Travis County Commissioners Court
October 25, 2005
Housing Finance Corporation
We do need the Travis County housing finance corporation. So I call it to order. Item no. 1 to consider and take appropriate action on request to approve a budget transfer and payments to Travis County for accounting and administrative services.
>> good afternoon, I知 harvey Davis, manager for the corporation of the this is the -- this is the payment that the corporation does once a year to pay for the services that Travis County employees provide for the corporation. There are four corporations that receive the services, the amount that each corporation pays is in proportion to their ending fund balance. The total amount of the payment is $122,795 and the amount of the aloeable amount of the Travis County housing finance corporation that I have calculated 77,814.34 which I ask the board to approve.
>> in your view does the housing finance corporation receive that much value for this expense, mr. Davis?
>> I do. Yes, sir, I sure do.
>> questions,.
>> move approval? All in favor that passes by unanimous vote with director Gomez absent. By the way, Commissioner Gomez did run into a few problems during the noon hour and will not be able to join us this afternoon. Insurance 2 -- that passes by unanimous vote. Number 2, if you will recall last month I came to the board and recommended hiring a consultant and the board approved my recommendation. Since that time, you attended a mandatory education session for administering the grant that we just received, and during the course found out that -- that the state requires to -- for us to go through an r.f.p. Process to hire a consultant. So I知 coming back to the board to -- to sort of undo what I recommended in September and to ask your permission to -- to advertise and go through the r.f.p. Process, which I have included the backup that follows the instructions of the state. It includes an advertisement in the Austin chronicle, I have worked with -- with the purchasing department and they are assisting me in -- in placing that add, I致e -- I知 also asking that -- that a committee be -- that you approve a committee that would consist of myself and mary mays, chris fanuel and allan miller, all of these individuals have -- have participated, we have done this r.f.p. Process twice in the past and they have participated in this process.
>> questions?
>> move approval.
>> second.
>> any discussion of the motion? We think that committee will be fair and will do us a good job, mr. Davis?
>> I do. They have in the past, yes, sir.
>> all in favor? That passes by unanimous vote. Number 3 to consider and take appropriate action on request to authorize payment of November rent for a very low income tenant residing at the lakeview apartment.
>> and this is the same tenant that the board approved the rent payment last month. The attempt is still the mother and son who are very disabled, are still residing at the lakeview apartments. The 80% portion of their rent that -- that the board has -- for November is $500.25, I知 asking the board to approve.
>> did we say how many months we would -- we would --
>> it's six months. The board approved a $3,000 budget item and it's -- and we -- this is the second month of the $3,000.
>> okay. Six months unless the tenant finds other suitable housing before the expiration of that time?
>> that's correct, that's correct.
>> was it our intention that we would act on this monthly or -- or what if we just approve this. You sort of monitor the situation. I知 thinking -- I知 sorry in your backup there's an e-mail in which I was inquiring about the status of this tenant, through family elder care. I think this --
>> what if we authorize mr. Davis to go ahead and make the monthly payments unless the upontoring report shows that the attempt in fact has moved out and the apartment complex is not doing payment.
>> second.
>> that's the motion.
>> all right.
>> including payment of this one.
>> absolutely.
>> you should leave today's meeting feeling real powerful, mr. Davis. [laughter] any discussion of that? All in favor? That passes by unanimous vote. 4. Consider and take appropriate action on request by american housing foundation for the Travis County housing finance corporation to act as host issuer to facilitate the conversion of existing taxable bonds to tax-exempt bonds and to enter into an agreement to provide scholarship funds to Travis County residents.
>> the american housing foundation has come to the corporation with a proposal in which the corporation would act as a host issuer for a florida housing authority. What they are trying to do, they own five apartment complexes in Travis County, these apartment -- because the owner is a -- is a chodo and they have gained the property tax exemption. But these -- but they are wanting you to convert the debt on these apartments from taxable debt to tax exempt debt, but they have to obtain the permission of the Travis County housing finance corporation permission to -- to enter into an interlocal agreement and to permit a -- and approve a public hearing. So the proposal from the american housing foundation is that if you -- if you let us proceed with this transaction, we will fund a scholarship program which will consist of $300,000, at closing, and a -- and a payment of $75,000 per quarter for as long as they own the apartment complexes and for as long as the apartment complex generates sufficient cash flow to pay the operating expenses, the debt services, and then be able to fund the -- the scholarship program. The scholarship program would be -- would be set up and operated in the way that the -- the county or the housing corporation chooses to do it. The -- really the only restrictions is that the recipients have to be below 60% family median family income. And the second offer that they made to us is that they will -- they will make available 2% of the units of the five apartment complexes, available for purposes that the corporation chooses to use these for, such as -- as victims of domestic violence, perhaps elderly, very low income elderly.
