flUSTIN HOUSING FINflNCE CORPORflTION Board of Directors: Kirk Watson, President Jackie Goodman, Vice President Raul Alvarez, Director Danny Thomas, Director Beverly Griffith, Director Will Wynn, Director Daryl Slusher, Director Jesus Garza, General Manager Betty Dunkerley, Secretary Sedora Jefferson, General Counsel BOARD OF DIRECTORS' MEETING AUSTIN HOUSING FINANCE CORPORATION SPECIAL CALLED MEETING MINUTES THURSDAY, DECEMBER 6, 2001 The Board of Directors of the Austin Housing Finance Corporation (AHFC) was convened at 3:55 p.m. on Thursday, December 6, 2001 in the Hancock Building Board Room at the Lower Colorado River Authority, 3700 Lake Austin Blvd. The following agenda were the AHFC items considered by the Austin Housing Finance Corporation's Board of Directors. Vice President Goodman called the meeting to order at 3:55 p.m. AHFC-1. Approval of minutes for Austin Housing Finance Corporation Special Called Meeting of November 29,2001. The minutes for the Austin Housing Finance Corporation Special Called Meeting of November 29, 2001 was approved on Board Member Slusher's motion, Vice President Goodman's second by a 5-0 vote. President Garcia and Board Member Wynn were off the dais. AHFC-2. Conduct a public hearing for the purpose of receiving public input on the issuance of up to $11.5 million of private activity volume cap non-recourse bonds to finance the construction of the Riverside Meadows family living apartment complex to be owned and operated by a single purpose Texas Limited partnership affiliated with Realtex Development Corporation, The public hearing was closed on Board Member Griffith's motion, Vice President Goodman's second by a 5-0 vote. President Garcia and Board Member Wynn were off the dais. AHFC-3. Approve the issuance of Austin Housing Finance Corporation Private Activity Volume Cap Multi-family Housing Revenue Bonds Series 2001 (Riverside Meadows Project), in an amount not to exceed an aggregate principal amount of $11,5 million; Austin Housing Finance Corporation Multi-Family Housing Taxable Revenue Bonds in an amount not to exceed an aggregate principal amount of $200,000 and the bond indenture and financing documents for the construction of the Riverside Meadows Apartments, to be owned and operated by a single purpose Texas Limited partnership affiliated with Realtex Development Corporation. Resolution No. 2001-1206-03 was approved on Board Member Griffith's motion, Vice President Goodman's second by a 5-0 vote. President Garcia and Board Member Wynn were off the dais. CORPORATE OFFICES. 505 Barton Springs Rd. Suite 600. Austin. TX 78704 (512) 974-3103 OFFICE OF CORPORATE COUNSEL, 114 West 7th Street, Austin, TX. 78701(512) 974-2268 The motion to adjourn the meeting at 3:59 p.m. was approved on Board Member Griffith's motion, Board Member Shistier's second by a 5-0 vote. President Garcia and Board Member Wynn were off the dais. CORPORATE OFFICES. 505 Barton Springs Rd. Suite 600. Austin. TX 78704 (512) 974-3103 OFFICE OF CORPORATE COUNSEL, 114 West 7th Street, Austin, TX. 78701(512) 974-2268