02-09-23-9.4 - Resolution - 02/09/2023RESOLUTION NO. 02-09-23-9.4
A RESOLUTION OF THE CITY OF COLLEGE STATION, TEXAS, SUPPLEMENTING
RESOLUTION 04-28-22-8.5 AND 12-08-22-9.10, AUTHORIZING A PROMISSORY
NOTE IN THE PRINCIPAL AMOUNT OF $2,808,000 PURSUANT TO A CONTRACT
FOR LOAN GUARANTEE ASSISTANCE UNDER SECTION 108 OF THE HOUSING
COMMUNITY DEVELOPMENT ACT OF 1974, AS AMENDED
WHEREAS, on April 28, 2022 Resolution 04-28-22-8.5 was adopted by the College Station City
Council authorizing and approving the transactions which are the subject of this Resolution;
WHEREAS, on December 8, 2022, Resolution 12-08-22-9.10 was adopted by the College Station
City Council authorizing and approving the transactions which are the subject of this Resolution;
WHEREAS, the Note as approved by Resolution 12-08-22-9.10 contained a commitment
schedule with a maturity date of August 1, 2041;
WHEREAS, prior to the issuance of the Note by the City HUD agreed to update the commitment
schedule to reflect a maturity date of August 1, 2042
WHEREAS, other than the updated commitment schedule and schedule of P&I attached to the
Note, no other changes to the Note have been made since the Note was approved in Resolution 12-
08-22-9.10; and
WHEREAS, the City deems it advisable to authorize, issue and sell the Note in a principal
amount of $2,808,000 pursuant to the Section 108 Contract and for the purposes stated therein
and payable from the sources identified herein; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
PART 1: The terms of the Note, a copy of which is attached hereto as Exhibit A, and
incorporated into this Resolution are approved, and the Note is hereby authorized to be delivered
by the City.
PART 2: The findings and recitals set forth in the preamble to this Resolution, Resolution
04-28-22-8.5, and Resolution 12-08-22-9.1 are hereby incorporated in and made a part of this
Resolution.
PART 3: The meeting at which this Resolution was approved was in all things conducted in
strict compliance with the Texas Open Meetings Act, Texas Government Code 551.
ADOPTED this 9th day of February 2023.
ATTEST: APPROVED:
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City Secretary Mayor
APPROVED:
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City Attorney