>> disabled.
>> or disabled people. And that we could -- with this offer, we could enter into an agreement with an appropriate non-profit to assist us in selecting and putting the proper -- the eligible tenants into these available units. It would be -- these five apartment complexes have -- have 1,555 units so 2% of that is approximately 30 -- it is 31 units. So this would -- you know, it's a very nice offer. We do have representatives of the american housing foundations that are here to answer your question. Our attorney cliff blunt is also here to -- to discuss with the board the -- the legal part of whether this is appropriate for the board to approve this transaction or not. And we also have roseborough who has finally come from the dallas housing authority and has talked to some of the board members and told you about -- about their scholarship program and the way that they manage it and run it and her information has been extremely valuable and interesting.
>> judge, I have a few questions.
>> those perps, the dallas housing authority folks would come to the table along with the proposal of this particular initiative. American housing foundation. I would appreciate that.
>> this is -- to my right is sheryl rosenberg who is the education coordinator for the dallas housing authority. And then glenda david to my immediate left is with american housing foundation and jo anne cruise perez at the far left with american housing foundation.
>> harvey, if you would, at some time I sent -- I sent you a memo, if you could respond to those questions that was asked, I think it would be appropriate to maybe interject that into the conversation at some point. But right now I guess I just basically need to ask the dallas housing authority because that's one of the questions that I posed to mr. Davis in looking at this with a model of the scholarship program, however it works. I know, I understand they haven't really had a lot of experience. You do have some experience with this type of endeavor. I知 just wondering, the model that you have set up, how does it really work as far as ensuring that the outreach and the moneys that's necessary, that's available, for scholarships, for -- for eligible residents of Travis County, how would this work as far as what's happening up in dallas county. Could you maybe explain a little bit to us on that.
>> yes.
>> thank you.
>> all righty. The dallas housing authority's program is done through a non-profit organization, which is on the dallas housing authority known as the phoenix self sufficiency foundation. And under the phoenix self sufficiency foundation, our scholarship programs are there. We have three scholarship programs, those being the crystal award scholarship program, which is for current high school graduates and current ged recipients under the age of 19. We have the phoenix self sufficiency scholarship, which is for returning college students. Then we have the phoenix rising for those mature students that wanted to return to school, may not have gone immediately following graduation or the receiving of their -- of their g.e.d. What we do is we have an outreach where we outreach all of the students by letter. That's a part of dha's data base. Those individuals residing in public or section 8 housing, those are the eligible individuals. After taking them through the orientation, they completing the required information, those students then are eligible and become a candidate for the scholarships. Each -- each phase of the scholarships students were asked to -- to provide recommendations letters, students are required to write essays and attend classes. To ensure that all of the students are dha residents, client number, their parents, client numbers, if they are adults, they have client numbers, are already assigned to those individuals again, we get that information strictly from the data base of dha. Then those funds are disseminated to the colleges, universities and, technical or vocational schools of the student's choice in the name of the institution, with the student's i.d. Number. Part of the packets students have to submit proof of registration, so that information is a part of the dissemination process, we have a person that is a part of our finance department, that that is their focus. It is the phoenix self sufficiency foundation, where we submit check requests and after submitting the check requests, the checks are directed to -- to those institutions. When the money is sent there, we are in contact with the institution where the moneys are sent back to dha, put back into the phoenix self sufficiency foundation.
>> thank you. Can you tell me in that is -- if that is a non-profit endeavor, can you tell me is the focus only on dha persons or residents or has the data base been -- in other words the minimum income requirement, you are saying 60% median family income or less. So I guess -- I guess my question is are there any outside interventions to look at other persons that -- that this non-profit will reach out to other than persons that -- that's subjected with the confined -- in the jurisdiction of the -- of the housing authority.
>> those other individuals that we may offer scholarships to live in and around certain of our properties that may have been -- if a school is written in a grant for instance, one of our schools that's right behind the main office of dha, we have a high school there, with some of those individuals may not be dha clients. But because they are in a certain mile radius, they benefit from those scholarships and programs.
