now being reserve understand that note program would be lost and we would not have the ability to make a single family mortgage loans in the future. To believe I guess there's only two changes from the documentation that was sent over last week. Both having to do with expenses that have gone up. Bond counsel vincent and elkins have occurred additional time and expense in order to get this done. I believe their initial estimate was 7500. I talked to them yesterday they would like approval for $10,000 on their fee. Then there's a public hearing notice that was publish understand the states man that was not accounted for in -- in our firm -- and our firm has received that bill, it's about $370, I believe, $360.
>> that needs to be posted on next week's agenda, doesn't it?
>> pardon?
>> that needs to be posted on next week's agenda.
>> those two items are in the resolution, they're just minor changes in the rest resolution being asked to be adopted. The expenses are exhibit a to the resolution.
>> I don't have that, should i. Do the other members have it?
>> it was the in the backup sent over last week from my office.
>> they were supposed to be, yes.
>> attorneys' fees and court costs.
>> publication costs, yes, sir. Exhibit a to the resolution actually only has the -- has the vinson-elkins amount on that as $7,500, that's what needs to be increased to $10,000 based on a conversation that I had with them yesterday.
>> so if it's in the resolution, we approve that, that picks it up?
>> yes, sir.
>> okay. Questions? I move approval.
>> second.
>> of the entirety of 3 b. Any more discussion? All in favor? That passes by unanimous vote. Move adjournment of the housing finance corporation.
>> second.
>> all in favor? That passes by unanimous vote. Vote, also.
Last Modified: Wednesday, March 31, 2004 10:27 AM