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Home My WebLink AboutResolution 4546-12-2015 A Resolution NO. 4546-12-2015 RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE EDUCATION REVENUE REFUNDING BONDS (TEXAS CHRISTIAN UNIVERSITY) TO BE ISSUED BY RED RIVER EDUCATION FINANCE CORPORATION WMEREAS, the Red River Education 1^'Jnance Cloqlorafion (the "Issuer'") is empowered pursuant to Chapter 53A, Texas Education Code, to enter into contractual obligations in order to assist educational in.stitUtiOnS in financing or refinancing the acquisifion, purchase, or lease, or the construction, renovation. or other improvement of, education facilities or housing f1m.,ifities and filCilities iincidental, subordinate or related thereto or appropfiate in connection flierewith, and the 1::mjrchase of land in. connection with such purposes; and WHEREAS, Texas Christian Uj,,iiversity (ffie "BoiTower"') is seeking to refinance borlds issued to finance iinprovemegits to the campus of the Borrower, wiiich is located at 2800 S. University Blvd., Fort Worth, J'exas; and WHEREAS, the Borrower has requested that the Issuer issue bonds to refinance the outstanding Red River Education Finmice Corpt,milion fligjier Education Revenue Bonds (Texas Christian University Project), Series 2007 (the "Refunded Bonds"), in. one or more series, in an. aggregate principal amount not to exceed$38,000,000 (the "Refunding Bonds"); and WHEREAS, pursuant to the pi''OvIstons of sectiori 147(1) of the Intemal. Revenue Code of 1986, as amended (the "Code"), the City Coltulcil. of the City of Fort Worth, after a pull-tlic hearing 15611mving 11 -mce of bonds by the Issuer to enable the reasonable notice (the "TEFRA 11'earing"), imust approve issu, Refunding Bonds to quality as tax.-exempt obligatioriS Under the Code; and WHEREAS, the "rEF10 llearing for the issuanct of the 1 efunding Bonds was conducted on the campus of the Borrower on. 1.)eceniber 7, 2015 by a diesignated liearing officer of the Issuer. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. 'rhe City Council, solely fior the purposes of section 147(f) of the Code, as the elected legislative body having jurisdiction over the area in. which the f-.1acilities proposed to be refinanced are located, hereby approves the proposed issuance of the Refundin.g, 13onds by the l.ssuer to refinance the Refunded Bonds for the benefit of the Bon-mver, in an arn.ourit not to exceed $38,000,000, and authorizes,Mayor 13etSyr Mee to eXCCU(e an Approval Certificate evidencing such approval. Tivovj Section 2. The finegoing approval is given inn. accordarice with the provisions of section, 147(f) of the Code and for no other purlposes and is not to be constnied as an undertaking by the City of Fort Worth. The Refunding Bonds shall not constitufe a liability, indebtedness, or an obligation of the City of Fort Worth, nor shall any of the assets of the City of Fort Worth be pledged to the payinenot of die Refunding Bonds, Section 3. This resolution shall take effect iffuaiediately from and after its passage in accordai.we widi the provisions of the Charter of the City of Fort Worth, and it is accordingly,so resolved. PASSED AND Aley:ROVED, this Deceinber 8, 2015. ............... ........... 2012, ........................ e�w I lietsv Price, M, letsy Price, Ma APPROVED AS TO FORM AND LEGAIJTV: 2.By: Sarah-5J. EI Ilenwider, City Attomey A.T'ms,r: 4P-I foRp. 40 A7 4f 6 0 .......... 'f 1z By: 7 0,0% *% Mary J. Kay,", ci')7 Secretary %U OT APPROVAL OF HIGHEST ELECTED OFFICIAL WHEREAS, a public hearing was held on December 7, 2015 in the City of Fort Worth, Texas by the Red River Education Finance Corporation (the "Issuer") with respect to the proposed issuance of one or more series of bonds to be issued by Red River Education Finance Corporation, in an aggregate principal amount not to exceed $38,000,000 (the "Bonds"), to refinance bonds issued to finance improvements to the campus of Texas Christian University(the "University"), which is located at 2800 S. University Blvd., Fort Worth, Texas, and no member of the public appeared at such public hearing; and WHEREAS, it is necessary for the undersigned, as the highest elected official of the City of Fort Worth, Texas, to approve the Bonds and the Project to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); WHEREAS, on December 8, 2015, the City Council of the City of Fort Worth, Texas adopted a resolution approving the Bonds to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") and authorizing the highest elected official of the City of Fort Worth, Texas,to execute this Certificate