>> thank you. I guess -- as far as moneys are concerned, I want to make sure that I get this understanding, I guess that I will ask this question to the persons representing american housing foundation. Since -- if the court decides to go fort with this as far as looking at the financing of the bringing to the exempt status, to the taxable status, going -- when you go into an exempt status, which we realize money, to your end, that savings, is there any other type of -- of I guess connections to whatever happens up in dallas county or any other relationship that you have that would affect the residents in Travis County, especially within the scholarship program. In other words, the contingencies that have to be -- have to be adhered to based on whatever is happening somewhere else instead of those things being defined just in Travis County as far as the scholarship money being awarded. To the -- to the eligible residents to go to school.
>> yes, my name is glenda david, I知 with american housing foundation. I知 on the -- on the development and transaction side of this particular transaction. To answer your question, this bond financing was done as part of a larger pool. There were six issuers in four states. We were able to obtain tax exempt financing on that large pool, through all of the other issuers except Travis County in 2003. Subsequently, we have been able to obtain the tax exemption on the properties because our organization is a chodo. Because we could realize extra savings by refinancing this transaction to tax exempt transaction, we can afford to provide the funds to the scholarship program. With regard to your question about does one particular jurisdiction affect another jurisdiction, basically with regard to the agreement that we -- that -- well, american housing and the -- and the llc, entity, will sign with the county, is that the funds specifically that are saved based on the tax exempt financing, would be given to you under that agreement. That agreement does not involve any other of the issuers or any other of the jurisdictions. With regard to the cash flow, that is part of a large transaction where all of the moneys go into a master trust. Indenture. Then the moneys come down through that indenture to pay issuer fees and other fees out of the trust fund. I hope that -- I hope that I知 addressing your question, sir.
>> you did. I guess within that big pool of money, I guess-- I want to get back with dallas county since they are the closest, I think, in -- to us as far as what we are dealing with here and I guess the question is how many persons do we have a tally of the number of persons in dallas county that are receiving assistance, financial assistance using this particular terminology that we have here before us today?
>> as it relates to scholarships?
>> as it relates to scholarships?
>> as it relates to scholarships, we started out with 12 students and now we are -- we are -- we are well over 300 students who are the recipients of scholarships. Now, during the time american housing in 2003 came on board with us, up to that time, we only had about 60 students. Who we were able to give scholarships. Since that time, we've been able to award scholarships to 240 plus students. Not only given -- not only given first time scholarships, but students that go to school and would like to return to school, we are able now to assist them. So -- so we have really I mean with -- with american housing, we have really been able to enhance our program. By leaps and bounds. Because we were able to start another scholarship and that was the one for the more mature adults. And an internship program. Under that same scholarship program.
>> do you know about the average amount of money issued out per scholarship, or is there an average that's been --
>> $1,000.
>> 1,000. Basically an average of --
>> yes.
>> per student.
>> yes.
>> okay.
>> 1,000 per year.
>> per year, right.
>> for -- for first-time scholars. First time. Scholarship students. Now for returning, $2,000 or 2500 has been the base.
>> per year?
>> per semester. Because returning college students, they have some history and they are able to provide us with more information. The overall scholarship program, the crystal scholarship again is for first-time college students. Recent graduates from high school. We take them through that program. But as a returning college student, you can apply for both semesters. If you go during the summer, you can apply for that as well. Because when a student needs help, they need help. If they need to go to summer school, they turn in their appropriate documentation, then they are awarded a scholarship to attend summer school. Then for them to go back through the fall, they have to go through the same process. Not duplicating the information. But actually turning in current information for each semester.
>> okay. Lastly, as you know, these properties are in chodo status, I guess folks that really maybe need to understand the significance of it, I guess all of these I guess properties are one -- 100% property tax free. On the property itself and I知 just assuming is that correct, harvey? On the properties that they are looking at.
>> I researched that on the -- on the appraisal district's website and confirmed that all of the properties are shown as -- as exempt from property taxes.
>> all right. In other words, will the county -- no other taxing jurisdiction would be able to -- to collect taxes on these particular properties. So -- so in exchange I guess those are some things that they -- that they provide on these particular properties.
>> right. This transaction would not affect --
>> no.
>> wouldn't affect it.
