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AI# 11348
Regular City Council Meeting
5.35.
02/14/2023:
Information
Agenda Item
Resolution - City Manager:
Consider a resolution authorizing the Mayor to execute a Certificate of Approval for Issuance of Tax-Exempt Multifamily Housing Revenue Bonds, and all related documents, for the Lubbock Housing Finance Corporation.
Item Summary
In accordance with Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), as amended, the City Council is required to authorize the issuance of tax-exempt bonds by the Lubbock Housing Finance Corporation (LHFC). Approval by the City Council, given in accordance with Section 147(f) of the Code is not to be construed as a financial undertaking of the City of Lubbock, and the associated bonds sold by LHFC shall not constitute a liability, indebtedness, or an obligation of the City. The City of Lubbock maintains no pledge for the payment of the bonds.
LHFC has proposed to issue one or more series of tax-exempt multifamily housing revenue bonds in an aggregate amount of not more than $20,000,000. Lubbock Housing Finance Corporation Multifamily Housing Revenue Bonds will be issued in a principal amount not to exceed $20,000,000 for the benefit of New Cantibury Point, LP, or an affiliate thereof, in connection with the acquisition, rehabilitation, and equipping of approximately 144 multifamily rental housing units located at 1415 North Knoxville Avenue, Lubbock, Texas 79415, known as Cantibury Pointe Apartments, all of such units located in the City of Lubbock.
Fiscal Impact
There will be no fiscal impact to the City of Lubbock. These bonds will stand alone and have no recourse to the City.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Resolution - LHFC
General and No Litigation Certificate (Cantibury Pointe)
TEFRA Approval Certificate (Cantibury Pointe)
Certificate of Hearing Officer
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