evidencing such approval; NOW, THEREFORE, the undersigned Mayor of the City of Fort Worth, Texas, hereby attests to the City Council's approval of the issuance of bonds in an aggregate principal amount not to exceed $38,000,000 to refinance bonds issued to finance improvements to the campus of the University, including specifically the issuance of Red River Education Finance Corporation Higher Education Revenue Refunding Bonds (Texas Christian University Project) Series 2016A, and such approval shall be solely for the purposes of section 147(f) of the Code, and the City of Fort Worth, Texas shall have no liabilities for the payment of the Bonds nor shall any of its assets be pledged to the payment of the Bonds. In Witness Whereof, I have set my hand this December 8, 2015. C' of Fort W rth, Te B : Mayor [Signature Page—Approval of Highest Elected Official] MINUTES OF PUBLIC HEARING Red River Education Finance Corporation Re: Red River Education Finance Corporation Education Revenue Refunding Bonds (Texas Christian University Project)Series 2016A I, Brian Gutierrez, hearing officer for Red River Education Finance Corporation (the "Issuer"), the issuer of the above referenced Bonds (the "Series 2016A Bonds"), called to order the Public Hearing of the Issuer held on December 7,2015 at 8:30 a.m. I declared that a Public Hearing, required under Section 147(f) of the Internal Revenue Code of 1986 was open for purposes of discussing the Series 2016A Bonds and the projects to be refinanced with the proceeds of the Series 2016A Bonds (collectively, the "Projects") by Texas Christian University. I declared that the required notice of the Public Hearing for the Projects was published in the FORT WORTH STAR-TELEGRAM, being a newspaper of general circulation in the City of Fort Worth,Texas,as evidenced by an Affidavit of Publication attached hereto as Exhibit A. I proceeded to hold the Public Hearing. Comments and discussions with respect to the Series 2016A Bonds and the Projects are summarized in Exhibit B,attached hereto. After sufficient time was given for all present to make their comments with respect to the Series 2016A Bonds and the Projects,I declared the Public Hearing closed. Dated:December 7, 2015 H Finance Corporation EXHIBIT A AFFIDAVIT OF PUBLICATION INVOICE Star-Telegram Customw W: IMCC01 Invoke Number. 3 808 n SL FORT WORTH,TX 76102 involve Deis: 1111 15 `11117)3W7M Terms: No due in 21 drys Federal Tax 10 28-1074882 Due Deis: Upon Receipt P.O.Number BILL TO: MCCALL PARKHURST NORTON Ordsr Nundw- 717 NORTH HARWOOD ST STE 900 sales Rep: 73 DALJLAS,TX 75201 Deser4ftn: PUBLIC Pubikation Oahe: 11112rMS Description Location Col Depth UmmW Allu Rats Amount PU a`TiCE LEGAL 1 X 53 53 17-31 PUBLIC H NG NOTICE REGARDING ISSUANCE OF BONDS A public hearing will be hold at 8: a.m.an December 7,2015,In 66 Office of the vice Chancellor for Finance and Business,Sadler Flail, Pao m 441.9,2800 S.University,Fort W Texas by Texas Christian University Ctiie "8o er), in connection with the Issuance by Red River Education Finance Cor- on(the°Issuer'")of Its Higher n Revenue Refunding soinds^). Th pro d A of(the. � !y DEB Ail JEAN BAYOOt Bonds(Texas Christian University Bonds will be used to provide funds ,State of TexW to refund River Education w r Exig "Finance cation =Fan Higher Een- October 24,2919 Bonds Crexas m Cou Christian University Prefect),Series i 2407 (the 7 Bonds')." The Series 2407 Bonds were orlg- Inally i to rice tfre aequl- stt come ton and WPM ftfi ' of Improvements to the campus of i saidCounty antdState,As dq pasonaffy a2 P'it?s r #rT T Ch n University,I 4d 1 NY at S. 6 to-wit: IVd. Fat worth, Texas very � S �i r at F 871`c�" C° , of construction of the BrowwLuptan Ad, University Union the de man "am of the old student anion building ove I and the construction of scha lm (817)3-90-703 7 I F MT, for academic use the vation of Reed ball aZ Jarvis Hall '' for academic use,and rey and ` 5 utility Improvements- The —l- mum aggregate princpal amount to refinance the Series 2007 Bonds Sywd is anticipated not to exceed 000,0 .All interested persons are invited to submit wifflon comments to the Borrower Friar to the time set for the public Irearl or to attend the public ring a express comments the may have T lCtvlst�University J1( BLIC P.O.Box 297041 Fork Worth,Tee 76119 i riank lrou For Your P t 0 or ID: MCC(" P.O.Box 9011061 FORT WORTH,TX M01-2061 kMCCALL PARKHURST HORTON 33 kwaice Amount. $967.65 P.O. EXHIBIT B No member of the public attended the Public Hearing, and thus no comments were made or discussion had about the Projects or the Bonds.