>> wouldn't affect the status as it exists right now. Which poses another question. And -- and I知 going to shut up, y'all. But -- but I知 concerned, my concern is that the binding information that would assure that -- that the residents that qualify within Travis County can be guaranteed this type of scholarship money regardless -- in other words, because there are -- you are going to have some savings, by doing what we are doing this morning, if the court decides to do that, I want to make sure, I need to pose the question, if the court decides to go in this direction, will Travis County -- for Travis County residents to benefit from this particular process to ensure that the -- that the -- the residents of Travis County, the eligible residents of Travis County are able to take advantage of this situation, how long did it take dallas county to get it and comparatively to the other jurisdictions that have already been [indiscernible] this particular scenario, can anybody answer that? As far as time line.
>> okay, we received -- we received the money from american housing December 2003.
>> okay.
>> we were able to begin using the money for fall semester for the fall semester, 2004. We started awarding the money in may.
>> okay. May of --
>> may of 2004.
>> okay. 2003 is --
>> December 2003.
>> all right.
>> was when we received it.
>> okay.
>> our scholarship program, the kickoff was June. But we had to identify students and have them ready to receive the awards in June, so may we had all of that in place and we identified the students and awarded the students the scholarships publicly as we do every year. We have a ceremony where we publicly award the scholarships to the recipients. And the recipients have to be present.
>> but -- I guess -- $300,000 is the amount of money we are talking about here. Today, as far as scholarship money. Of course, I -- I understand this, $60,000 per property here that we are talking about as far as Travis County, and I guess my question is that if this -- how -- what point of the $300,000 issuance of that scholarship money, how is that worked out? In other words you may have more persons that need the money, more so than you have money available. How is that prioritized? I know that we are talking about less than -- 60% of the median family income. All of these kind of things that we're talking about. But there has to be some other criterion if you have a lot of folks coming in that are less than 60% of median family income. Somewhere along the lines -- here you have the money on the table, the money is going to run out, what happens?
>> I think establishing a scholarship program is a -- is a -- is a big job and owe-- there are a lot of decisions to be made. My recommendation to the board was that the board appoint some committee to work on suggestions for the criteria, what is the logical way for a scholarship program to be set up. And -- and then try to --
>> plus you have a committee that helps you make that decision. You try to be fair, objective.
>> right, right. S.
>> what I was going to ask [multiple voices] -- we have a committee that will determine how many awards we will be able to give out. The way that we determine the amounts of the awards, especially for a -- for returning students, we take into consideration the -- the documentation from the Texas coordinating board of higher education, also tadc, which is the Texas association for developing colleges, which lets us know how much it costs to attend a private institution, public institution, and those vocational and technical schools. So the awards that's given, so that we can give out as many awards as we would like. We look at those and base the awards on what is the institution the student is attending. Does that answer --
>> yeah.
>> you have a question, Commissioner Sonleitner.
>> very quickly. I mean if -- there's always going to be that challenge in terms of the need exceeds the available dollars, if we don't do this, the available dollars will be zero. So I see this as being a positive thing. When dinosaurs roamed the earth and I attended the university of Texas, we were fortunate that when that was happening tuition was $4 a semester hour. It made it a lot easier for middle class families to be able to have one, two or in our family three kids attending college at the same time. Now, because of the deregulation of tuition, just the tuition is in excess of 20 and $25 a semester hour for public universities. So our challenge is not going to be will we find enough people who will want to take advantage of this money. I think it is going to be a thoughtful process, which I hope that we will enter of how we set up our scholarship program. I would also suggest harvey that we get some information from Travis County 4 h, they have had a long, established scholarship program as well. I think that we ought to get good ideas from everybody and put together one that will work for us. I see our aisd mentor of the year, last year, and I bet mr. Nellis, if he were asked to the microphone, which I won't.
>> thank you.
>> would tell us that there are plenty of kiddos in all seven school districts, not just aisd, who are in that income bracket that if these young people are on their way to college, they could take advantage of this. So if the answer is zero or 300,000, sign me up.
>> Commissioner Daugherty?
>> harvey, in the -- in the backup, converting the bonds to tax exempt, once that conversion is made, that is in place and that is -- that is till the debt is paid, right? I mean that is from that point forward?
>> it's a -- as long as -- as long as american housing foundation complies with their tax exempt rules.
