Travis County Commissioners Court
January 23, 2007
Housing Finance Corporation
Let's call to or the Travis County Housing Finance Corporation. First item is to consider and take appropriate action on request to approve minutes of board of directors meeting of June 13 2006.
>> so move.
>> all in favor. The entire board vote for it and Commissioner e khart and stains. All of the board except one member, and that commission Commissioner and stains--and stains because she was not part of the board then. Recent will I we've been getting the minutes a lot sooner after the meeting than this. These are just some minutes that--
>> the June 13 was a meeting that we overlooked.
>> oh, okay.
>> we are going back.
>> thought you were holding back for the Commissioner e khart to see how business was conducted sick months-- months--six months ago.
>> no, an over.
>> number two is to reconsider approval of minutes of board of directors meetings of August 22, September 5 and section 26, 2006, and take appropriate action.
>> so move.
>> second.
>> and first reconsider, all in favor. That passes by unanimous vote except the Commissioner vote ab staining. And now the challenge is to approve the challenge for those three datelve we reconsider the vote and let the Commissioner be present but not voting because she was not present for those meetings. Gomez, second by director daughtery. All in favor, show directors Gomez, Davis, dougherty, yours truly voting in favor, ekhart ab staining. Number two to consider and take appropriate action to request to approve membership invoice of Texas association of local housing finance agencies. We belong to that August group.
>> yes, sir, we have since 1998. Rv days, manager for the corp days. And we have a paid, the membership is $175 for one member.
>> okay.
>> $150 for additional member. Since 1978 we, the board has approved one person to be a member, myself. And the request this afternoon is that we add leroy ellis and marry mays, the assistance manager for the corporation, and leroy n elesoversee mary mays and myself. The request is to add the memberships. If you approve the fee would be $475.
>> for all three.
>> for all three.
>> why do we need three members when one has served us so well ?
>> well, was they are involved in business of the corporation. Both have attended conferences. Both have attended one conference in the past. I have attended most of the conferences in the past. And it's in my opinion a very worthwhile organization organization. It gives us lots of feedback of what other housing finance corporations are doing.
>> this membership is worthwhile. One of us may ask you for a year-end status report to justify three memberships instead of one.
>> I would be happy to provide that.
>> questions ?
>> I'll move approval with that stipulation, that we also produce a report at the end of the year to justify the additional two members needed at this time. I'll move approval of that.
>> second? Discussion? All in favor. That passes by unanimous vote. Number 4 is to consider and take appropriate action on request to prepare a request for proposal for bond counsel for single family bond programs. We generally lay this out, get more specific in response to questions, maybe maybe?
>> yes.
>> okay. I have work on it so I'm kind of familiar with all the detailsyes, sir, you are are. And we have--
>> yes, sir, you are and we have benton and el elkins, our bond counsel for single family bonds for a number of years, longer than I have been here, over nine years, and of course as you know, they are bond counsel for Travis County. And what I'm asking is that we go out and see what other reputable bond counsel firms can offer in the way of service for the corporation for single family bonds only only. Our practice for multifamily bonds has been to permit the developer to choose bond counsel with our approving that decision. So we have had several bond counsel is inkel family and have always had benson and elkins of they have done a fine work for us in the past but there has been some question about the fee, and that has been an issue that has been kind of negotiated on the last couple of bond programs that we have, single palmly palm--family bond programs we have done.
>> the only thing I would add to that, in my view there is routine housing stuff, and there is stuff that is a whole lot more complicated. This by and large is just routine housing stuff that we are looking at, meaning you kind of are confronted with the same issues and legal documents every time. And the sort of complicated stuff really has been tax consequences of recycling some of the old stuff, adding to the new stuff that we have done from time to time.
>> right.
>> really we have gone and hired a firm out of washington, d.c. That kind of specializes in tax law for that work. I can't remember the name of that firm. But this is, the market seems to be closer to what these numbers demonstrate here. We may be two to three times above the market on the this routine stuff, is the thing. Now, when you hire one of those big law firm you kind of get a lawyer to to your work. And ms. Rippy has done ours, and she has done a real good job. And she is a very expert lawyer on housing stuff, maybe too expert for us on the routine stuff. But the hourly fee really is to give us an opportunity to see what's available.
>> right.
>> we did put the firm on notice that we were thinking of heading in this direction and asking the board to do it.
>> right.
>> their thing really was not that we understand, but more like so be it more than anything else. But they still do a whole lot of work for us in other areas.
>> and if you do approve this request, would you like me to sort of lay out my thinking on how the rfp process would play out ?
>> I think we ought to come out with a written draft if we are going do this and get a little input. We're going to have a little input from the purchasing director, maybe a little input from legal. You know what I'm saying? Maybe get cliff to look at it, maybe even lad, because lad does housing work for us am I would get their input on a draft document and let the court see that.
>> okay. My goal would be, of course, to share that draft document with those people and to try to come back in a couple weeks. I do think that if we do do a rfp, that some sort of committee should be apainted and would recommend that-- that--appointed, and would recommend thatcli and laid be part of that committee committeewhat you are suggesting is that we, as far as item 4 is concerned, we move forward with it but with the contingent that you have just stated, going through the process, coming back with something for the Commissioners court for a later date. But as far as action todayrb we move forward with this action contingent on those things just stated.
>> right.
>> okay.
>> proceed.
>> I'll second your motion.
>> proceed with the preparation of a draft rfp.
>> right.
>> that includes a recommended evaluation committee with feedback from the people we just mentioned mentioned. Let the court respond to that.
>> okay. I'll second your motion.
>> and we'll of course send that to elkins also and let them respond. Questions? I guess we batted this around activery for the last six months and probably for the last several years. Issues have surfaced on and off and have kind of delayed dealing with them.
>> right.
>> anymore questions? All in favor that passes by unanimous vote d?m.
>> second. Commissioner Davis. All in favor. That passes unanimously too.
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Last Modified:
Wednesday, January 24, 2007 7:48 AM