Key Housing Project Bonds Restructured
- Approved a financial restructuring plan for the Woodmead Apartment Project, a multi-family housing development.
- This "workout" addresses financial challenges related to housing revenue bonds originally issued in 1985.
- The resolution for the bond workout passed unanimously among the board members present for the vote.
Full Transcript
MINUTES OF THE AUSTIN HOUSING FINANCE CORPORATION BOARD OF DIRECTOR'S MEETING March 23, 1995 The meeting was called to order at 3:32 p.m. Present: Max Nofziger, Gus Garcia, Ronney Reynolds, Brigid Shea, Jackie Goodman, Eric Mitchell Absent: Bruce Todd Agenda Item No. 56 (1) Approve Minutes of February 23, 1995, meeting. Motion The Board, on Board Member Brigid Shea's motion and Board Member Ronney Reynolds' second approved the Resolution on 5-0-0 vote with Board Member Eric Mitchell out of the room and Board Member Bruce Todd absent. a Agenda Item No. 57 (2) Request deliberation and possible action on developer's proposal for workout on Austin Housing Finance Corporation Floating Rate Monthly Demand Multi-family Housing Revenue Bonds (Woodmead Apartment Project) Series 1985 as described in attached First Supplemental Trust Indenture. Motion The Board, on Board Member Gus Garcia's motion and Board Member Brigid Shea's second approved the resolution on 5-0-0 vote with Board Member Eric Mitchell out of the room and Board Member Bruce Todd absent. The meeting was adjourned at 3:45 p.m. a