>> well, now, I think that we need to be -- to be aware of -- part of the write up in the third paragraph where it gets down to -- to after the 300,000 at closing, then the quarterly payments of 75,000 as long as the mayor -- as long as american housing foundation owns the five apartments. So that's -- that's one caveat that you need to take into consideration. And then the following, the last sentence, the payments are subject to the apartments having sufficient cash flow. So we need to go into this with our eyes open because we have had situations before where -- where rents, you know, vacancy gets upside-down, and all of a sudden there are -- because the scholarship is probably way down the list, I mean, whenever it comes to complying with the bond covenants and whatever. So we just, I mean, going into this, I mean, I think we go into it with our eyes open. I think it is a good plan, I mean, we don't have anything to do with the fact that you all are already off the tax rolls, whether we do this thing or not. You already have that. So we are not losing anything there. But I do want us to be aware of this, because I don't want us to get two and a half years from now, somebody come up and say oh, such and such apartment house is having a hard time because their vacancy rate is -- is you know off the scale and hey by the way, they are not making the $75,000 a quarter for the scholarship fund. So there are some things that can happen here that as long as we're, you know, cognizant of that, I mean, but -- but I知 -- I知 --
>> can't count on the money until it comes. I will say that they -- I have reviewed their audited financial statements. At this time they appear -- these apartments are performing well. I have talked to the capital area housing finance corporation. That is part of this transaction and with the dallas housing authority people. Both entities have received for the past two years all of the required payments in a timely manner. So far it's -- it's been performing --
>> judge, just to follow-up on that. In the event that they are sold, do we have any mechanism that -- that forces whoever the later buyer is to comply with -- with the covenants of the scholarship money or whatever?
>> no.
>> is there any way that we can -- is there a way that we can put that in there? I mean, is there any way that we can hold somebody's feet to the fire I mean if you are going to buy this, if you use this far what the houseness finance, you know, corporation is for, what we would like to make sure that we continue to have this sort of an arrangement.
>> well, that's obviously something that we have to negotiate with american housing foundation. I think the benefits of the american housing foundation are getting from this transaction are that ad valorem tax exempt and the tax exempt bond financing. The ad valorem tax exemption would only continue, if they were to sell the properties, it would only continue if they sold it to another chodo, the tax exempt bond advantage, I have not seen the bond documents, I don't know exactly what the covenants are. But I assume there are some covenants that prevent the bonds from remaining outstanding if the properties are not sold to the right type of borrower, another 501 c 3 organization. So there are some safeguards there that if the property is transferred, not to the right type of purchaser, their benefits go away and most likely benefit is that the properties go back to the tax rolls for Travis County. And all of the other taxing jurisdictions. But I think that's -- I知 certainly willing to talk with american housing and their attorneys about ways to work in some safeguards about what happens on the transfer of the project.
>> yeah, let's just make sure of that. Because that is one of those things. That was kind of a side agreement that you had a scholarship deal behind this deal when you still want to be tax exempt.
>> good point.
>> so what conditions on restrictions come with the 2% of the units? Being made available?
>> they would have to be to eligible residents.
>> that's the only thing.
>> yes, sir.
>> those don't turn on the cash flow of these units or -- or the pool of units?
>> no no, sir. They -- we assume at least a 2% vacancy rate on all of our properties. Whereas we can offer those available units to residents that qualify in determining those residents harvey has suggested that we expand or mr. Davis suggested that we expand those units -- the eligible residents to elderly disabled. There basically is a guarantee that 2% be made available to residents. Real important. Just a couple of clarifications here. Travis County would have the liberty to taylor a scholarship program subject to the approval of the american housing, assuming we proceed. Yes, sir, that's correct. I will mention one more thing, we did -- we did, mr. Davis did mention the 60%, eligible -- eligibility requirement for amfi. I would also like to -- reiterate our clarify that there is a first generation requirement -- I mean, you can be either 60% or first generation student in your family. So -- so just so you are advised up front.
>> no problem.
>> also, I would like to clarify that that is a -- an irs private letter ruling that we receive. So those -- those typical restrictions in our link directly to that irs private letter ruling.
>> okay.
>> does all of the section 8 housing fall under the dallas housing authority? In dallas?
>> no, it doesn't.
>> okay. There's -- there's housing authority residents plus section 8 housing residents. Basically.
>> I think we have the same thing here.
>> yes, sir, we do.
>> any idea of -- let's say that -- that money is short and the american housing group believes that a certain quarterly payment will not be available. How many -- how much advance notice will -- will we receive?
>> well, that's -- that's a good question. What I need to find out is -- under the terms of the bond documents, the -- the mortgage is secured with the cash flow from the properties. So the moneys that are -- that are put into the master trusting first to debt obviously just like anyone else's mortgage. And then they -- they flow down. The trustee would obviously give us an accounting of the funding that would not take place to certain -- to certain accounts.
>> you are not sure today but you will try to find out.
>> I will try to find out how exactly that would flow to information related to you -- your group.
>> because I think we need to know -- if we are sort of anticipating delivery of a certain amount, my guess is we could be out there committing it. But if we know in advance that money may not be available, then we at least will know to slow down.
>> right. Let me just mention one more thing. That our -- our side agreement, our agreement for scholarships and education, between Travis County housing finance corporation does allow for reporting. And that reporting would happen on a quarterly basis. You would be receiving financials that would give you an indication of how the properties are performing at that time. This in turn would help you to understand the cash flow and how the various funding will occur during that quarter.
>> okay.
>> and then, of course, you can -- you can ask for reporting at any time.
>> judge, we could also use the same strategy that you suggested related to the cdbg status that we are fixing to get, rather than say let's anticipate what we might be able to get and want to spend every penny of it. We would wait until the full year had finished and then we would know what we had received. We will get $300,000 at closing in December. So if the only commitment we made was what we had in the bank account, then you could allow the next four quarters to build up into the account and you would know exactly what was coming in and so you would be spending dollars that are already here as opposed to -- to predetermining what might come in, although you have got a good track record so far, it's only been two years. So you -- you go with what's already there as opposed to what you hope and pray will be there in the future.
>> mr. Blunt, as the legal counsel for the corporation, and fully cognizant of the fact that -- of our million viewers, very few have law degrees. In laymen's language of what we are being asked to do today, what is our commitment.
>> you are being asked to agree to act as what they are determining as host issuer. Apparently the state of florida has certain rules and regulations that their governmental bodies can issue bonds for facilities that aren't located in the state of florida. If it's -- if it's consented to by an issuer in the particular jurisdiction. So that's -- that's all that we are being asked to do. In the revised interlocal agreement with the capital trust agency, which is the florida issuer that will be issuing these bonds, I would make it clear that they will put provisions in the indenture, in all of the offering or marketing materials for the bonds that Travis County housing finance corporation and Travis County, Texas have not reviewed the -- the terms of the bonds for -- for financial -- haven't had a financial advisor review them, not making any reputations about the investment quality and -- representations about the investment quality and are not liable for the bond at all. I don't believe that you would have any liability as acting as host issuer anyway. But want to make it clear to bond holders on the front end that we have not gone to that level of scrutiny as we would if we were issuing the bonds. From that standpoint, I don't think there's any problem. We really are just more or less consenting to the financing of these properties that are located in Travis County.
>> as you say, because these units are located in Travis County, an entity located outside of Travis County indeed outside of the state of Texas wants to issue the bonds, Travis County has authorized that issuance.
>> yes, sir, under the internal -- for them to be tax exempt under the internal revenue code.
>> that's what's in force today?
>> yes, sir. Let me just -- one other thing, they have asked and -- is for the -- for the corporation to go ahead and give approval to -- to or consent to you as the county judge, executing that -- called the tefra approval, intern nam revenue code approval, which is necessary, would be done after the capital trust agency holds the public hearing. I don't know if the date of that has been set.
>> no, a date has not been set. We wanted to make sure that we have this approval first before we proceed. We have to also enter into the interlocal agreement in order for cta to have the authority to hold a hearing here. So we wanted to make sure that the approval was with the court.
>> what they will do is provide a report and a transcript. Our experience is that not many people show up to those, but they will provide a report and a transcript for you as county judge as to who showed up, made any comment and then it would be up to your discretion to sign the approval at this point.
>> okay. Have they been advised, we have time for this county judge to follow his long standing democratic approach of bringing those items to the Commissioners court for approval?
>> uh-huh.
>> are you --
>> that will take seven to eight days at most.
>> I did convey to them that was our long standing custom. They asked if we could go ahead and if the approval could be given today, because of our custom, that's why I pointed that out. I think -- it's your all's decision, if you want to uphold your long standing custom, once that hearing is held they can provide a transcript to you bring it back before the court to approve it. It's your all's call.
>> move approval at the discretion of the county judge.
>> second, second judge.
>> with that --
>> my practice is to put it on the court's agenda, by the way, which takes seven to eight days. If there are compelling reasons why that practice should not be followed, then as long as the documents are consistent with our discussion and understanding today, there won't be any problem doing it.
>> okay.
>> plus if there are any other problems down the road, all five of us would be on the hook, not just the judge.
>> absolutely.
>> I won't blame it on harvey Davis.
>> assume knowledge that is approved, I will redraft and put it in paragraph 3, regarding the consenting to the executing of the approval.
>> also.
>> > is that what you are saying? Did I misunderstand?
>> all right.
>> are -- you are okay with this.
>> county judge will sign ats discretion. I知 saying if I had time I would rather put it on the court's agenda. That way we brought it up to speed. The court knows what we are doing, everything is transparent. There's a lot of reasons to do that. If the circumstances are such that we don't have the seven or eight days to agendize it and let the Tuesday arrive, then I have no problem signing the document.
>> thank you, sir.
>> judge?
>> yes.
>> I just want to get some clarity one thing that you stated earlier. When we spoke earlier about the 60% below -- at or below the median family income, we spoke of that. We talk about the first generation, does it mean the first generation of a person being having never attended college and things of that nairlt, in other words this is the first person in this family.
>> in the immediate family.
>> immediate family.
>> yes, immediate family.
>> okay. To attend. I wanted to get clarity because folks looking at this really need the interpretation of what we are saying.
>> I understand.
>> not only that, does that first generation person still have to also be -- be 60% or below median family income?
>> no, sir. Those are interchangeable. They have -- the restriction does not fall on both.
>> either/or.
>> either on.
>> it's either/or.
>> I want to make sure that's really clear so the folks out there can understand what's going on here. Secondly, I知 going to shut up after this. But secondly is the -- at closing, the -- the -- the money that's put on the table for the program to -- to field the program and fund the program, the scholarship program, right after closing, would that be done or that will be so many days after closing or what?
>> no, sir. The proceeds of the bonds will be scprnded at closing. -- expended at closing. Therefore that money, the initial payment will come to the county at closing.
>> at closing. Okay. I wanted to make sure that was very clear.
>> to the corporation, excuse me.
>> yeah, yeah, yeah. So that will give us a little time to work on this other stuff as far as having the program together to deal with this.
>> I received a description of the dallas scholarship program in writing. But there is a written document that -- there is a written document that the american housing folk approved? A written description of the scholarship program?
>> scholarship program.
>> that the -- that the american housing approved?
>> we have a scholarship program in place. Prior to our partnership with the american housing.
>> what I知 hoping is instead of starting from scratch, we could take yours and kind of taylor it to meet our needs, send that to american housing a whole lot faster.
>> yes.
>> and then -- so what you all would like to do is have this scholarship program approved prior to closing.
>> no, sir.
>> doesn't matter.
>> we are leaving that to the discretion of the Travis County housing --
>> okay.
>> we don't dillydally around like a lot of jurisdictions, we like to go ahead and get done.
>> it's not dillydallying.
>>
>> [one moment please for change in captioners]
>>
>> ...we do need an agreement as to the funding of it in place. And I think american housing would want that too. I think the actual terms of how the scholarships are going to be awarded can wait until you're happy with the program, but we do need to have an agreement with them about how this is going to work from a funding perspective.
>> any more discussion of the multipart motion? All in favor? That passes by unanimous vote. Thank you very much for visiting with us today and yesterday. Look forward to a very productive partnership. Ms. Rose bora, I think we called you four or five ningz this court today, but thank you. Ms. Davis and ms. Perez, y'all take care.
>> move adjourn.
>> second.
>> all in favor? That passes unanimously.
The Closed Caption log for this Commissioners Court agenda item is provided by Travis County Internet Services. Since this file is derived from the Closed Captions created during live cablecasts, there are occasional spelling and grammatical errors. This Closed Caption log is not an official record the Commissioners Court Meeting and cannot be relied on for official purposes. For official records please contact the County Clerk at (512) 854-4722.
Last Modified:
Wednesday, October 26, 2005 9:17 AM